RESEARCH

Title Date
Payments, Processors, and IT Services: 2Q19 Roundup - Top Sector Themes and Updated Stock Preferences Aug 19, 2019
Alphabet: What Lies Beneath the Clouds Aug 19, 2019
Internet Comps 2019-08-19 Aug 19, 2019
Media Comps 2019-08-19 Aug 19, 2019
Communications Infrastructure Comps 2019-08-19 Aug 19, 2019
Telecom Cable Satellite Comps 2019-08-19 Aug 19, 2019
Q2 2019 Cord-Cutting Monitor: The Case for Things Getting Better (Yes, Better) from Here Aug 15, 2019
CBS & Viacom: Didn’t See That Coming! Aug 14, 2019
July C3 Ratings – Another Slow Summer Aug 13, 2019
WPP: One Step at a Time Aug 12, 2019
Media Comps 2019-08-12 Aug 12, 2019
Internet Comps 2019-08-12 Aug 12, 2019
Telecom Cable Satellite Comps 2019-08-12 Aug 12, 2019
Communications Infrastructure Comps 2019-08-12 Aug 12, 2019
CBS & Viacom: The Last Waltz Aug 9, 2019
DXC 1Q20: Plan B Just Got More Urgent. Can They Sell the Whole Damn Thing? Aug 9, 2019
Fox: Here's to the First of Many Aug 8, 2019
IBM: The Red Hat Strategy and Numbers Are In. Meanwhile, Cloud Growth is Decelerating. Now What? Aug 8, 2019
Cogent Q2 2019 Earnings: Widows and Orphans Aug 8, 2019
Disney: Channeling Our Inner Avril Lavigne Aug 7, 2019
FIS 2Q19: Off to the Races Aug 7, 2019
Cable One Q2 2019 Earnings: 50% Margins Are Beginning to Look More Like a Floor than a Ceiling Aug 7, 2019
CenturyLink Q2 2019 Earnings: The Storm Before the Calm? Aug 7, 2019
Discovery: Two Years Later Aug 6, 2019
Communications Infrastructure Comps 2019-08-05 Aug 5, 2019
Internet Comps 2019-08-05 Aug 5, 2019
Media Comps 2019-08-05 Aug 5, 2019
Telecom Cable Satellite Comps 2019-08-05 Aug 5, 2019
Cognizant 2Q19: Dear Brian, Six Metrics We Think Really Matter for Cognizant Aug 2, 2019
Square 2Q19: Wherefore Art Thou, Cash App? Aug 2, 2019
Sprint Q2 2019 Earnings: What the State AGs See Aug 2, 2019
Cinemark: Got To Give Credit Where It’s Due Aug 2, 2019
ADP 4Q19: Seventy Down, A Few More to Go Aug 1, 2019
Verizon Q2 2019 Earnings: What’s Left of the Bull Case? Aug 1, 2019
Mastercard 2Q19: A New Partner Every Three Days Jul 31, 2019
Global Payments 2Q19: Hurry Up and Wait Jul 31, 2019
American Tower Q2 2019 Earnings: Can Anything Stop American Tower? Jul 31, 2019
AMCX: No Man’s Land, Tough Trends in the Price Jul 31, 2019
Altice USA Q2 2019 Earnings: The Margin Story Keeps Getting Better and Better Jul 31, 2019
Equinix Q2 2019 Earnings: A Different List of Items to Focus On Than Others Jul 31, 2019
CyrusOne Q2 2019 Earnings: Siamese Dream Jul 31, 2019
New FIS – Another New Journey Begins - July 31, 2019 Jul 31, 2019
Digital Realty Q2 2019 Earnings: Home and Abroad, Puts and Takes Jul 30, 2019
Twitter: Same Growth, Twice the Price Jul 29, 2019
U.S. Media: Man the Lifeboats Jul 29, 2019
Communications Infrastructure Comps 2019-07-29 Jul 29, 2019
Internet Comps 2019-07-29 Jul 29, 2019
Media Comps 2019-07-29 Jul 29, 2019
Telecom Cable Satellite Comps 2019-07-29 Jul 29, 2019
Dish Network Q2 ’19 Earnings: Has the Satellite Business Finally Found a Bottom? And Would Anyone Care? Jul 29, 2019
SBA Q2 2019 Earnings: Will They or Won’t They? Jul 29, 2019
QTS Q2 2019 Earnings: Marching to the Beat of a Different Drummer? Jul 29, 2019
New Fiserv – The Journey Begins - 07.29.2019 Jul 29, 2019
Alphabet: Winning by TKO Jul 26, 2019
Fiserv, First Data 2Q19: The Pre-Party Jul 26, 2019
Charter Q2 2019 Earnings: The Trouble with Simple Stories Jul 26, 2019
Sprint/T-Mobile/Dish: The Deal Is Done! (Just Kidding… No It Isn’t) - July 26, 2019 Jul 26, 2019
Facebook: What a Difference a Year Makes Jul 25, 2019
PayPal 2Q19: $10 B Burning a Hole in the Corporate Pocket – Who PayPal Might Buy Next Jul 25, 2019
Winners and Losers in the T-Mobile/Sprint/Dish Deal: A Summary. Downgrading DISH to Sell; Target Price $30 Jul 25, 2019
Comcast Q2 2019 Earnings: On the One Hand… On the Other Hand Jul 25, 2019
T-Mobile Q2 2019 Earnings: Wait, What? Earnings? Jul 25, 2019
Snap: Living Up to the Hype Jul 24, 2019
Interpublic: Gearing Up For 2020? Jul 24, 2019
Visa 3Q19: The Other Third Anniversary – Visa’s Long Road Ahead in Europe Jul 24, 2019
AT&T Q2 2019 Earnings: The Uneasy Equilibrium Jul 24, 2019
CoreSite Q2 2019 Earnings: The Light at the End of the Tunnel? Jul 24, 2019
Data Centers: Implications of the Hyperscale Leasing Slowdown and a Close Look at Valuation Jul 22, 2019
Online Advertising: Bringing the Heat Jul 22, 2019
Communications Infrastructure Comps 2019-07-22 Jul 22, 2019
Internet Comps 2019-07-22 Jul 22, 2019
Telecom Cable Satellite Comps 2019-07-22 Jul 22, 2019
Media Comps 2019-07-22 Jul 22, 2019
T-Mobile: Is “Standalone TMUS” Now the Best Case Scenario? Jul 19, 2019
Omnicom: Are They Verizon and Everyone Else AT&T? Jul 18, 2019
