equity research

Central banks have their work cut out for them. Core inflation remains high and the sticky nature of this type of inflation means that progress in getting inflation back down to the 2% target could ta

According to a composite of the over 700 stocks we cover that trade on U.S. exchanges, as of Sept. 25, 2023, the U.S. equity market was trading at a price/fair value of 0.92.

While company-specific results have seemed to matter during earnings, improved valuations for banks have had a hard time holding up over time.

The market appears overly concerned by U.S. drug policy changes in the Inflation Reduction Act, a drag on acquisitions from Federal Trade Commission scrutiny, and patent losses.

Despite the ongoing resilience of the U.S. economy in the face of the Fed’s rate hike campaign, growth is expected to weaken in the second half of 2023 and first half of 2024.

European banks continue to trade at a discount to our fair value estimates on average and compared with long-term valuation multiples.

Changing conditions have led to overinflated and underinflated balance sheets, which has made it difficult for analysts and investors to assess the economic value of balance sheets.

Economic activity continues to trend up by most measures.

Record earnings are in the rearview, but current market remains relatively strong even as shares fall.

After the pandemic boom years, life science operations started resetting, causing shares to drop from recent peaks to reasonable, if not deeply discounted, levels.

Shares of lithium producers plunged in 2023 as falling spot prices leave investors worried the 2022 boom turned bust.

While generative AI capabilities are groundbreaking, the financial impact Is likely incremental.

After appearing fully valued to us for two years, bank stocks are finally cheap again, but investing will not feel comfortable.

As regulators have moved to tap the Deposit Insurance Fund to backstop deposits held in the collapsed Silicon Valley Bank, we will need to see another institution step in to fill the void.

The U.S. Economic Outlook: First Quarter 2023 provides an updated forecasts on inflation, consumer spending, the housing and job markets, and more.

California NEM 3.0 highlights long-term state policy risks.

Rising rates, inflation, and recession risk are threats this year, but we feel US auto has already had its recession.

CRE service firms are in much better shape to weather the upcoming economic downturn with strong balance sheets and an ability to better control their expenses.