Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

Coverage

  • Research Category: Equity
  • Asset Class: Equity
  • Geographic Coverage: Canada, Cayman Islands, Germany, Ireland, Netherlands, New Zealand, Switzerland, United Kingdom, United States
  • Size Coverage: Large Cap, Mid Cap, Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Aerospace & Defense, Automobiles & Parts, Banks, Beverages, Chemicals, Construction & Materials, Electronic & Electrical Equipment, Financial Services, Food & Drug Retailers, General Industrials, General Retailers, Health Care Equipment & Services, Household Goods & Home Construction, Industrial Engineering, Industrial Transportation, Leisure Goods, Life Insurance, Media, Nonlife Insurance, Oil & Gas Producers, Oil Equipment, Services & Distribution, Personal Goods, Pharmaceuticals & Biotechnology, Software & Computer Services, Support Services, Technology Hardware & Equipment, Travel & Leisure
  • Underlying Coverage: 145
Export
Ticker Underlying First Report Latest Report
553860 DE0005538607 Diskus Werke AG 2018/02/07 2018/05/09
A117ME US01609W1027 Alibaba Group Holding Ltd 2017/10/02 2018/08/24
A142FH US32008D1063 First Data Corp- Class A 2017/10/30 2018/08/17
A1CWRM NL0009434992 LyondellBasell Industries N.V. Cl A 2018/02/02 2018/08/30
A2AQCA IE00BY7QL619 Tyco International Plc 2017/11/09 2018/08/07
AAL US02376R1023 American Airlines Group 2017/10/10 2018/05/21
AAP US00751Y1064 Advance Auto Parts Inc. 2017/11/14 2018/08/22
AAPL ARDEUT116183 Apple Inc 2017/11/03 2018/09/13
ABBV US00287Y1091 AbbVie Inc 2018/04/12 2018/07/30
ACNN IE00B4BNMY34 Accenture PLC 2017/10/05 2018/05/08
ADBE US00724F1012 Adobe 2017/10/19 2018/05/08
ADS US0185811082 Alliance Data Systems Corp. 2017/10/19 2018/05/04
AGU CA0089161081 Agrium Inc. 2017/11/08 2017/12/05
AIG US0268747849 American International Group Inc. 2017/11/03 2018/09/26
AIG. ARDEUT110640 American International Group Inc. CEDEAR 2017/10/05 2017/11/29
AME US0311001004 Ametek Inc. 2017/04/13 2018/09/04
AMGN US0311621009 Amgen Inc. 2017/10/06 2018/05/14
AMZN US0231351067 Amazon.com Inc. 2018/02/02 2018/07/27
AON GB00B5BT0K07 Aon plc 2017/10/30 2018/09/26
APA US0374111054 Apache Corp. 2017/11/02 2018/09/03
APC * US0325111070 Anadarko Petroleum Corp. 2017/10/06 2018/09/03
APD US0091581068 Air Products & Chemicals Inc. 2018/08/30 2018/08/30
APH US0320951017 Amphenol Inc. 2017/10/25 2018/07/26
ATUS US02156K1034 Altice USA 2017/10/31 2018/08/03
ATVI US00507V1098 Activision Blizzard 2017/11/03 2018/09/17
AXP US0258161092 American Express Co. 2018/02/12 2018/07/19
AXP. ARDEUT110046 American Express Co. CEDEAR 2017/10/24 2018/01/19
AZO US0533321024 AutoZone Inc. 2017/12/05 2018/09/26
BAC US0605051046 Bank of America Corp. 2017/10/02 2018/09/27
BIIB US09062X1037 Biogen 2017/10/04 2018/07/26
BKNG US09857L1089 Booking Holdings 2018/02/28 2018/08/15
BMY US1101221083 Bristol-Myers Squibb Co. 2017/10/26 2018/08/08
C US1729674242 Citigroup Inc. 2018/01/26 2018/09/27
C.... ARDEUT110426 Citigroup Inc. 2017/10/12 2018/01/16
CAT US1491231015 Caterpillar Inc. 2018/01/25 2018/07/31
CAT. ARDEUT110079 Caterpillar Inc. CEDEAR 2017/10/24 2017/10/24
CB CH0044328745 Chubb Ltd 2017/10/30 2018/09/26
CBS US1248572026 CBS 2017/11/03 2018/08/03
CELG US1510201049 Celgene Corp. 2017/10/20 2018/07/27
CF US1252691001 CF Industries Holdings 2017/11/02 2018/08/30
CHD US1713401024 Church & Dwight Co. 2018/09/20 2018/09/20
CHTR US16119P1084 Charter Communications Inc. Cl A 2017/10/26 2018/10/01
CL US1941621039 Colgate-Palmolive Co. 2018/09/20 2018/09/20
CLX US1890541097 Clorox Co. 2018/09/20 2018/09/20
CMC US46625H1005 J P Morgan Chase 2017/12/21 2018/09/27
CMCSA US20030N1019 Comcast Corp. Cl A 2017/10/26 2018/08/06