Netflix: Doubters of the World Unite! Jul 18, 2019
IBM 2Q19: Just. In. Time. Red Hat Enters, as Cloud Growth Sputters Jul 18, 2019
Media & Internet Marketing Deck Jul 17, 2019
Crown Castle Q2 2019 Earnings: A Messy Beat and Raise Jul 17, 2019
Telecom and Cable & Satellite Marketing Deck Jul 16, 2019
CBS & Viacom: How's Your Summer Going? Jul 16, 2019
FB, V, MA, PYPL: Libra, Libra, Libra – Answers to Your Top 25 FAQs Jul 16, 2019
FB, V, MA, PYPL: Libra, Libra, Libra – Answers to Your Top 25 FAQs Jul 16, 2019
Advertising Agencies: Putting a Price on Data Jul 15, 2019
MN Quarterly SVOD Tracker: Is It Too Late? Jul 15, 2019
Communications Infrastructure Comps 2019-07-15 Jul 15, 2019
Telecom Cable Satellite Comps 2019-07-15 Jul 15, 2019
Media Comps 2019-07-15 Jul 15, 2019
Internet Comps 2019-07-15 Jul 15, 2019
GPN + TSYS: The New Global Payments – “Third is the one with the…?” Jul 12, 2019
U.S. Cable: Could Video Subscriber Losses Eventually Push Cable Margins Up to 50%? Jul 9, 2019
Disney: Circle Of Life Jul 9, 2019
SQ, PYPL: Is it Worth 40% of Valuation? A Deep Dive into Square’s Cash App Jul 8, 2019
U.S. Towers: Valuation Ruminations… Increasing Target Prices, But Downgrading SBA to Neutral Jul 8, 2019
Communications Infrastructure Comps 2019-07-08 Jul 8, 2019
Telecom Cable Satellite Comps 2019-07-08 Jul 8, 2019
Media Comps 2019-07-08 Jul 8, 2019
Internet Comps 2019-07-08 Jul 8, 2019
Snap: As Smooth as a Baby’s Face? Jul 1, 2019
Communications Infrastructure Comps 2019-07-01 Jul 1, 2019
Internet Comps 2019-07-01 Jul 1, 2019
Media Comps 2019-07-01 Jul 1, 2019
Telecom Cable Satellite Comps 2019-07-01 Jul 1, 2019
ACN 3Q19: 31 Deals in 18 Months - Spotlight on M&A Jun 28, 2019
MN State of the Industry 2019 Group Lunch Jun 28, 2019
U.S. Telecommunications: Does 5G Put Verizon’s “Nation’s Best Network” Positioning at Risk? Jun 27, 2019
Paychex 4Q19: Unriddling the PEO Jun 27, 2019
Alphabet: On Shakier Ground? Jun 24, 2019
Communications Infrastructure Comps 2019-06-24 Jun 24, 2019
Internet Comps 2019-06-24 Jun 24, 2019
Media Comps 2019-06-24 Jun 24, 2019
Telecom Cable Satellite Comps 2019-06-24 Jun 24, 2019
Netflix: The Great International RPU Debate Jun 20, 2019
Payments: Digital Wallet Wars Escalate – New 1000+ Respondent Consumer Survey on Usage of 14 Wallets Jun 20, 2019
FB, V, MA, PYPL: Libra Unveiled – Big Day for Crypto, Nice-To-Have for FB, Important Experiment for Payments Jun 19, 2019
FB, V, MA, PYPL: Libra Unveiled – Big Day for Crypto, Nice-To-Have for FB, Important Experiment for Payments Jun 19, 2019
Internet Comps 2019-06-17 Jun 17, 2019
Communications Infrastructure Comps 2019-06-17 Jun 17, 2019
Media Comps 2019-06-17 Jun 17, 2019
Telecom Cable Satellite Comp Sheet 2019-06-17 Jun 17, 2019
Sprint and T-Mobile: Crazy Town Part II - June 15, 2019 Jun 15, 2019
Payments: Takeaways from Discussions with Stripe, REPAY, and Marqeta at MN's PPI Summit Jun 14, 2019
Twitter: A Problem of Its Own Making Jun 13, 2019
CenturyLink: Ignore the Shiny New Objects Jun 12, 2019
Payments: Takeaways from Discussions with the CEOs of American Express and Discover at MN's PPI Summit Jun 12, 2019
Facebook: Friending Facebook Again, Upgrade to Buy Jun 11, 2019
IT Services: Takeaways from Conversations with Cognizant's CFO and CGI's CEO at MN's PPI Summit Jun 11, 2019
Paychex: Four Takeaways from our Fireside Chat with Paychex’s CFO during MN’s PPI Summit Jun 10, 2019
Communications Infrastructure Comps 2019-06-10 Jun 10, 2019
Internet Comps 2019-06-10 Jun 10, 2019
Telecom Cable Satellite Comps 2019-06-10 Jun 10, 2019
Media Comps 2019-06-10 Jun 10, 2019
Mastercard: Takeaways from Discussions with Mastercard’s President, NA at MN’s PPI Summit Jun 6, 2019
Visa: Takeaways from Discussions with Visa’s CEO at MoffettNathanson's PPI Summit Jun 6, 2019
U.S. Advertising: The One Exception? Jun 6, 2019
Payments Sector Marketing Deck Jun 5, 2019
PayPal: Six Takeaways from Discussions with PayPal’s CEO during MN’s PPI Summit Jun 5, 2019
U.S. Broadband: Where Are AT&T Fiber’s Subscriber Gains Coming From? Jun 4, 2019
Fox: Fox Goes to Hollywood Jun 4, 2019
Telecom Cable Satellite Comps 2019-06-03 Jun 3, 2019
Internet Comps 2019-06-03 Jun 3, 2019
Communications Infrastructure Comps 2019-06-03 Jun 3, 2019
Media Comps 2019-06-03 Jun 3, 2019
U.S. Antitrust Update: Here Come The Feds – June 3, 2019 Jun 3, 2019
Sprint and T-Mobile: Welcome to Crazy Town - May 31, 2019 May 31, 2019
U.S. Media: To Each Their Own? May 30, 2019
WarnerMedia: Raising the Curtain on Their DTC Plans May 29, 2019
Global Payments + TSYS: A Positive (and Necessary) Stepping Stone May 29, 2019
Communications Infrastructure Comps 2019-05-28 May 28, 2019
