As we’ve long pointed out, JPMorgan remains arguably one of the strongest and highest quality franchises under our coverage, and this showed in second quarter results.
No-moat-rated Delta reported a difficult second quarter, and our fair value estimate for the stock is $42.50 per share.
While results aren’t pretty, they remain better than some peers, and most importantly, Citi’s capital levels are holding up as the common equity Tier 1 ratio improved to 11.5%.
The pain continued for Wells Fargo in second quarter, as the bank reported a net loss of $2.4 billion, or negative $0.66 per share.
Sales came in at $15.9 billion for the quarter, a 3% year-over-year decline, for the wide-moat company.
We expect no-moat BioNTech and wide-moat Pfizer to move one of the test candidates into the next phase, planned to start as early as this month.
Shares of narrow-moat company are up over 70% since mid-March lows as we suspect the market is anticipating a 5G super-cycle for the firm’s upcoming iPhone.
We think the deal could strengthen the firm's network effect moat source.
We are lowering our fair value estimate for the firm, but our narrow-moat rating remains unchanged.
We do not expect to change our fair value estimate for the firm after its acquisition of Dominion Energy's gas operations.
A long road lies ahead as the trial continues, but we are maintaining our fair value estimates for the two healthcare firms.
We view shares as undervalued for the no-moat company after a massive loss in the first quarter from the COVID-19 pandemic.
We are raising our fair value estimate for the wide-moat firm after their pricing announcement.
Our fair value estimate has not changed for the social media company.
We do not think the pandemic will have any impact on the power of the brand, the source of our wide moat rating, and think it highlights its e-commerce, which jumped 75% in the quarter.
Our key takeaway from the annual Federal Reserve test is that the banking system appears to be well-capitalized.
While the costs will deplete capital, we don’t expect the settlement to create a major drag on the firm’s wide moat.
We are maintaining our fair value estimates for these two technology firms.
We are maintaining our fair value estimates for both narrow-moat Apple and wide-moat Intel.
The no-moat firm did a bit better than we expected in the second quarter.
We are maintaining a bearish outlook for steel prices.
We are maintaining our fair value estimate for the wide-moat firm.
We are maintaining our fair value estimates for these stocks in the basic materials sector.
We are not making any changes to our fair value estimate and view shares for the wide-moat company as undervalued.
Our fair value estimate for the narrow-moat firm remains.
Future rate hikes will inevitably depend to some degree on the timing and magnitude of an economic recovery.
Despite stores closures, we remain comfortable with our fair value estimate and five-year outlook for the wide-moat company.
Macy’s e-commerce jumped 80% in May, and its new curbside pickup service is attracting shoppers.
We are not making any changes to our fair value estimate or moat rating for either company after their unconfirmed merger discussion.
We consider both stocks to be fairly valued.
We are maintaining our fair value estimate of $202 for wide-moat Salesforce and view shares as attractive.
Product launches and Mellanox acquisition bode well, but we view shares as overvalued.
Although we expect to reduce our fair value estimate, we view shares as attractive and believe the company will survive as a downsized business.
We still believe the pandemic's long-term consequences will be limited for Target, as it should be held captive by an intensely competitive long-term pricing environment.
Our valuation and moat rating aren't affected by this company's decision.
Our long-term view of the wide-moat retailer remains in place, and we suggest investors await a more attractive entry point.
We made no change to our fair value estimate and see shares as undervalued.
We expect to reduce our fair value estimate but view shares as undervalued.
We are maintaining our fair value estimate and long-term outlook for the wide-moat essential business.
We're not expecting any changes to our fair value estimates for vaccine manufacturers, however, as most of the firms in our coverage with vaccine candidates have already stated that selling prices would be at a not-for-profit level.
Few surprises in filing, but sale of Goldman Sachs stake stands out in the first quarter.
We still think consolidation makes sense over the long term for the banking sector.
We are maintaining our fair value estimate and view shares as undervalued.
If an agreement is reached, the deal likely will face regulatory and antitrust barriers.
We are not making any changes to our fair value estimate or moat rating for BlackRock.
We expect to lower our fair value estimate for the no-moat company after a devastating first quarter.
Significant rides segment hits more than offset by growth in the firm's eats business.
We continue to view the wide-moat company as fairly valued, with the market appropriately appreciating the heavy patent losses over the next five years.
We also lowered our fair value estimates for these companies and see their competitive advantages waning from the impact of COVID-19.