Core Viewpoint - Value stocks are currently overlooked in the market, with a potential rotation back into undervalued stocks expected in the coming months [1] Group 1: Investment Opportunities - Investors can utilize a screening process focusing on high returns on capital and strong business models to identify undervalued stocks [2] - Ulta Beauty, Adobe, and Sprouts Farmers Market are highlighted as stocks with favorable profiles, positioned in low-cyclical spaces and offering asymmetric upside opportunities [3][4] - Ulta Beauty's stock is trading near its 52-week high, yet its forward P/E ratio of 19.7x indicates it remains undervalued compared to historical levels [3][4] Group 2: Company Fundamentals - Ulta Beauty has not been this undervalued since the onset of the COVID-19 pandemic, with strong fundamentals supporting its business [4] - The company enjoys a gross profit margin of 42.7%, which is indicative of its pricing power and profitability [5] - Ulta's return on invested capital (ROIC) stands at 26.8%, aligning with long-term stock price performance expectations [6] Group 3: Analyst Ratings and Price Targets - Analyst Michael Baker from DA Davidson has reiterated a Buy rating on Ulta with a price target of $550, suggesting a 16% upside from current levels [7] - Adobe's forward P/E of 17.1x is the lowest on record, indicating a potential for significant upside as the economic landscape improves [8][10] - Gil Luria from DA Davidson has placed a Buy rating on Adobe with a price target of $500, representing a 34% upside potential [11] Group 4: Sprouts Farmers Market - Sprouts Farmers Market has seen a 100% rally over the past year but still holds potential for further growth due to its defensive business model [13] - The company boasts a 15% ROIC, positioning it favorably among peers and justifying its premium valuation of 30.8x forward P/E [14][15]

文：韦亚军 今年最被期待的超级IPO之一。 因触发垄断没卖成，只能IPO了。 近日，全球最受欢迎的设计协作平台Figma向SEC（美国证券交易委员会）递交了IPO招股书，正式启动上市进程。Figma计划在纽约证券交易所 （NYSE）上市，股票代码为"FIG"。 毛利率高达91% Figma成立于2012年，由Dylan Field和Evan Wallace共同创立。公司以"云端协同设计"为核心理念，提供基于浏览器的设计协作平台。 此次IPO，让投资者买账的主要因素是Figma的营收数据——表现亮眼。 2024年，Figma营收达到7.49亿美元，同比增长48%。2025年第一季度，Figma的营收为2.28亿美元，同比增长46%。此外，Figma的毛利率高达91%，显示 出其强大的盈利能力。截至2025年第一季度，Figma的滚动12个月营收为8.21亿美元。 截至2025年初，Figma拥有1300万月活跃用户，其中95%为财富500强公司。 触发垄断，200亿美元"卖身"未果 招股书显示，Figma计划发行约1.5亿股股票，每股价格在10至12美元之间，预计此次IPO募资最高达15亿美元。主承销商包括高盛 ...

Key Takeaways SHOP gains traction with tools like Shop Pay, driving 57% YoY GMV growth to $22B in Q1 2025. ADBE's Digital Experience revenue rose 10% YoY in fiscal Q2, boosted by Adobe Commerce's cloud shift. ADBE partners with FedEx, PayPal, and Walmart to expand features across its enterprise platform.Shopify (SHOP) and Adobe (ADBE) are strong players in the e-commerce industry. While Shopify is expanding its presence in the e-commerce domain by offering user-friendly tools and an extensive app marketpl ...

证券研究报告 | 公司深度 | 软件开发 投资要点 ❑ 移动互联网红利下，构筑流量壁垒 美图公司(01357) 报告日期：2025 年 07 月 02 日 成长视角：受益 AI 时代新红利，再迎阶梯式跃迁 ——美图公司深度报告 移动互联网红利是公司第一轮结构性增长的核心驱动力，公司通过发布一系列移 动端爆款 App，快速构建自身流量壁垒，并通过在线广告业务变现，实现了第一 层阶梯的跨越（2018 年软件业务营收接近 10 亿元量级）。 ❑ AI 时代红利下，达成场景商业化闭环 AI 产业变革正在引领公司第二轮结构性增长，AI 能力对公司全场景产品的赋能 加强了用户使用体验，同时对于 B 端场景下高付费能力客户的挖掘进一步完成了 商业化闭环，助力公司对第二层阶梯的跨越（2022 年软件订阅业务营收突破 20 亿元量级）。 ❑ 全球化战略推进，撬动海外新增量 公司在海外市场的战略调整对公司具有重要意义，一方面国内美颜修图领域 MAU 总数以及竞争格局稳定，未来的用户增量主要靠靠海外市场贡献，国内业 务聚焦于付费用户转化；另一方面海外用户付费能力高于国内用户，进一步带动 海外营收增长的加速效应。我们认为随着公司在海 ...

Accomplished leader brings extensive business acumen, industry perspective and artificial intelligence experience along with a strong track record of driving innovation and growthAUSTIN, Texas, July 01, 2025 (GLOBE NEWSWIRE) -- BigCommerce (Nasdaq: BIGC), a leading open SaaS ecommerce platform for B2C and B2B businesses, announced today that former Adobe Fellow and Vice President of Technology Anil Kamath has joined the BigCommerce Board of Directors. “Joining the Board of BigCommerce is an exciting opportu ...

