Posted on 5/11/20
Etsy: Staying Neutral, Despite Strong Quarter And Even Better April
In the pre-coronavirus era, we were cautious on Etsy, primarily because we questioned its niche in the dominant era of Amazon (AMZN). In the aftermath of . . .
Posted on 5/4/20
Bed, Bath, And Beyond: 2 Positive Events You May Have Missed
SummaryE-commerce revenue increased 85% in April, making up in part for lost store sales.Online capacity doubled, with 25% of BBBY's stores converted into regional fulfillment centers . . .
Posted on 4/30/20
Park Hotels & Resorts: A Short That Still Has More Downward Momentum
SummaryWe believe that suspension of operations is likely to last through year-end.Disruption in the airline industry is in some ways even more significant than the closure . . .
Posted on 4/30/20
Dick's Sporting Goods: Upgrading As SG&A Prospects Improve
SummaryWe are upgrading DKS shares from Neutral to Buy, seeing an upside to the bottom line as a result of furloughing and possible layoffs.Online orders and . . .
Posted on 4/24/20
American Express: Compelling Short Among Its Peers
American Express (AXP) reported first quarter earnings on Thursday, April 23, which were fairly mixed. EPS came in at $1.98, beating consensus of $1.43, though we . . .
Posted on 1/15/20
KB Home: Mixed Quarterly Print, But 2020 Outlook Remains Bright
The latest earnings results from KBH further reinforce our Bullish thesis, which sees the sustainable growth for the homebuilding activity over the next 1-2 years, fueled . . .
Posted on 12/19/19
Bed, Bath & Beyond: Bold Moves Make History
Summary Abrupt departure of C-suite executives was cheered by the market, as BBBY shares rallied 11%. Expect a turnaround plan in 2020, though the new CEO, . . .
Posted on 12/19/19
Bed, Bath & Beyond: Bold Moves Make History
SummaryAbrupt departure of C-suite executives was cheered by the market, as BBBY shares rallied 11%.Expect a turnaround plan in 2020, though the new CEO, Mark Tritton, . . .
Posted on 12/13/19
Mastercard: A Story Of Healthy Volumes And Attractive Pricing
SummaryWe see payments volume acceleration in 2020, as total addressable market remains strong.Interchange likely going up, putting upward pressure on network pricing.Free cash flows should lead . . .
Posted on 12/9/19
Accenture: Solid IDC Spending Forecast Supports Future Client Wins
SummaryTraditional spending on hardware, software, and IT services consists of declining revenues from legacy categories.Cost savings generated by cloud and automation may witness some core spending . . .
Posted on 12/2/19
Dollar Tree: Fairly Balanced Story Supports Our Neutral Thesis
Company Description: Dollar Tree operates $1 stores across the United States and Canada, giving customers an opportunity to purchase various items of merchandise at a substantial discount, . . .
Posted on 11/25/19
Accenture: Expect Double-Digit Top Line Growth During The Quarter
SummaryFinancial Services and Health & Public Services verticals continue to shine at Accenture, being main contributors to double-digit growth.CMT (Communications, Media, and Technology) CMT also generates . . .
Posted on 11/4/19
Cognizant: Meaningful Upside From Contino Acquisition
Summary Contino brings high-profile client names, such as Morgan Stanley, Adidas, and Dow Jones. Contino's SMAC offerings help CTSH expand to Great Britain and Australia markets. . . .
Posted on 11/4/19
Cognizant: Meaningful Upside From Contino Acquisition
SummaryContino brings high-profile client names, such as Morgan Stanley, Adidas, and Dow Jones.Contino's SMAC offerings help CTSH expand to Great Britain and Australia markets.Our preliminary estimate . . .
Posted on 10/9/19
Fidelity National Financial: It's All About Lower Rates
SummaryWith the Fed likely continuing its accommodative policy, we expect the FNF business to benefit.We believe that Stewart acquisition is on track to be closed, despite . . .
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