Research

Boeing’s deliveries and cash flow improved, but companywide operating margin was only 0.6%. The print confirms recovery without yet proving normalized profitability.

Revenue rose 14% and RoTCE reached 13%, strengthening the turnaround case. At $138.50, however, Citigroup already trades close to our $145 base value.

Charter produced higher EPS with fewer shares, not stronger operations. Broadband losses widened, EBITDA fell 4.3%, and leverage keeps the apparent valuation discount from being straightforward.

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

Aetna’s margin recovery lifted profit and full-year guidance. At $95.29, however, CVS already discounts much of the repair while medical costs and leverage keep the thesis conditional.

GameStop’s sales contracted sharply, but operating margin tripled from a year ago and EPS rose 64.5%. The unresolved issue is whether those margins can survive continued revenue erosion.

GameStop’s retail turnaround is real, but its eBay stake, Bitcoin exposure and dilution now drive the outcome. A $17.50 base value leaves no clear margin of safety.

Intel restored double-digit operating margin and generated $4.45B of quarterly free cash flow. The bottom-line loss and a valuation above even our bull case leave little room for error.