Management is calling this a transition year, and we are lowering our fair value estimate.
We have confidence in our long-term forecast and see no changes to our fair value estimate for the narrow-moat firm.
The continued strong data in multiple cancers reinforces the strength of Keytruda across multiple indications.
We plan to raise our fair value estimate for the narrow-moat firm.
We are maintaining our wide moat rating but are raising our fair value estimate.
We are reiterating our fair value estimate and our wide economic moat rating for the firm.
The toymaker was hit by a decline in retail sales, but we see improvement after the first half of the year.
The no-moat firm will have to invest heavily to keep users coming back to its platform, and we recommend a wider margin of safety before investing.
The move would create a superregional with roughly $442 billion in assets, the sixth-largest U.S.-based bank.
We're planning to increase to our fair value estimate and would wait for a more attractive entry point.
We're not planning to change our fair value estimate for the no-moat firm.
The wide-moat firm is putting the focus on Fox media assets and direct-to-consumer efforts.
We are maintaining our fair value estimate on the no-moat firm, and it is trading at a significant discount.
Shares of the Google parent look undervalued as the firm continues to monetize its users and attract more ad dollars.
Shares are trading around a 15% premium to our valuation for the wide-moat firm.
With Bill Gross' fund performance faltering again in 2018, we weren't surprised by the announcement and are leaving our fair value estimate in place.
The narrow-moat firm's results show that it is withstanding intense competitive and macro headwinds well, and our long-term outlook remains.
Our fair value estimate and narrow moat rating are unchanged for the firm.
The market's fixation on the wide-moat firm's near-term revenue is overshadowing its dynamic long-term cash flow model.
The wide-moat firm's core drug distribution business posted gains of 6% in results that were largely in line with expectations.
We're maintaining our fair value estimate for the wide-moat firm.
Results for the wide-moat firm beat expectations, even as the social media giant addresses data security and privacy issues.
Tesla's results were slightly ahead of expectations and we still see shares as overvalued.
McDonald's fourth-quarter update solidified our view that the firm's technology investments are having a positive impact on sales.
Cash generation was the one weak spot in firm's results, and we view shares as slightly overvalued.
As expected, the Fed didn't raise rates today, and we see signs the central bank has taken a significantly more dovish turn.
The narrow-moat firm reported solid margins, and we don't expect to change our fair value estimate.
Fourth-quarter results were a mixed bag, and we see shares as fairly valued.
We think Apple will resume mid-single-digit sales growth in fiscal 2020 despite the potential for continued weakness in China.
As the utility heads into bankruptcy, we still think shareholders won't be left empty-handed.
The wide-moat drugmaker's lower than expected 2019 guidance doesn't dent our view that the firm will be bolstered by an improving pipeline.
We're placing our fair value estimate under review after weak results from the firm's construction industries segment.
We are raising our fair value estimate for the narrow-moat firm.
The wide-moat coffee giant is one of the most attractive names in the restaurant industry today, and we see no change to our fair value estimate.
Near-term headwinds weighed on the chipmaker, but our long-term thesis is intact.
We continue to view the stock as undervalued after total sales matched expectations.
Shares of the wide-moat firm look cheap today.
Share prices are up, and we suggest investors await a more attractive entry point.
Our fair value estimate for the narrow economic moat firm is unchanged.
The wide-moat firm was leg by its drug unit, but increasing generic pressures weigh on the 2019 outlook.
The firms have agreed to expand crude oil takeaway capacity in the Rockies.
Elon Musk's plan to slim the workforce to drive down the price of the Model 3 is sensible, and our fair value estimate is unchanged.
Operating margin came in below our projections, but we are retaining our narrow moat rating and are raising our fair value estimate.
Fiserv faces an uphill battle to extract sustainable value from this deal, and we expect to adjustment to our fair value estimate downward.
The large increase in fourth-quarter net income was due to tax reform, but the strong revenue and operating income growth were due to positive trends in the company's business model and expense discipline.
The price increases are in line with the firm's need to generate additional revenue to help offset the ongoing cash burn.
We still believe the wide-moat bank has meaningful room to improve returns on equity, but it will be a bumpy ride as the bank remains under the regulatory microscope.
The narrow-moat bank is and has been firing on all cylinders.
The narrow-moat firm raised its revenue and profitability outlook for the fourth quarter.
Despite only marginal revenue growth, expenses were well-managed and allowed the bank's efficiency ratio and overall profitability to improve.