Internet Comps 2019-05-28 May 28, 2019
Media Comps 2019-05-28 May 28, 2019
Telecom Cable Satellite Comp Sheet 2019-05-28 May 28, 2019
DXC 4Q19: Time for Plan B, Part 2… Sell IP & BPS, Buy More Digital? May 24, 2019
2019 State of the Industry Conference Call Deck May 23, 2019
Initiating Coverage of FIS and Fiserv Slides May 22, 2019
FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv May 21, 2019
FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv [EXCERPT] May 21, 2019
Sprint & T-Mobile: The Long and Winding Road - May 21, 2019 May 21, 2019
Telecom Cable Satellite Comp Sheet 2019-05-20 May 20, 2019
Media Comps 2019-05-20 May 20, 2019
Internet Comps 2019-05-20 May 20, 2019
Communications Infrastructure Comps 2019-05-20 May 20, 2019
Payments Summit 2019 Agenda May 20, 2019
Payments, Processors, and IT Services: 1Q19 Roundup - Top Sector Themes and Updated Stock Preferences May 14, 2019
Viacom: Read the Fine Print May 13, 2019
Social Media Focus Group: SNAP Can’t Grow Up! May 13, 2019
Telecom Cable Satellite Comps 2019-05-13 May 13, 2019
Internet Comps 2019-05-13 May 13, 2019
Media Comps 2019-05-13 May 13, 2019
Communications Infrastructure Comps 2019-05-13 May 13, 2019
FB, V, MA, PYPL: Facebook’s Cryptocurrency Project Libra – How it Could Matter May 10, 2019
FB, V, MA, PYPL: Facebook’s Cryptocurrency Project Libra – How it Could Matter May 10, 2019
ADP: A Deep Dive - The Bull Thesis in 20 Slides May 9, 2019
IBM: A Deep Dive – The Bear Thesis in 20 Slides May 9, 2019
Disney: A Changing Narrative May 9, 2019
Cable One Q1 2019 Earnings: How Much Runway Is Left? May 9, 2019
Social Media Survey: What Are Users Saying? May 8, 2019
Cognizant 1Q19: Gravity Prevails, Just as a New CEO Enters. Now What? May 8, 2019
Zayo Q3 F2019 Earnings: Finding Mr. Right May 8, 2019
Media and Communications Updated Final Summit Agenda May 2019 May 8, 2019
CenturyLink Q1 2019 Earnings: Enough to Offset the Top Line? May 8, 2019
Q1 2019 Cord-Cutting Monitor: About that Lifeboat… May 7, 2019
Media and Communications Final Summit Agenda May 2019 May 7, 2019
Cinemark: What Will Disney Do With Its Box Office Clout? May 7, 2019
Sprint CQ1 2019 Earnings: What’s the Backup Plan? May 7, 2019
Inaugural Payments Summit Agenda May 6, 2019
Global Payments 1Q19: Who Might They Buy Next? May 6, 2019
Telecom Cable Satellite Comps 2019-05-06 May 6, 2019
Media Comps 2019-05-06 May 6, 2019
Internet Comps 2019-05-06 May 6, 2019
Communications Infrastructure Comps 2019-05-06 May 6, 2019
CBS: New CEO…New Disclosure? May 3, 2019
Worldpay 1Q19: Dear FIS, There’s Upside to Standalone Worldpay (In Addition to the Revenue Synergies) May 3, 2019
Dish Network Q1’19 Earnings: The Outlook is Brightening for Mid-Band… but the Road Ahead Remains Long May 3, 2019
American Tower Q1 2019 Earnings: Solid Results, But Will the Halo Effect Persist? May 3, 2019
ADP 3Q19: Resilient May 2, 2019
Square 1Q19: Demystifying Subscription & Services May 2, 2019
Cogent Q1 2019 Earnings: Assessing All-Time Highs May 2, 2019
Discovery: A Year Later May 2, 2019
Altice USA Q1 2019 Earnings: Still More Room to Run? May 2, 2019
ADP IBM Deep Dive Slides May 2, 2019
Mastercard 1Q19: Investing for the Future – A Peek Into the Next Horizon of Growth May 1, 2019
FDC 1Q19: Fiserv, Please Handle With Care May 1, 2019
Equinix Q1 2019 Earnings: Is Being Different Enough? May 1, 2019
AMC Networks: How Much Longer Does This Balancing Act Last? May 1, 2019
CyrusOne Q1 2019 Earnings: Managing Through Feast and Famine May 1, 2019
Alphabet: Deceleration Detective Service Apr 30, 2019
Charter Q1 2019 Earnings: Margins are the Next Leg of the Story Apr 30, 2019
QTS Q1 2019 Earnings: Thinking About Returns Apr 30, 2019
U.S. Media: Let The Good Times Stream? Apr 29, 2019
FISV-FDC and FIS-WP: Is the Answer Always 4%? Our Financial Technology Services Market Forecast Apr 29, 2019
WPP and Interpublic: Yin and Yang Apr 29, 2019
Telecom Cable Satellite Comps 2019-04-29 Apr 29, 2019
Media Comps 2019-04-29 Apr 29, 2019
Internet Comps 2019-04-29 Apr 29, 2019
Communications Infrastructure Comps 2019-04-29 Apr 29, 2019
SBA Q1 2019 Earnings: Contemplating What Happens if the Deal is No More Apr 29, 2019
Fox - In Case You Missed It... Apr 26, 2019
Facebook: Checking Off The Concerns Apr 25, 2019
Visa 2Q19: Teflon Apr 25, 2019
PayPal 1Q19: Climbing the Tree Apr 25, 2019
Comcast Q1 2019 Earnings: Life after Disney Apr 25, 2019
T-Mobile Q1 2019 Earnings: Can the Merger be Saved? Apr 25, 2019
Digital Realty Q1 2019 Earnings: Searching for Clues Apr 25, 2019
Twitter: “So we've got lots of game(s) left to play” Apr 24, 2019
Snap: A Cinderella Story Apr 24, 2019
