We think we are seeing real change, rather than a repeat of prior disappointing initiatives. The move towards enhanced segment disclosures and confidence in structural cost out initiatives, combined with portfolio actions, should be multiple accretive. We raise our YE19 target price from $105 to $109 – reiterate OP rating.
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The disposal of the BHGE stake is good news and we think marks the start of a period where we see more tangible and identifiably positive catalysts such as Power growth/margin inflection, FCF momentum and more aggressive B/S de-levering actions…and perhaps the re-entry of the MAX. Risk/reward remains extremely positive vs. $14 YE19 target price.
This week's rotation towards value beta caught many of us offside. We still think it is too early for this trade to truly work, and certainly management outlooks at recent conferences have been anything but confident. With that said, we emerge with increased conviction in our OP UTX and UP LII calls.
As we all start ramping up into conference season, corporate NDR meetings and quarterly channel checks, we relaunch our Prep Pack. This 240-page document includes Question Banks, Abridged Earnings Transcripts and Cheat Sheets for Multi-Industry and Distributor companies under coverage.
WIW #609: We certainly hope so! But as it relates to the ISM, we highlight that it is becoming a lagging indicator and therefore less predictive of performance. Our view is that stocks are too pricey to generate meaningful outperformance, given 2020 EPS risks. And this risk could be compounded by USD headwinds.
In this report, you will find our latest UTX Question Bank, Abridged Transcript, Model and Cheat Sheets, in order to help prepare you for the upcoming conference season and NDR circuit. This is the latest in a sequence that marks the long overdue return of our Prep Pack product.
In this report, you will find our latest HON Question Bank, Abridged Transcript, Model and Cheat Sheets, in order to help prepare you for the upcoming conference season and NDR circuit. This is the latest in a sequence that marks the long overdue return of our Prep Pack product.
The decision to separate the Industrial business is Corporate Finance 101, but it does refocus the market on more challenging EV/EBITDA metrics and so sets up a complex SOTP triangulation. We lower our YE19 target price from $80 to $76; reiterate PP rating.
September 2019 Update: Following the US ISM drop below-50, we now have no major region in PMI expansion. We are starting to see deeper cuts to estimates across Global Cap Goods, particularly in Europe and APac, which is a necessary step on the path to making this sector more investible. However, this process is at a much earlier stage in the US: we view upcoming 3Q earnings as a major catalyst to start right-sizing 2020 estimates.
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