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Google CEO Sundar Pichai says they almost acquired $NFLX:
“There are acquisitions we debated hard... maybe Netflix.” https://t.co/00gNfWBm8X
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Google CEO Sundar Pichai says they almost acquired $NFLX:
“There are acquisitions we debated hard... maybe Netflix.” https://t.co/00gNfWBm8X
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Goldman Sachs Reiterates Buy Rating on $WMT, Says Well Positioned for 2025 Earnings Growth, Maintains PT at $101
Analyst comments: "WMT closed down -0.5% (vs. the S&P 500 at +0.4%) after a 1Q earnings beat and reiteration of 2025 guidance. In our view, while the environment remains uncertain, we were not surprised WMT reiterated full-year guidance given tariffs are lower now than when guidance was reiterated on April 9, 2025. WMT also highlighted offsets such as inventory management and alternative revenue streams to support bottom-line growth, along with managing assortment and pricing.
The stock reaction may partly reflect the lack of 2Q operating income or EPS guidance amid a dynamic macro backdrop shaped by tariffs, which could lead to higher prices and weaker-than-expected elasticity. However, we believe WMT is well positioned to continue driving solid earnings growth in 2025, supported by market share gains due to its compelling value and convenience proposition. Profitability should also improve. We reiterate our Buy rating and $101 price target."
Analyst: Kate McShane
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Goldman Sachs Reiterates Buy Rating on $WMT, Says Well Positioned for 2025 Earnings Growth, Maintains PT at $101
Analyst comments: "WMT closed down -0.5% (vs. the S&P 500 at +0.4%) after a 1Q earnings beat and reiteration of 2025 guidance. In our view, while the environment remains uncertain, we were not surprised WMT reiterated full-year guidance given tariffs are lower now than when guidance was reiterated on April 9, 2025. WMT also highlighted offsets such as inventory management and alternative revenue streams to support bottom-line growth, along with managing assortment and pricing.
The stock reaction may partly reflect the lack of 2Q operating income or EPS guidance amid a dynamic macro backdrop shaped by tariffs, which could lead to higher prices and weaker-than-expected elasticity. However, we believe WMT is well positioned to continue driving solid earnings growth in 2025, supported by market share gains due to its compelling value and convenience proposition. Profitability should also improve. We reiterate our Buy rating and $101 price target."
Analyst: Kate McShane
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To clarify, Bill Ackman posted on X that while their 13F shows they sold $NKE common stock, it doesn’t reflect that they replaced it with OTC call options in a similar notional size. https://t.co/ReuP0jkEnJ
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To clarify, Bill Ackman posted on X that while their 13F shows they sold $NKE common stock, it doesn’t reflect that they replaced it with OTC call options in a similar notional size. https://t.co/ReuP0jkEnJ
BILL ACKMAN’S PERSHING SQUARE CAPITAL MANAGEMENT JUST FILED ITS Q1'24 13F.
HE SOLD OFF HIS ENTIRE POSITION IN $NKE, & ADDED $UBER — NOW HIS NUMBER ONE HOLDING.
HERE’S A LOOK AT HIS FULL PORTFOLIO: https://t.co/InWXLQ4zFj tweet
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BREAKING: Novo Nordisk CEO Lars Fruergaard Jørgensen to step down
After 8 years leading $NVO through major growth, CEO Lars Jørgensen will step down amid recent market pressure and share price decline. He’ll stay on during the transition as a search for his successor begins. Lars Rebien Sørensen to join the board as an observer.
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BREAKING: Novo Nordisk CEO Lars Fruergaard Jørgensen to step down
After 8 years leading $NVO through major growth, CEO Lars Jørgensen will step down amid recent market pressure and share price decline. He’ll stay on during the transition as a search for his successor begins. Lars Rebien Sørensen to join the board as an observer.
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Raymond James Reiterates Market Perform on $UNH, Says Earnings Quality Now a Concern, Cuts Estimates
Analyst comments: "We are reiterating our Market Perform rating on UNH and taking a sharper pencil to our numbers, cutting our 2025 adjusted EPS estimate to $20 (from $22) and our 2026 estimate to $23 (from $25). We have rebased 2024 EPS to $23.97 after adjusting for $4.0 billion ($3.70 EPS) in one-time accounting gains UNH booked in 2024.