AT&T Q1 2019 Earnings: Searching for a Unifying Theory Apr 24, 2019
CoreSite Q1 2019 Earnings: Can It Stay at the Top of the ROIC Class? Apr 24, 2019
Verizon Q1 2019 Earnings: Has Verizon Bet on the Wrong (Spectrum) Horse? Apr 23, 2019
Online Advertising: In Search Of A Second Or Third Act? Apr 22, 2019
Communications Infrastructure Comps 2019-04-22 Apr 22, 2019
Internet Comps 2019-04-22 Apr 22, 2019
Telecom Cable Satellite Comps 2019-04-22 Apr 22, 2019
Media Comps 2019-04-22 Apr 22, 2019
Payments: The Adyen Threat – Takeaways From Adyen’s First Capital Markets Day Apr 18, 2019
Google Cloud Next 2019: Key Takeaways – April 18, 2019 Apr 18, 2019
Omnicom: Better Value Elsewhere Apr 17, 2019
Netflix: How Disney’s Entry Impacts the SVOD Market? Apr 17, 2019
IBM 1Q19: Meh Apr 17, 2019
What Does the Future of Streaming Look Like Slides Apr 17, 2019
6th Annual MoffettNathanson Media and Communications Agenda Apr 17, 2019
Crown Castle Q1 2019 Earnings: Valuation Triangulation Apr 17, 2019
Communications Infrastructure Comps 2019-04-15 Apr 15, 2019
Internet Comps 2019-04-15 Apr 15, 2019
Media Comps 2019-04-15 Apr 15, 2019
Telecom Cable Satellite Comps 2019-04-15 Apr 15, 2019
Disney: Worth the Wait Apr 12, 2019
Fiserv + First Data: Easier Synergies, Harder Long-term Growth – Our Revenue Outlook Apr 11, 2019
U.S. Cable and U.S. Wireless: Convergence End-Games - April 11, 2019 Apr 11, 2019
Disney: Getting Closer to Breaking Through Apr 9, 2019
Data Centers: Which Operators are Converting Growth into Value? Examining ROIC and Property-Level Yields Apr 8, 2019
FIS + Worldpay: 1+1=7.7%. Our Revenue Growth Outlook Apr 8, 2019
Netflix Survey: The Walmart of SVOD for a Reason Apr 8, 2019
Communications Infrastructure Comps 2019-04-08 Apr 8, 2019
Internet Comps 2019-04-08 Apr 8, 2019
Media Comps 2019-04-08 Apr 8, 2019
Telecom Cable Satellite Comps 2019-04-08 Apr 8, 2019
U.S. Advertising: A False Dichotomy? Apr 5, 2019
Broadband Success Partners Lightpath Deep Dive Apr 4, 2019
Film Studios: Having Their Cake And Eating It Too? Apr 4, 2019
U.S. Cable: What Would Happen in a Recession? Apr 3, 2019
The Merchant Acquirer M&A Chessboard - Who is Next? Apr 3, 2019
U.S. Media: The Value of Libraries, or in Other Words, What Ted Sarandos Knew Apr 2, 2019
T-Mobile and Sprint: Time to Lower the Odds - April 2, 2019 Apr 2, 2019
Internet Infrastructure Marketing Deck Apr 1, 2019
Towers Marketing Deck Apr 1, 2019
Data Center Marketing Deck Apr 1, 2019
Media Comps 2019-04-01 Apr 1, 2019
Internet Comps 2019-04-01 Apr 1, 2019
Communications Infrastructure Comps 2019-04-01 Apr 1, 2019
Telecom Cable Satellite Comps 2019-04-01 Apr 1, 2019
Accenture 2Q19: A Peek Behind the Curtain – How to Tell if an IT Services Firm is Good in Digital & Cloud Mar 29, 2019
Paychex 3Q19: 6%+ Organic Revenue Growth!? The Secular Drivers of HR Services Mar 28, 2019
FWBB A Peek Behind the Curtain Deck Mar 26, 2019
U.S. Communications Infrastructure, Telecom, & Cable: Add Macro and Margins to the List of Worries Mar 25, 2019
Payments: The Foundation of the Bull Thesis – Why We Have 5+ More Years of Double-Digit Volume Growth Mar 25, 2019
Communications Infrastructure Comps 2019-03-25 Mar 25, 2019
Telecom Cable Satellite Comps 2019-03-25 Mar 25, 2019
Media Comps 2019-03-25 Mar 25, 2019
Internet Comps 2019-03-25 Mar 25, 2019
Payments Processors IT Services Summit 2019 Agenda v1 Mar 25, 2019
Viacom: Been Here Before Mar 25, 2019
IBM: Can IBM (+Red Hat) Catch Up In Cloud? Mar 22, 2019
Fixed Wireless Broadband: A Peek Behind the Curtain of Verizon’s 5G Rollout Mar 20, 2019
FIS + Worldpay: Bigger Now, Better Later Mar 19, 2019
Fox: Key Takeaways from the 10-Q and Day 1 Trading Mar 19, 2019
FB & PYPL Partner for Instagram Checkout - March 19, 2019 Mar 19, 2019
The Small Cell Report (Part III): Taking a Look Under the Hood Mar 18, 2019
Online Regulatory Outlook: The Unlikeliest Of Bedfellows Mar 18, 2019
Communications Infrastructure Comps 2019-03-18 Mar 18, 2019
Media Comps 2019-03-18 Mar 18, 2019
Internet Comps 2019-03-18 Mar 18, 2019
Telecom Cable Satellite Comps 2019-03-18 Mar 18, 2019
MN Lunch Deck Mar 15, 2019
New Fox Initiation: Clever As a Fox, Buy, Price Target $51 Mar 15, 2019
Video Cord-Cutting: Standing at the Crossroads (and I Believe I’m Sinkin’ Down) Mar 13, 2019
Standing at the Crossroads Conference Call Deck Mar 13, 2019
PayPal + MercadoLibre: A Base Hit, With Potential to be a Home Run Mar 12, 2019
Communications Infrastructure Comps 2019-03-11 Mar 11, 2019
Internet Comps 2019-03-11 Mar 11, 2019
Media Comps 2019-03-11 Mar 11, 2019
Telecom Cable Satellite Comps 2019-03-11 Mar 11, 2019
V, MA, PYPL: The Amazon Risk Mar 8, 2019
Equinix Lunch Slides Mar 8, 2019
