We are taking into account the depressed oil price environment and expectations for companies to continue to slash guidance for 2020 development capital expenditure.
Cenovus Energy remains our top pick among the subsector.
Microchip remains our top pick.
Shares of Carnival, Royal and Norwegian are undervalued and could remain depressed until the coronavirus passes.
Four companies look extremely cheap even after the fair value reduction, trading an average 70% below our fair value estimate.
We have lowered our fair value estimates of ad holding companies.
Multiple names are reaching or approaching 4-star territory.
We now see an opportunity for investors to trade up into several high-quality stocks.
We anticipate lowering our fair value estimates for our U.S. E&P coverage as a result of a strained price environment and lower U.S. production.
We are reassessing our key valuation assumptions for United, Southwest, Delta, American, and Air Canada in the wake of the coronavirus outbreak.
We see several negative implications for U.S. midstream, and we expect to reduce our fair value estimates substantially.
Shares of the wide-moat firm seem rich for long-term investors.
We expect an additional rate cut at the Fed's March meeting, and we are starting to see value emerge within traditional banking.
Biden's nomination would reduce the likelihood of significant drug pricing policy changes, which is in line with our expectations.
The difference between Biden and Sanders would be stark for the healthcare industry.
Regardless of the ultimate effect of the coronavirus on the economy, lower rates today will be a negative for bank profits.
We are raising our fair value estimate to $202, from $186, based on rolling our model forward and modest adjustments, and view shares as attractive.
We believe new CEO Chapek will continue to run the Iger playbook at least over the near term, and we are maintaining our wide moat rating and fair value estimate.
We expect to reduce our fair value estimate still view shares as undervalued.
Supportive housing market helps the wide-moat retailer.
We will maintain our fair value estimate and wide-moat rating.
We are leaving our fair value estimate in place for the wide-moat firm.
We don't at this time anticipate a material change in our fair value estimate for Morgan Stanley.
We would expect to lower our fair value estimate in response to the transaction.
We suggest prospective investors await a more attractive entry point to the wide-moat retailer.
We are placing both firms under review while we work things through our models.
We still think it is likely any near-term shortfall will be made up in subsequent quarters.
The wide-moat firm added to its stake in Occidental Petroleum while whittling its stake in Wells Fargo.
We plan to wait for more clarity on the persistence of the coronavirus before further altering our forward estimates.
We are raising our fair value estimate for the firm.
We are maintaining our fair value estimate of $48 per share for Cisco Systems and view shares as fairly valued.
We are maintaining our fair value estimate of $48 per share and view shares as fairly valued.
We expect to maintain our fair value estimate, and we still view shares as undervalued.
The narrow-moat firm has updated the financial impact that it expects to its business.
Despite the outbreak, we're not planning material changes to our fair value estimate and see several reasons why investors should remain optimistic.
We expect to reduce our long-term sales and earnings estimates to account for the store closures and the new Polaris plan.
We plan to maintain our fair value estimate for the wide-moat firm, which offered solid 2020 guidance.
We don’t think Ford’s intrinsic value is well below $10 per share as the stock often trades, but we do think the stock will stay in that area for at least all of 2020.
We are maintaining our wide moat rating and our fair value estimate after a strong first quarter for Disney.
We don't assume any significant long-term financial impact from the outbreak.
After taking into account the time value of money, our fair value estimate is now 8% higher.
With many luxury stocks trading close to record high multiples, we don’t see many compelling investment opportunities in the sector.
The narrow-moat firm's earnings and cash flow have been affected, but our fair value estimate is unchanged.
We're planning to raise our fair value estimate and view Amazon as our top pick in online retail.
We still believe shares of the wide-moat firm are undervalued.
Results are a continuation of current trends.
We don’t expect to materially change our $58 fair value estimate, and we view the shares as fairly valued.
We will be raising our fair value estimate by a mid-single-digit clip as we roll our model forward.
We have raised our fair value estimate based on an improving outlook.
We bumped our growth and margin assumptions up throughout our model and as a result, raise our fair value estimate to $185 from $155.