Every report we publish, newest first. Deep dives are initiations and long-form analysis; updates cover earnings, model changes and rating changes.
Showing 1–21 of 21 reports
Netflix trades at 17.8x consensus forward earnings, 21% below the 22.6x peer median, despite a 34.6% operating margin against 13.7% for peers. The peer-median multiple on our FY27E EPS of $3.87 gives $87.5. We initiate at Buy with an $88 target, 31% above the $67.05 price.
We initiate Alphabet at Hold with a $340 target, a 5.1% total return from $324.22. Our FY27E EPS of $12.54 is 17% below consensus of $15.12 because $200bn of 2026 capex takes depreciation from $21bn to $75bn by FY28E and leaves free cash flow negative for two years.
Net revenue of $1,412m was 3.7% above our estimate, led by $236m of event-contract revenue, but FY26 spending guidance rose by $125m at the midpoint. Sell and $92 target unchanged. Sample update with illustrative figures and sources.
We initiate on Tesla at Sell with a $260 target, 30% below the $373.71 price. The price pays $278 a share for robotaxi and Optimus, twice the $139 we can support, while the car business shrinks: FY25 deliveries fell 8.6% and operating income 38%.
Revenue of $171.4m beat our estimate, but $91.8m came from SkyWater and IonQ-only revenue was flat on the quarter. Gross margin fell again. Sell and $15 target unchanged. Sample update with illustrative figures and sources.
We initiate on GM with a Buy rating and a $118 target, 42.6% above the $82.75 close. The 8–10% North America margin is structural, not a peak: it held at 9.3% in 1H26 after $3.1bn of tariffs, yet the shares trade at 5.5x FY27E adjusted EPS of $14.95.
Core cloud revenue of $223m was 4% above our estimate and 205MW was energised, with the 330MW target for 1Q27 intact. Backlog rose to $26.1bn. Hold and $180 target unchanged. Sample update with illustrative figures and sources.
We initiate on Reddit with a Buy and a $187 target, 20% above the $156.14 close. Revenue per user is the engine, supplying 68% of FY26E growth, and the price discounts 1.75% terminal growth against 3.0% in our DCF. The risk is the logged-out user base, which we size at $15 a share.
We initiate on JPMorgan at Hold with a $311 target, 8.5% below the $339.72 share price. The shares already pay for a 19.5% long-run return on tangible equity, while management guides to 17% through the cycle. Our quarrel is with the price, not the franchise.
Microsoft is doing what the bulls say, but the price already pays for it. Free cash flow holds at $68bn in FY27 before more than doubling to $148bn by FY30, and the shares trade at 58x FY27 free cash flow. We initiate at Hold with a $530 target, a 0.9% expected total return.
We expect 3Q26 adjusted EPS of $6.93, 1% below the $7.03 consensus, on revenue of $20.4bn. Hold and $695 target unchanged. This is a sample quarterly update with illustrative figures.
Caterpillar’s $72bn backlog (+92% y/y) and data-center power demand are genuine, but at 23.1x our FY27E EPS of $31.81 the shares pay for them in full while margins sit at a cycle high. We initiate at Hold with a $695 target.
Oklo will build, own and operate 75 MWe Aurora fast-reactor powerhouses. At $32.21 and a 13% discount rate the shares need roughly a 100% chance of fleet success; we use 50% and set a $21 target.
Robinhood has become a financial platform with FY25A revenue of $4.5bn, but at 43.8x our FY27E EPS the shares discount more growth than our base case. We initiate at Sell with a $92 target.
Data-centre demand is supply-constrained through FY2028, but at 18.2x our FY2028E EPS the stock already prices much of our base case. We initiate at Hold with a $252 target.
Belapectin missed its primary endpoint on the full analysis set, and nobody has yet funded Phase 3. We value belapectin at $1.70 per share and initiate at Sell.
The company licenses data and audio patents, runs trade-show services and holds Bitcoin. Funding needs and related-party flows outweigh what it has built, so we initiate at Sell.
The shares price ZEC at a premium its treasury peers do not receive. Our sum of the parts gives $1.55 per fully diluted share, so we initiate at Sell.
Demand is signed and the speed edge is real, but turning a $25.4bn backlog into revenue depends on the build-out. At $169.52 the shares already price our base case, so we initiate at Hold with a $180 target.
Revenue rose 287% to $80.1m in Q2 2026, but growth is being bought at falling margins and the price sits above even our $37 bull value. We initiate at Sell with a $15 target.
Oracle has the most visible backlog in enterprise infrastructure, but we think the Street is capitalising it too quickly. Our FY28E revenue is 13% below the Street estimate, and cash flow stays negative until FY30E. We initiate at Hold with a $130 target.