Alphabet: Money for Nothing? A Dive Into CAPEX Trends Mar 7, 2019
Broadband Q4 2018: Broadband Growth Bounces Back… with Thanks to New Household Formation Mar 6, 2019
Payments, Processors, and IT Services: 4Q18 Roundup – Top Sector Themes and Updated Stock Preferences Mar 5, 2019
U.S. Media & Internet: Now Everyone Is A Winner? Mar 4, 2019
WPP: WPP Giveth, Competition Taketh Mar 4, 2019
Zayo: Plan A, Version 2.0… A Closer Look at zColo Mar 4, 2019
Communications Infrastructure Comps 2019-03-04 Mar 4, 2019
Telecom Cable Satellite Comps 2019-03-04 Mar 4, 2019
Internet Comps 2019-03-04 Mar 4, 2019
Comps Media Mar 4, 2019
AT&T and Time Warner: Strategy (and Debt) versus Culture - March 4, 2019 Mar 4, 2019
AMC Networks: Not Walking Dead Yet Mar 1, 2019
Crypto BlockchainImmersion Takeaways Slides Mar 1, 2019
Square 4Q18: What Can Jump Start the Stock? Feb 28, 2019
V, MA, PYPL: Not Imminent, but Worth Watching – the Risk of Disruption from Cryptocurrencies and Blockchain Feb 27, 2019
Worldpay 4Q18: Playing Offense Feb 27, 2019
American Tower Q4 2018 Earnings: Can AMT Repeat? Feb 27, 2019
Cable One Q4 2018 Earnings: What are the Right Metrics for a Post-Video Cable MSO? Feb 27, 2019
U.S. Telecommunications: The Mystery Deepens Feb 26, 2019
Discovery: Talking Less, Doing More Feb 26, 2019
Payments, Processors, and IT Services: Blockchain and Cryptocurrency Immersion Company Meeting Takeaways Feb 25, 2019
Communications Infrastructure Comps 2019-02-25 Feb 25, 2019
Internet Comps 2019-02-25 Feb 25, 2019
Media Comps 2019-02-25 Feb 25, 2019
Telecom Cable Satellite Comps 2019-02-25 Feb 25, 2019
QTS Q4 2018 Earnings: Risk Reallocation Feb 25, 2019
Q4 2018 Cord-Cutting Monitor: Is It Time to Panic Yet? Feb 22, 2019
Cinemark: Looking Beyond The Volatility Feb 22, 2019
U.S. Media: Watching the Slow Death of Linear TV…Live Feb 21, 2019
Cogent Q4 2018 Earnings: Mulling Over Margins Feb 21, 2019
Altice USA Q4 2018 Earnings: Showing Up Feb 21, 2019
SBA Q4 2018 Earnings: Let the Good Times Roll Feb 21, 2019
CyrusOne Q4 2018 Earnings: Fueling Fears? Feb 20, 2019
Facebook: How’d They Do That? Feb 19, 2019
CenturyLink: Don't Fear the Reaper... Upgrading to Neutral, Lowering TP to $12 Feb 19, 2019
Communications Infrastructure Comps 2019-02-19 Feb 19, 2019
Internet Comps 2019-02-19 Feb 19, 2019
Media Comps 2019-02-19 Feb 19, 2019
Telecom Cable Satellite Comps 2019-02-19 Feb 19, 2019
CBS: Joining the Arms Race Feb 15, 2019
Interpublic: Winning The Zero Sum Game in 2018 Feb 14, 2019
GPN 4Q18: Looking Beyond 2019 - Where Does Global Payments Fit on the Merchant Acquiring Chessboard? Feb 14, 2019
Payments, Processors, and IT Services: Blockchain and Cryptocurrencies – State of the Industry Feb 13, 2019
Omnicom: The Calm Before The Storm? Feb 13, 2019
Dish Q4 2018 Earnings: Snakes or Alligators? Feb 13, 2019
CenturyLink Q4 2018 Earnings: Are Low Expectations the Key to Happiness? Feb 13, 2019
Equinix Q4 2018 Earnings: Steady as She Goes Feb 13, 2019
U.S. Media – Weekly Ratings: 2/4-2/10 Feb 12, 2019
Communications Infrastructure Comps 2019-02-11 Feb 11, 2019
Internet Comps 2019-02-11 Feb 11, 2019
Media Comps 2019-02-11 Feb 11, 2019
Telecom Cable Satellite Comps 2019-02-11 Feb 11, 2019
January C3 Ratings – Weak Start to the New Year Feb 11, 2019
Twitter: Breaking Out The Checkbook Feb 8, 2019
DXC 3Q19: Tug-O-War Feb 8, 2019
Cognizant 4Q18: Seeing Some Green Shoots, Raising Target Price to $80 Feb 7, 2019
FDC 4Q18: Dear Fiserv, Five Things To Get Right With First Data Feb 7, 2019
T-Mobile Q4 2018 Earnings: Time to Consider Plan B? Feb 7, 2019
Zayo Q2 F2019 Earnings: Under the Gun Feb 7, 2019
Snap: A CFO’s Parting Gift Feb 6, 2019
Disney: Do The Right Thing Feb 6, 2019
21 Century Fox: A Step Closer To Breaking Out Feb 6, 2019
CoreSite Q4 2018 Earnings: What Happens on the Other Side of the Hump? Feb 6, 2019
Alphabet: Playing To Script Feb 5, 2019
Viacom: Two Questions, Please Feb 5, 2019
Digital Realty Q4 2018 Earnings: What’s the Disconnect? Feb 5, 2019
Telecom Cable Satellite Comps 2019-02-04 Feb 4, 2019
Communications Infrastructure Comps 2019-02-04 Feb 4, 2019
Internet Comps 2019-02-04 Feb 4, 2019
Media Comps 2019-02-04 Feb 4, 2019
Tractor Supply: Not A Hiding Place Feb 1, 2019
Mastercard 4Q18: Why We Believe in 16% Revenue Growth Feb 1, 2019
Visa 1Q19: Visa Direct – The Next Big Thing Feb 1, 2019
Amazon: The Cost of Margin Feb 1, 2019
Facebook: Coal, More Like Gold Jan 31, 2019
ADP 2Q19: How Do All the Lines Point Up? Deciphering Market Shares in HR Services Jan 31, 2019
PYPL 4Q18: TPV Growth – Primus inter pares B Jan 31, 2019
Charter Q4 2018 Earnings: Good Things Come to Those Who Wait Jan 31, 2019
