With fundamentals outside of investor demand looking weak, we expect gold prices to fall through 2018.
Undervalued Delta remains our top pick.
We think a 30% price decline looms.
The proposed tie-up of Praxair and Linde will result in a clear market leader.
Key players in the pharmaceuticals sector are fortifying their moats with emerging immuno-oncology drugs.
BlackRock and T. Rowe Price remain our top picks in the space.
We think the major trends that the rule accelerates remain firmly in place.
Even as smokers turn to substitutes, we expect continued industry domination.
We see the CCAR results as most positive for Wells Fargo, Capital One, and Citi.
Wide-moat Boeing registered 56 wide-body deals.
Our financial sector valuations and moat ratings already account for the new standard, and these three firms look undervalued today.
Affordability could present a larger challenge over the longer term.
Falling unemployment and rising wages are poised to stimulate household formation among younger adults.
We see new growth avenues for CPG companies and online retailers.
Fear could create opportunity, but we advise investors to proceed with caution.
Protectionist trade policies aren't enough to change our long-term view.
The moats of the large aftermarket retailers should be able to keep online competition at bay.
Stronger household formation by millennials is key.
Though none of them have developed a moat, one does look undervalued at current prices.
We think investors are overlooking the solid air traffic growth forecast for 2017.
Some financial sector firms could see valuations rise by over a third, while others would see minimal impact.
Major policy changes won’t alter long-term trends.
Wide moats keep payment networks safe, but competition rages at the outskirts of the ecosystem.
Investors are optimistic, but we see many unknowns.
Rapid U.S. production growth is looming.
For now, fair value estimates and moat ratings are unchanged.
Our long-term opinion of the industry is unchanged, and we see options for the firms to lessen the burden.
Lower corporate taxes and higher infrastructure spending could cause our bull-case scenarios to play out.
After a recent rating change, we see no moats among self-storage stocks, but demand for self-storage remains strong.
We think Intel, Qualcomm, and Nvidia are poised to benefit.
Next-generation solvent technology is lowering costs, and the long-term impact could be immense.
Autos remain a key growth opportunity for many chipmakers, but investors should wait for a pullback in prices before diving in.
However, we think the spike in natural gas prices is temporary.
The market is underestimating the sustainable growth of the online travel industry, and overestimating the risks.
Even with faltering demand for large wide-body jets, we still see investment opportunity in firms exposed to the strength of the narrow-body market.
Most of the increase appears already baked into stock prices, although opportunities still exist.
Current prices still don't look sustainable.
Long in the tooth, the current real estate cycle keeps going.
But it’s uncertain whether Trump’s infrastructure spending plan will be executed in its proposed form.
Election results haven’t changed the cash flow prospects of our favorite names.
However, we think workarounds exist for these providers.
Defense is likely to be the clearest beneficiary, with a mixed impact for other sectors.
Forget set-top boxes. Innovation and upstart companies are changing the way viewers consume television programming and feature films.
High-quality shopping centers will remain critical to retail strategies.
Lessons from the next generation of moats in the fast-casual restaurant industry.
Recent rig additions could weaken the recovery's strength.
We think the deals are still likely to close, although the probability has decreased.
We don’t think the tie-up will have much effect on fertilizer prices.
Despite a tough near-term outlook, we see value in Deere and CNH.
Fundamentals indicate trouble ahead for U.S. steelmakers.