Key Points Industry or Company Involved * American Tower Corporation (AMT): A REIT that owns and operates wireless communications towers in the U.S., Latin America, Europe, and Africa. * Cognex Corp (CGNX): A leading provider of machine vision products used in various end markets, including consumer electronics, automotive, and retail distribution. * Comfort Systems USA Inc (FIX): A provider of mechanical and electrical contracting services for nonresidential construction end markets, with a particular skew towards manufacturing, technology, and institutional verticals. * ConocoPhillips (COP): A leading exploration and production company with a globally diversified asset portfolio. * CyberArk Software Ltd (CYBR): A leading identity security vendor specializing in privileged account security. * Dell Technologies (DELL): A provider of personal computers, servers, networking, storage arrays, and security solutions to enterprise and consumer markets. * Elevance Health Inc (ELV): A managed care company offering Medicare, Medicaid, and commercial insurance through its BCBSA state subsidiaries. * Energy Transfer LP (ET): A company that owns and operates one of the largest and most diversified portfolios of energy assets in the U.S. * First Citizens BancShares Inc (FCNCA): A bank with a footprint largely concentrated in the Southeast, Mid-Atlantic, and West Coast markets. * First Solar Inc (FSLR): The largest manufacturer of thin film solar modules globally. * Keurig Dr Pepper Inc (KDP): A leading producer of innovative single-serve coffee brewing systems and the coffee pods (KCups) used in those brewers. * Legend Biotech Corp (LEGN): An early commercial biotechnology company developing therapies for rare disorders, primarily Duchenne muscular dystrophy (DMD). * Mastercard Inc (MA): A global payment solutions company providing various services in support of credit, debit, and related payment programs of financial institutions. * Oracle Corp (ORCL): A leading provider of database, middleware, business application software, and cloud infrastructure. * Reinsurance Group of America Inc (RGA): A holding company offering traditional and non-traditional life and health reinsurance products and solutions. * Sarepta Therapeutics (SRPT): A commercial-stage biopharmaceutical company developing therapies for rare disorders, primarily Duchenne muscular dystrophy (DMD). * Texas Instruments Inc (TXN): A designer and manufacturer of analog and embedded processing semiconductors. * Ulta Beauty, Inc (ULTA): A leading specialty beauty retailer in the U.S. Core Views and Evidence * AMT: Expected to sustain ~5% domestic organic revenue growth in 2025 and accelerate to 5%+ in 2026 due to rising data traffic and increased carrier activity. [doc id='215'] * CGNX: Expected to see an acceleration to double-digit organic sales growth in 2025, driven by early cycle momentum in Logistics and Semiconductors and a positive inflection in short cycle Industrial and Consumer Electronics. [doc id='385'] * FIX: Expected to sustain EBIT margins of ~10% in 2024E into 2025E and 2026E due to strong demand backdrop and constrained labor environment. [doc id='367'] * COP: Expected to see a more capital efficient 2025 outlook and an increase in shareholder returns due to MRO integration catalysts and continued strong operational execution. [doc id='373'] * CYBR: Expected to maintain a 20%+ ARR growth profile while delivering on the margin story. [doc id='396'] * DELL: Expected to be a winner in the AI server market relative to peer HPE across Tier 2 Cloud and Enterprise markets, driving at least 10% ISG revenue growth next year. [doc id='416'] * ELV: Expected to return to normalized margins in 2026 as Medicaid rates improve and the company continues to win business and grow its Carelon business. [doc id='67'] * ET: Expected to benefit from strong growth in natural gas demand driven by the need to power data centers, coal to gas switching, and LNG exports. [doc id='426'] * FCNCA: Expected to see loan growth of 9%-10% in 2025/2026 and repurchase 14% of shares by YE2025. [doc id='410'] * FSLR: Expected to see EPS grow from 30.79 in 2027E with incremental upside from capital redeployment. [doc id='104'] * KDP: Expected to deliver on its long-term algorithm with +MSD constant-FX revenue growth in 2025 and +HSD constant-FX EPS growth next year. [doc id='95'] * LEGN: Expected to see Carvykti sales performance surprise to the upside, with potential revenue reaching $1.7bn in 2025E. [doc id='136'] * MA: Expected to provide a balanced exposure to spend and support from value-added services, with attractive qualities including high FCF conversion and deep competitive moats. [doc id='144'] * ORCL: Expected to sustain 50%+ cloud infrastructure growth for the next several years, driving an overall topline revenue reacceleration to +10%/14% in FY25/26. [doc id='173'] * RGA: Expected to benefit from favorable global mortality and morbidity trends, supported by medical advancements like GLP-1 drugs, and upside to premium growth from key growth markets like Asia. [doc id='159'] * SRPT: Expected to see significant upside from its Elevidys launch in DMD and pipeline programs in LGMD, DM1, and FSHD. [doc id='167'] * TXN: Expected to see top analog semi companies grow +12% in 2025, with TXN exceeding this at +30% as it begins to undo its pandemic era share losses. [doc id='435'] * ULTA: Expected to stabilize its top-line performance and drive positive estimate revisions, leading to upward pressure on its multiple. [doc id='570'] Other Important Points * Market Trends: The report discusses various market trends, including the rise of AI, the transition from on-premise to cloud, and the increasing importance of sustainability. * Valuation: The report provides valuation analysis for each company, including price targets and multiples. * Catalysts: The report identifies potential catalysts for each company, such as product launches, regulatory decisions, and earnings reports.
25 US Stocks for 2025_Our Highest Conviction Calls
Car Care & Cleaning·2024-12-23 01:54