Sprint CQ4 2018 Earnings: Do Politics Matter? Jan 31, 2019
AT&T Q4 2018 Earnings: Is Achieving “Flat EBITDA” in the Entertainment Group Enough? Jan 30, 2019
U.S. Media – AT&T’s 4Q Media Read Through… So Much For Stability! Jan 30, 2019
Amazon: 4Q Preview, Does Monetization Matter? Jan 29, 2019
Online Advertising: A Lump of Coal for Christmas? Jan 29, 2019
Verizon Q4 2018 Earnings: Is It Enough to Just NOT Be AT&T? Jan 29, 2019
U.S. Media: Key Takeaways from NATPE 2019 Jan 28, 2019
Internet Comps 2019-01-28 Jan 28, 2019
Telecom Cable Satellite Comps 2019-01-28 Jan 28, 2019
Media Comps 2019-01-28 Jan 28, 2019
Communications Infrastructure Comps 2019-01-28 Jan 28, 2019
Some Thoughts on Recent Zayo Take-Out Reports - January 27, 2019 Jan 27, 2019
Existing Home Sales: Does a 10% Drop Matter? Jan 25, 2019
U.S. Media: Will The Current Stability Last? Jan 25, 2019
Crypto Blockchain Agenda & Speaker Bios 2019 Jan 24, 2019
IBM 4Q18: Pushing On a String Jan 23, 2019
Comcast Q4 2018 Earnings: The Bull Bear Debate Jan 23, 2019
Crown Castle Q4 2018 Earnings: Recession Resistant? Jan 23, 2019
Communications Infrastructure Comps 2019-01-22 Jan 22, 2019
Media Comps 2019-01-22 Jan 22, 2019
Internet Comps 2019-01-22 Jan 22, 2019
Telecom Cable Satellite Comps 2019-01-22 Jan 22, 2019
Telecom and Cable Capital Spending Outlook, 2019 Jan 18, 2019
ICR Conference: 2019 Kickoff - Tariffs, Leases & Tax Reform Jan 18, 2019
Netflix: UNCH Jan 18, 2019
CBS & VIAB: What's the Downside? Upgrade CBS to Buy Jan 17, 2019
Payments 2019: You Are My Sunshine [EXCERPT] Jan 17, 2019
IT Services and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B [EXCERPT] Jan 17, 2019
Sherwin-Williams: Wet Paint Jan 16, 2019
IT Services and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B Jan 16, 2019
Snap: Flanked On All Sides Jan 16, 2019
First Data + Fiserv: Why Fiserv Investors Just Got a Really Good Deal Jan 16, 2019
IT Services and Processors 2019 Outlook Slides Jan 16, 2019
Economic Cycle Indicators Conference Call Slides Jan 15, 2019
Comcast Finally Goes OTT… Sort Of - January 15, 2019 Jan 15, 2019
IT Services: New CIO Survey Results Show A Positive 2019 Outlook For Overall IT and IT Services Spending Jan 14, 2019
Disney: How Does Disney “Work” in 2019? Jan 14, 2019
Communications Infrastructure Comps 2019-01-14 Jan 14, 2019
Telecom Cable Satellite Comps 2019-01-14 Jan 14, 2019
Media Comps 2019-01-14 Jan 14, 2019
Internet Comps 2019-01-14 Jan 14, 2019
2019 Outlook Call Jan 11, 2019
Payments Outlook Slides Jan 11, 2019
Target: Traffic Mojo, Margins Questioned Jan 11, 2019
Advertising Agencies: Mind The Gap Jan 10, 2019
Die Hard: A Sears Liquidation Could Double the Comp Boost in 2019 Jan 10, 2019
Payments 2019: You Are My Sunshine Jan 10, 2019
New Fox: Ask Enough and You Shall Receive Jan 9, 2019
Broadband Outlook 2019 Slides Jan 9, 2019
Data Centers: Judging Upcoming Lease Accounting Changes and Digital Realty’s Initial 2019 Guidance - January 9, 2019 Jan 9, 2019
Sales, Tariffs, and Margins: The 2019 Battle Begins Jan 8, 2019
Broadband Outlook 2019: The Least Appreciated, but Most Important, Variable Jan 8, 2019
DXC + Luxoft: Plan B, Part 1, Check. Jan 8, 2019
U.S. Advertising: When Is It Time To Worry? Jan 7, 2019
Worldpay: From Very Good to Great. Upgrading to Buy Jan 7, 2019
Communications Infrastructure Comps 2019-01-07 Jan 7, 2019
Internet Comps 2019-01-07 Jan 7, 2019
Media Comps 2019-01-07 Jan 7, 2019
Telecom Cable Satellite Comps 2019-01-107 Jan 7, 2019
HILI Reaches New Mid-Cycle Low; Are We Off the Hook Yet? Jan 4, 2019
Dish Network: Downside Scenarios Are Finally Priced into the Stock… Upgrading from Sell to Neutral Jan 3, 2019
Communications Infrastructure Comps 2018-12-31 Dec 31, 2018
Internet Comps 2018-12-31 Dec 31, 2018
Telecom Cable Satellite Comps 2018-12-31 Dec 31, 2018
Media Comps 2018-12-31 Dec 31, 2018
Accenture 1Q19: As We Enter 2019, Will Secular Dominance Outweigh Cyclical Softness? Dec 21, 2018
CarMax: Value Gap Overhang Persists Dec 21, 2018
Paychex 2Q19: Secular PEO and HR Services Growth Offsets a Sluggish Core Dec 20, 2018
U.S. Telecom: A Year in Review, and a Year in Preview - December 20, 2018 Dec 20, 2018
U.S. Cable & Satellite: A Year in Review, and a Year in Preview - December 20, 2018 Dec 20, 2018
U.S. Communications Infrastructure: A Year in Review, and a Year in Preview - December 20, 2018 Dec 20, 2018
2018 Holiday Survey: Santa is a Seasoning Prime Member Dec 19, 2018
Best Buy: Enough Already. Sales and Margins Risks Pricing In Dec 19, 2018
Costco: Too Much Comp = Another Chance to Buy Dec 17, 2018
Communications Infrastructure Comps 2018-12-17 Dec 17, 2018
Internet Comps 2018-12-17 Dec 17, 2018