Market Overview - The S&P 500 has reached an all-time high of 6,173.07 points, up 0.5% on Friday, surpassing its previous record of 6,147.43 points [3][8] - The index has rebounded over 20% from its April lows and has gained nearly 5% year to date, driven by easing geopolitical tensions and hopes for Federal Reserve rate cuts [6][8] Geopolitical and Economic Factors - Geopolitical tensions, particularly between Iran and Israel, have eased, contributing to investor confidence [6] - The Federal Reserve is expected to resume rate cuts, with officials hinting at a potential cut as early as July, which could further support the S&P 500 rally [7] Company Highlights Adobe Inc. (ADBE) - Adobe is a leading software company with an expected earnings growth rate of 11.9% for the current year, and its earnings estimate has improved by 1.2% over the past 60 days [9] - ADBE currently holds a Zacks Rank of 2 (Buy) [9] Altria Group, Inc. (MO) - Altria is adapting to industry changes by expanding into the smokeless category, with an expected earnings growth rate of 4.9% for the current year and a 1.7% improvement in earnings estimates over the past 60 days [10] - MO also holds a Zacks Rank of 2 [10] Arista Networks, Inc. (ANET) - Arista provides cloud networking solutions and has an expected earnings growth rate of 13.2% for the current year, with a 4% improvement in earnings estimates over the past 60 days [12] - ANET is currently rated as a Zacks Rank 2 [12] Atmos Energy Corporation (ATO) - Atmos Energy is involved in regulated natural gas distribution and storage, serving approximately 3.3 million customers [13] - The company has an expected earnings growth rate of 6% for the current year, with a 0.6% improvement in earnings estimates over the last 60 days [14] - ATO also carries a Zacks Rank of 2 [14]

雅诗兰黛集团中国区总裁兼首席执行官樊嘉煜表示："The Ordinary"研度公式"天猫旗舰店的上线，是雅 诗兰黛集团在中国市场推进AI技术布局过程中所迈出的重要一步。未来，我们将持续围绕AI展开技术 应用，助力集团切实成为以消费者为中心的全球顶尖高端美妆公司，并携手技术合作伙伴，持续推动美 妆行业的数字化创新。" AI是实现雅诗兰黛集团"重塑美妆新境"(Beauty Reimagined))战略愿景的重要驱动力。近段时间以来，集 团正依托80余年的消费者、市场及行业数据积淀，携手技术合作伙伴，开发AI工具，将这些数据价值 赋能于产品创新、营销销售全链路，打造更具个性化的消费体验，以期切实满足消费者需求。其中，例 如与微软联合开发的ConsumerIQ聊天机器人，通过整合市场调研与深度洞察，可快速解析文档、识别 趋势并提供战略建议；以及Adobe Creative Suite创意套件中的生成式人工智能工具Adobe Firefly，其可 显著提升创意团队效率并加速创意想法落地。 此次合作将重点运用AI技术优化消费者购物体验，通过智能肤质诊断、个性化产品推荐等功能，提升 功效护肤的精准度和效率。围绕消费者的高频 ...

I last covered Adobe Inc. (NASDAQ: ADBE ) in late 2024, highlighting the strengths of its generative AI strategy, particularly its leveraging of its established ecosystem with tools like Firefly and virtual assistants to enhance workflows.I specialize in analyzing individual stocks. With a strong educational background in both finance and economics, I’ve developed a deep fascination with the stock market and the potential it offers to investors at all levels. I keep a close watch on market trends, particula ...

Core Insights - Intel Corporation (INTC) is actively pursuing initiatives to strengthen its position in the AI sector through collaborations with original equipment manufacturers like HP to develop next-generation AI PCs [1][9] - The global AI market is projected to grow from $757.6 billion in 2025 to $3.68 trillion in 2034, with a compound annual growth rate of 19.2%, positioning Intel favorably to capitalize on this trend [5] Group 1: AI Initiatives and Collaborations - Intel is collaborating with HP to identify AI applications that provide significant benefits to end users, optimizing CPU, GPU, and NPU performance for real-world applications [2] - The partnership has led to the development of AI PCs like the EliteBook series, powered by Intel Core Ultra processors, enhancing enterprise functionality [9] Group 2: Performance Enhancements - Intel's AI-optimized software packages have resulted in significant performance improvements, with Microsoft Power BI running 45% faster and Adobe Lightroom running 32% faster compared to previous systems [3] - AI applications like Canvid and Writeup, previously exclusive to Apple users, are now available on Windows PCs powered by Intel AI chips, enhancing organizational efficiency [4] Group 3: Competitive Landscape - Intel faces strong competition from Qualcomm and AMD, with Qualcomm launching the Snapdragon X chip for mid-range AI desktops and laptops, and AMD's Ryzen AI 300 Series gaining industry adoption [6][7] - The competitive landscape is intensifying as OEMs like Dell, ASUS, and Samsung expand collaborations with Qualcomm to develop AI PCs [6] Group 4: Financial Performance and Valuation - Intel's stock has declined by 31% over the past year, contrasting with the industry's growth of 11.2% [8] - The company's shares currently trade at a price/book ratio of 0.87, significantly lower than the industry's 31.65 [10] - Earnings estimates for 2025 and 2026 have seen a decline of 39.58% and 29.36%, respectively, indicating a downward trend in financial forecasts [11]

Adobe's suite of digital media design products has a wide following globally. It's the industry standard for a reason. Instead of rejecting AI, Adobe embraced it and launched Firefly AI. That generative AI product has become a popular option and is adding a ton of people to the Adobe ecosystem. On the company's fiscal second- quarter earnings call this month, management said that the Firefly App grew its first-time subscribers by 30% quarter over quarter. That's impressive growth, and the rest of Adobe's re ...