Research

Bank of America delivered broader revenue growth, better credit and a 17.0% tangible return. The improvement is real, but $62.57 already discounts more than our base case.

BlackRock paired record AUM with 31% revenue growth and a wider margin. The operating thesis improved, but a 25.4x trailing P/E leaves the shares near our $1,100 fair value.

Growth products and Eliquis lifted revenue 5.7% and prompted a sharp guidance increase. The tension is weaker gross margin and continued dependence on a legacy blockbuster.

Free cash flow rose 2.3%, but residential connectivity EBITDA fell 8.0%. Wireless and Peacock improved without yet offsetting broadband pressure.

Chevron’s operations improved sharply, but high oil prices and timing benefits amplified the result. At $212.76, the shares already price in much of the durable progress.

Duke Energy posted a 21.2% pre-tax margin, but the available data offer no valid year-over-year benchmark. At $119.37, the shares already reflect a full utility valuation.

Software kept IBM growing while Infrastructure and GAAP margins weakened. Higher full-year revenue guidance supports the thesis, but $254 fair value leaves only modest upside.