Telecom Cable Satellite Comps 2018-12-17 Dec 17, 2018
Media Comps 2018-12-17 Dec 17, 2018
Retail Comp Sheet 12/17/18 Dec 17, 2018
PayPal Deep Dive Slides Dec 17, 2018
2019 Best Ideas Slides Dec 14, 2018
November Retail Sales: Healthy on the Tough Comp Dec 14, 2018
Best Ideas For 2019 Dec 14, 2018
CarMax FY3Q Preview: Value Gap Inverting; Don’t Rush In Dec 13, 2018
Lowe's: Charging Ahead, Leveraging Up Dec 13, 2018
FB & PYPL - A Match Made in Heaven? What an Expanded FB/PYPL Partnership Might Look Like (and Why Now) Dec 13, 2018
FB & PYPL - A Match Made in Heaven? What an Expanded FB/PYPL Partnership Might Look Like (and Why Now) Dec 13, 2018
Netflix: OTT A-Go-Go Dec 11, 2018
CTSH: Model update for the changes in non-GAAP adjustment methodology beginning in FY19 Dec 11, 2018
November C3 Ratings - The NFL is Up… and Almost Everything Else is Down Dec 11, 2018
3Q Earnings Wrap: Positioning for a Multichannel Holiday, and Beyond Dec 10, 2018
Lowe's: Analyst Day Preview, Refocusing on the Core Dec 10, 2018
U.S Telecommunications: What Is Already Priced In? Dec 10, 2018
Twitter: Are They Spending Enough? Dec 10, 2018
Media Comps 2018-12-10 Dec 10, 2018
Internet Comps 2018-12-10 Dec 10, 2018
Telecom Cable Satellite Comps 2018-12-10 Dec 10, 2018
Communications Infrastructure Comps 2018-12-10 Dec 10, 2018
Kroger: Turning the Cost Control Dial Dec 7, 2018
Home Depot: Execution Matters Dec 7, 2018
Bay Area Payments Tour Dec 7, 2018
Dollar General: Margin Gravity Taking Hold Dec 6, 2018
AutoZone: Commercial Kicker Gains Traction Dec 6, 2018
V, MA, PYPL: The Payments MVP’s, Part 3. 'P' = PayPal – The Bull Thesis in 20 Slides Dec 6, 2018
L.A. Trip Takeaways: Snapshots of the Revolution Dec 5, 2018
U.S. Cable: Disaggregating Cable Multiples by Product Line; Upgrading Cable One to Neutral Dec 4, 2018
V, MA, PYPL: The Payments MVP’s, Part 2. 'V' = Visa – The Bull Thesis in 20 Slides Dec 4, 2018
RH: Cleaning the Windshield, Visibility Still Limited Dec 4, 2018
Visa, Mastercard: The EC Cross-Border Interchange Settlement - We’ll Take It Dec 4, 2018
U.S. Media – Weekly Ratings: 11/26-12/2 Dec 4, 2018
Dollar Tree: In the Eye of the Tariff Hurricane Dec 3, 2018
U.S. Towers: Saying Bye to Two Old Friends… For Two Different Reasons. Downgrading AMT and CCI to Neutral Dec 3, 2018
Communications Infrastructure Comps 2018-12-03 Dec 3, 2018
Internet Comps 2018-12-03 Dec 3, 2018
Media Comps 2018-12-03 Dec 3, 2018
Telecom Cable Satellite Comps 2018-12-03 Dec 3, 2018
MA, V, PYPL: Meet the Payments MVP’s. ‘M’ = Mastercard – The Bull Thesis in 20 Slides Nov 30, 2018
HILI Drops Again, Cutting Numbers, Running to the Exits? Nov 29, 2018
Data Centers: Considering Headwinds and Tailwinds to Growth in 2019 Nov 29, 2018
Starry Revisited: Getting Real - November 29, 2018 Nov 29, 2018
Food Survey: Channel Shift Pressures Profit Nov 28, 2018
Visa, Mastercard: Revisiting the “Stroke of the Pen” Risk as Cross-Border Interchange Regulation Looms Nov 27, 2018
AT&T: Is the Bear Case Finally Priced In? Upgrading AT&T from Sell to Neutral; Target Price Unchanged at $28 Nov 26, 2018
Internet Comps 2018-11-26 Nov 26, 2018
Media Comps 2018-11-26 Nov 26, 2018
Telecom Cable Satellite Comps 2018-11-26 Nov 26, 2018
Communications Infrastructure Comps 2018-11-26 Nov 26, 2018
Target: Traffic Bullseye, Margins Miss the Mark… Nov 21, 2018
Lowe’s: The Kitchen Sink or Tear Down? Nov 21, 2018
Best Buy: 3Q18 Prepping For the Future, Proactive on the Tariffs Nov 21, 2018
Can Cognizant Really Re-accelerate Revenue Growth? Nov 20, 2018
U.S. Media & Internet: Forward Multiples Tell the Story Nov 20, 2018
Walmart: Traffic Matters, and So Does the Multiple Nov 19, 2018
CenturyLink: Checking In on the Sell Thesis… Maintain Rating, Lower TP to $16 Nov 19, 2018
Communications Infrastructure Comps 2018-11-19 Nov 19, 2018
Internet Comps 2018-11-19 Nov 19, 2018
Media Comps 2018-11-19 Nov 19, 2018
Telecom Cable Satellite Comps 2018-11-19 Nov 19, 2018
Antitrust and Public Policy for the 21st Century Summit: Key Takeaways – November 19, 2018 Nov 19, 2018
Payments, Processors, and IT Services: 3Q18 Roundup – Top Sector Themes and Updated Stock Preferences Nov 16, 2018
Amazon International Survey Slides Nov 16, 2018
Viacom: Bob the Builder Nov 16, 2018
DXC: Sooner Rather than Later, We Should Talk About Plan B Nov 15, 2018
October Retail Sales: Trying to Hold Near 4.5% to 5% Nov 15, 2018
Zayo: The Widowmaker… Still a Buy, Lower TP to $30 Nov 14, 2018
Advance Auto Parts: Is the Turnaround in the Stock? Nov 14, 2018
Home Depot: Fear Creates Opportunity Nov 14, 2018
October C3 Ratings - The Three Ds: Down Double Digits - November 13, 2018 Nov 13, 2018
