Wolfe Research's Senior Autos Analyst Dan Galves hosted a Q&A with Otonomo CMO Lisa Joy Rosner
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Wolfe Research's Senior Utilities & Midstream Analyst Steve Fleishman and Midstream Analysts Alex Kania & Keith Stanley hosted a fireside Chat with FirstEnergy CEO Charles Jones
The FY16-19 cycle can be characterized by continued efficiency capture and activity growth in US shale, with several key int’l ‘pockets’ supplementing the NAM-centric OFS recovery. The US accounted for nearly all global net oil growth over this timeframe. Into YE19 (prior to the acceleration of the global COVID-19 pandemic), the consensus view was that a returns-focused US shale complex would see growth moderate significantly, and that the next leg of OFS earnings recovery would be driven by FY20 capacity tightening in key E-Hemi and offshore geomarkets (despite 4Q19 shale softness, OFS equities OP energy/market on this constructive view). That playbook has since been thrown out given the current commodity tape, and while N-T oil supply trends matter little given the dual overhang of global economic shutdown & KSA OSPs, we still think it is important to monitor underlying production momentum (both in USL and abroad). While int’l activity & pricing had nearly turned the corner in
We are initiating coverage on the Food Retail industry. The sector has faced some headwinds, but its defensive nature coupled with near-term opportunities to take sales from Food Away from Home positions it well. Our checks indicate Supermarket sales increased more than 60% in March and eCommerce trial accelerated significantly as consumers pantry-loaded in response to COVID-19. Long-term scale players like, Kroger, Costco, Ahold and Walmart will likely pick up market share as their scale and years of investments enables them to deliver increasing levels of convenience, service, and value.
We’re upgrading our rating on PEG to Outperform from Peer Perform. The stock has de-rated in recent months on two main concerns: transmission ROEs and PJM capacity market uncertainty. These are valid, however, the stock is currently trading at a big discount to the regulated average multiple. PEG’ utility business is well-run with a track record of incremental capex opportunities and constructive regulatory outcomes. Long-term, PSE&G is well-positioned for New Jersey’s clean energy agenda. Further, we view PEG as an ESG winner with a T&D utility and nuclear/gas power fleet. We move our Price Target to $58 – implying 30% upside.
We are initiating coverage of 4 large cap biotech stocks. This will supplement our existing coverage of 10 US/EU large cap global pharmaceutical companies.
Summary View: A window of good growth (~4y) before declines begin but current valuation suggests fairly valued; Dupixent is great, but even at $10B+ it’s not enough for sustained, LT growth
Summary View: Steady story, but no clear path to outperformance (unless remdesivir becomes an important, large commercial opportunity)
Summary View: Brace for major volatility; on aducanumab, a first cycle approval by FDA is unlikely (more likely: a “Complete Response Letter” with FDA wanting more data)
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