These included: 1) $3.3 billion in gains from 'strategic portfolio refinement'—essentially asset sales—with $1.4 billion from Optum Health, $1.1 billion from UHC, and $800 million from Optum Insight; and 2) $710 million in investment income tied to unrealized gains in the venture portfolio. We treated the $3.3 billion as pretax and the $710 million as after-tax.
Needless to say, we think these earnings are low-quality and non-recurring. Our assumptions include: 1) rebasing 2024 EPS to $23.97; 2) assuming Optum Health delivers a 10% margin on ~$45B FFS revenue and 0% on ~$60B risk revenue for $4.5B in 2025 EBIT; 3) a ~2% y/y margin decline at UHC due to increased MA cost trends, implying MA margins down ~400 bps y/y; and 4) Optum Insight performing within guidance and Optum Rx slightly outperforming. That said, we’re unclear how Optum Insight can grow EBIT by ~$920M while overcoming the $800M 2024 gain.
The punch line here is that—beyond known macro headwinds—UNH is now also an earnings quality and visibility story."
Analyst: John Ransom
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Raymond James Reiterates Market Perform on $UNH, Says Earnings Quality Now a Concern, Cuts Estimates
Analyst comments: "We are reiterating our Market Perform rating on UNH and taking a sharper pencil to our numbers, cutting our 2025 adjusted EPS estimate to $20 (from $22) and our 2026 estimate to $23 (from $25). We have rebased 2024 EPS to $23.97 after adjusting for $4.0 billion ($3.70 EPS) in one-time accounting gains UNH booked in 2024.
These included: 1) $3.3 billion in gains from 'strategic portfolio refinement'—essentially asset sales—with $1.4 billion from Optum Health, $1.1 billion from UHC, and $800 million from Optum Insight; and 2) $710 million in investment income tied to unrealized gains in the venture portfolio. We treated the $3.3 billion as pretax and the $710 million as after-tax.
Needless to say, we think these earnings are low-quality and non-recurring. Our assumptions include: 1) rebasing 2024 EPS to $23.97; 2) assuming Optum Health delivers a 10% margin on ~$45B FFS revenue and 0% on ~$60B risk revenue for $4.5B in 2025 EBIT; 3) a ~2% y/y margin decline at UHC due to increased MA cost trends, implying MA margins down ~400 bps y/y; and 4) Optum Insight performing within guidance and Optum Rx slightly outperforming. That said, we’re unclear how Optum Insight can grow EBIT by ~$920M while overcoming the $800M 2024 gain.
The punch line here is that—beyond known macro headwinds—UNH is now also an earnings quality and visibility story."
Analyst: John Ransom
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JPMorgan Raises $CAVA PT to $115 from $110, Says Long-Term Growth Story Reaffirmed by 1Q25 Results, Maintains Overweight Rating
Analyst comments: "CAVA shares have traded in a very wide range since its $22 IPO on June 14, 2023, reaching as high as $172 on November 13, 2024. First-quarter 2025 results reaffirm our recent re-upgrade of the stock at $81 on March 20, 2025, with a 'buy now and own for the long term' opinion.
CAVA has significant U.S. white space for expansion beyond its current multi-market success, is generating free cash flow unusually early on a high cash balance, and has several near-term operational and brand initiatives to drive both sales and profits. We see the current 382 units expanding to a range of 2,000–3,500 units through 2037–2043. Our valuation blends these scenarios at 20x terminal EPS and a 7% discount rate to arrive at our new $115 December 2026 price target, up from $110 (Dec 2025)."
Analyst: John Ivankoe
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JPMorgan Raises $CAVA PT to $115 from $110, Says Long-Term Growth Story Reaffirmed by 1Q25 Results, Maintains Overweight Rating
Analyst comments: "CAVA shares have traded in a very wide range since its $22 IPO on June 14, 2023, reaching as high as $172 on November 13, 2024. First-quarter 2025 results reaffirm our recent re-upgrade of the stock at $81 on March 20, 2025, with a 'buy now and own for the long term' opinion.
CAVA has significant U.S. white space for expansion beyond its current multi-market success, is generating free cash flow unusually early on a high cash balance, and has several near-term operational and brand initiatives to drive both sales and profits. We see the current 382 units expanding to a range of 2,000–3,500 units through 2037–2043. Our valuation blends these scenarios at 20x terminal EPS and a 7% discount rate to arrive at our new $115 December 2026 price target, up from $110 (Dec 2025)."
Analyst: John Ivankoe
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