HILI Drops to 2.4%. Tariffs and Demand Are Two Key Risks for 2019 Nov 12, 2018
3Q18 Earnings Preview: Sales, Tariffs, and Margins... The 2019 Battle Begins Nov 12, 2018
Communications Infrastructure Comps 2018-11-12 Nov 12, 2018
Internet Comps 2018-11-12 Nov 12, 2018
Telecom Cable Satellite Comps 2018-11-12 Nov 12, 2018
Media Comps 2018-11-12 Nov 12, 2018
WP 3Q18: In the Goldilocks Zone Nov 9, 2018
Disney: Disney On Ice Nov 9, 2018
U.S. Commercial Wireline: Walking Contradiction - November 9, 2018 Nov 9, 2018
Amazon International Survey: Will International Ever Make Money? Nov 8, 2018
Square 3Q18: Time to Dust Off the Bull vs. Bear Nov 8, 2018
Costco: It’s Still a Great Time to Be Costco Nov 8, 2018
Discovery: Something for Everyone Nov 8, 2018
CenturyLink Q3 2018 Earnings: Mind the Gap Nov 8, 2018
DXC 2Q19: The Anchor Drops Nov 7, 2018
Sherwin-Williams: Respect the Pricing Power Nov 7, 2018
Dish Q3 2018 Earnings: A Series of Unfortunate Events Nov 7, 2018
Q3 2018 Cord-Cutting Monitor: False Narratives Nov 7, 2018
21st Century Fox: Looking Good For New Fox Nov 7, 2018
Cable One Q3 2018 Earnings: Cable One through a Different Lens... as an Acquirer, Not an Acquiree Nov 7, 2018
Zayo Q1 F2019 Earnings: It’s Always Darkest Before… Nov 7, 2018
Payments: A Peek into the Future of Payments – Insights from Money20/20 2018 Nov 6, 2018
Lowe's: Keeping up the Pace, Rationalizing Capacity Nov 6, 2018
Disney: Doing The Math Nov 5, 2018
Communications Infrastructure Comps 2018-11-05 Nov 5, 2018
Telecom Cable Satellite Comps 2018-11-05 Nov 5, 2018
Media Comps 2018-11-05 Nov 5, 2018
Internet Comps 2018-11-05 Nov 5, 2018
Altice USA Q3 2018 Earnings: The Alchemy of Leverage Nov 5, 2018
SBA Q3 2018 Earnings: Fast Follower Nov 5, 2018
Wayfair: Earning the Right to Spend? Nov 2, 2018
Grocery Shop Conference: Five Mega Trends to Chew On Nov 2, 2018
CBS: Conveying Bench Strength Nov 2, 2018
Cinemark: Will Netflix’s Roma Be An Inflection Point? Nov 2, 2018
What Does Dish Network’s Dispute with HBO Say About Vertical Integration… And What Does It Say About Dish? – November 2, 2018 Nov 2, 2018
ADP 1Q19: Many Arrows in the Quiver Nov 1, 2018
Cogent Q3 2018 Earnings: Capital Returns in the Context of Growth Nov 1, 2018
Antitrust and Public Policy Summit Agenda Nov 1, 2018
AMC Networks: The Balancing Act Continues… Nov 1, 2018
Equinix Q3 2018 Earnings: The Ties That Bind (or Don’t) Nov 1, 2018
Kroger: Driving the Grocery Autobahn with Two Hands on the Wheel Oct 31, 2018
Cognizant 3Q18: On the Bubble Oct 31, 2018
Facebook: See You Next Summer? Oct 31, 2018
Mastercard 3Q18: Crushing it Abroad Oct 31, 2018
GPN 3Q18: Do-Re-Mi – Let’s Start at the Very Beginning…What is Revenue Growth and Is It Good? Oct 31, 2018
Sprint CQ3 2018 Earnings: What Are the Odds? Oct 31, 2018
FDC 3Q18: Don’t Throw the Baby Out with the Bathwater Oct 30, 2018
American Tower Q3 2018 Earnings: Let the Good Times Roll Oct 30, 2018
AutoZone: Meeting Takeaways Oct 30, 2018
T-Mobile Q3 2018 Earnings: Heads I Win, Tails I… Win? Oct 30, 2018
CyrusOne Q3 2018 Earnings: Birth of a Platform Oct 30, 2018
IBM+Red Hat: A Great Example of Why Turning Around IBM is So Damn Hard Oct 29, 2018
Communications Infrastructure Comps 2018-10-29 Oct 29, 2018
Internet Comps 2018-10-29 Oct 29, 2018
Media Comps 2018-10-29 Oct 29, 2018
Telecom Cable Satellite Comps 2018-10-29 Oct 29, 2018
QTS Q3 2018 Earnings: Coming into Focus Oct 29, 2018
Some Thoughts on the Great Data Center Meltdown of 2018 - October 29, 2018 Oct 29, 2018
O’Reilly: Doing it Their Way Oct 26, 2018
Tractor Supply: Approaching the Margin Trough? Oct 26, 2018
Online Advertising: The Really Good, The Good & The Not So Bad Oct 26, 2018
Amazon: Play it Again… Margins Take the Sales Baton Oct 26, 2018
Charter Q3 2018 Earnings: Ah, Simplicity Oct 26, 2018
Kroger: Analyst Day Preview Swimming Up An Alternative Revenue Stream Oct 25, 2018
Visa: Important, But Not Well Understood: What Drives Visa's Cross-Border Revenues? Oct 25, 2018
CoreSite Q3 2018 Earnings: Taking an Inventory of Inventory Oct 25, 2018
Comcast Q3 2018 Earnings: It’s Good to Be a Cable Company (…If Only Comcast Were Just a Cable Company) Oct 25, 2018
WPP: “Sprinting” to the Bottom? Oct 25, 2018
Digital Realty Q3 2018 Earnings: The Ghost of DFT Oct 25, 2018
Sears: Dropping Coverage Oct 24, 2018
Online Advertising: In Need of Relief Oct 24, 2018
AT&T Q3 2018: This Is What Prioritizing the Bond Market Looks Like Oct 24, 2018
DXC: Wait it out. Like IBM, DXC Has an “Anchor Problem” Oct 24, 2018
U.S. Media – AT&T’s Media Read Through - October 24, 2018 Oct 24, 2018
Auto Part Price Study: How Much Could Margins Fall? Oct 23, 2018
Verizon Q3 2018 Earnings: Peak Wireless? Oct 23, 2018