Our moat ratings and undervalued view of the MCO and drug/biotech sectors are intact.
The market does not appreciate their near-term resiliency nor the long-term cash flow potential.
Their formidable defenses against downturns and short-term pullbacks in miles driven are intact.
We think the best of times for U.S. tower spending has already occurred.
We expect multiple approved vaccines by early 2021 with wide vaccine distribution in developed markets by mid-2021.
Resurgences in outbreaks make it clear that ending the pandemic will require more than diagnostic testing, contact tracing, and social distancing.
Our research analysts suspect that we've safely averted much of what would result in a long-term financial crisis during the COVID-19 economic downturn.
We think investors' fears about liability issues are overblown.
We've reduced our outlook, but attractive values remain.
Cloud-based protection trends are accelerating, and moaty companies are positioned to reward investors.
Risks are far lower than during the last U.S. financial crisis, despite COVID-19's impact.
While the president had been attacking TikTok, the addition of WeChat and Tencent to the ban was a surprise.
Demand has been hindered but not permanently impaired by COVID-19.
In a post-pandemic world, most utilities’ dividends offer investors an attractive income alternative.
Moats and returns on invested capital look stable for companies with a solid list of pipeline drugs.
Mall closures shifted sales online in the second quarter, but we expect shoppers and positive cash flow will quickly return.
The damage won't be fixed overnight, but we don't believe it's structural.
We share the cautious optimism of America's homebuilders.
Reforms are likely to be moderate, and we don’t expect significant changes in 2020.
Three new vaccines for coronavirus look poised for emergency use authorization in the U.S. this fall.
Cord cutting is still an issue, but a subscriber death spiral remains unlikely.
The pandemic has pushed businesses to more rapidly start and complete their digital transformation.
But the disruption caused by COVID-19 has little effect on the device industry’s moats.
We project a much quicker (and more complete) recovery than the one after the Great Recession.
Fiscal stimulus is already substantially boosting economic activity.
COVID-19 has taken a toll on containerboard producers, but we see opportunity.
Valuation, growth capital expenditure, and renewable energy are top of mind.
Losses look manageable, and this could be a good time to buy.
Shares have rallied, but valuations are still compelling as the near term remains uncertain.
We're maintaining our call on the U.S. banks and will know a lot more by the second quarter.
We find several undervalued stocks and one compelling bargain.
We've updated our near-term GDP forecast and look to previous recessions for longer-term guidance.
Diagnostic testing, treatment, and a coronavirus vaccine could allow near-normal distancing and nonessential business recovery by mid-2021.
Our coronavirus infection and fatality assumptions have edged down as we settle closer to control.
Chains' recovery will eventually come; in the meantime, check out the full-price sale.
But excessive actions are unlikely to significantly harm Alphabet or Facebook.
But recovery is inevitable, and stocks look very cheap--just watch out for bankruptcy risk.
Usually bland first-quarter earnings reports should offer many insights for 2020 and beyond.
Getting past near-term growing pains and uncertainty, we see significant risk-adjusted upside.
Operational results will worsen, but most companies should muddle through.
Sales will be horrendous in the near term, but there’s value to be found.
After an in-depth reassessment, we still believe they're undervalued.
The pandemic will cause an unprecedented revenue decline, but long-term recovery makes this sector attractive at current prices.
Moats, valuations, and dividends look attractive in the market pullback.
Sharp sell-off leaves valuations attractive.
Our outlook on how the U.S. will cope during and after the shutdown.
Long-term leases should mitigate the short-term impact.
Volatility isn't always bad, and banks are better off now than they were in the financial crisis.
We don't predict any long-lasting changes to companies' supply-chain structures.
While the COVID-19 shock is severe in the near term, we think it will be temporary.