CNR. CA1363751027 Canadian National Railway Co. 2017/10/16 2017/10/25
CP. CA13645T1003 Canadian Pacific Railway Ltd. 2017/10/18 2018/05/21
CRM US79466L3024 Salesforce.com Inc. 2017/11/22 2018/05/08
CSX US1264081035 CSX Corp. 2017/11/08 2018/05/21
CTSH US1924461023 Cognizant Technology Solutions Corp. 2018/04/10 2018/05/08
CVS US1266501006 CVS Health Corporation 2017/10/24 2018/08/14
DAL US2473617023 Delta Air Lines 2017/10/03 2018/05/21
DG US2566771059 Dollar General 2017/12/07 2018/09/05
DIS US2546871060 Walt Disney 2017/11/10 2018/08/08
DISCA US25470F1049 Discovery Inc Series A 2017/11/02 2018/08/07
DLTR US2567461080 Dollar Tree 2017/11/21 2018/09/05
EA US2855121099 Electronic Arts Inc. 2017/10/18 2018/09/17
EBAY US2786421030 eBay Inc. 2017/10/19 2018/07/19
EFX US2944291051 Equifax Inc. 2017/11/10 2018/08/09
EL US5184391044 Estee Lauder Cos. Inc. 2018/09/20 2018/09/20
EMR US2910111044 Emerson Electric Co. 2017/11/29 2018/08/08
EOG US26875P1012 EOG Resources Inc. 2017/11/03 2018/09/06
ETN IE00B8KQN827 Eaton Corp PLC 2017/10/31 2018/05/08
EXPE US30212P3038 Expedia Group 2018/02/09 2018/07/27
FB US30303M1027 Facebook Class A 2017/11/02 2018/07/26
FRC US33616C1009 First Republic Bank San Francisco 2017/10/13 2018/09/27
GILD US3755581036 Gilead Sciences Inc. 2017/12/04 2018/09/13
GOOGL US02079K3059 Alphabet Class A 2018/02/02 2018/07/25
GPC US3724601055 Genuine Parts Co. 2017/10/17 2018/07/20
GPN US37940X1028 Global Payments Inc. 2017/11/08 2018/08/17
GPS US3647601083 Gap Inc. 2017/11/10 2017/11/10
GS US38141G1040 Goldman Sachs Group Inc. 2017/10/17 2018/09/27
HAL US4062161017 Halliburton Co. 2017/10/23 2018/09/27
HD US4370761029 Home Depot Inc. 2017/11/28 2018/09/06
HD.. ARDEUT111705 Home Depot CEDEAR 2017/11/14 2017/11/14
HES US42809H1077 Hess Corp. 2017/10/25 2017/10/25
HIG US4165151048 Hartford Financial Services Group Inc. 2017/10/23 2018/08/23
HON US4385161066 Honeywell International Inc. 2017/10/12 2018/09/26
IPG US4606901001 Interpublic Group of Cos. 2017/10/24 2018/07/24
JNJ US4781601046 Johnson & Johnson 2017/10/17 2018/09/14
JPM. ARDEUT110244 JPMorgan Chase & Co. 2017/10/12 2018/01/12
JWN US6556641008 Nordstrom Inc. 2017/11/02 2018/08/17
KMB US4943681035 Kimberly-Clark Corp. 2018/09/20 2018/09/20
KSS US5002551043 Kohl's Corp. 2017/11/09 2018/08/21
KSU US4851703029 Kansas City Southern 2017/10/20 2018/05/21
LB US5017971046 L Brands 2017/10/05 2018/08/23
LOW US5486611073 Lowe's Cos. 2017/11/21 2018/09/06
LUV US8447411088 Southwest Airlines Co. 2017/10/26 2018/05/21
M US55616P1049 Macys 2017/10/02 2018/09/24
MA US57636Q1040 Mastercard CL A 2017/10/31 2018/10/01
MCO US6153691059 Moody's Corp. 2017/11/01 2018/07/30
MET NZMETE0001S2 Metlifecare 2017/11/02 2018/09/26
MMC US5717481023 Marsh & McLennan Cos. 2017/10/26 2018/09/26
MOS US61945C1036 Mosaic Company 2018/02/20 2018/08/30
MRK US58933Y1055 Merck & Co. Inc. 2018/04/12 2018/05/03
MRK. ARDEUT110277 Merck & Co. Inc. (ADS) 2017/10/30 2017/11/06
MRO US5658491064 Marathon Oil Corp. 2017/12/05 2018/09/03
MS US6174464486 Morgan Stanley 2017/10/17 2018/09/27
MSFT US5949181045 Microsoft Corp. 2018/02/01 2018/07/20
NBL US6550441058 Noble Energy Inc. 2017/10/31 2018/09/03
NFLX US64110L1061 Netflix Inc. 2017/10/17 2018/09/03
NKE ARDEUT111341 Nike, Inc. 2017/04/04 2018/09/26
NSC US6558441084 Norfolk Southern Corp. 2017/10/25 2018/05/21
NTR CA67077M1086 Nutrien Ltd 2018/01/03 2018/01/03
OMC US6819191064 Omnicom Group Inc. 2017/10/17 2018/07/17
ORCL US68389X1054 Oracle Corp. 2017/12/15 2018/05/08
OXY US6745991058 Occidental Petroleum Corp. 2017/11/02 2018/09/03
PFE US7170811035 Pfizer 2017/10/11 2018/09/17
PFG US74251V1026 Principal Financial Group Inc. 2017/10/31 2018/08/10
PG US7427181091 Procter & Gamble Co. 2018/09/20 2018/09/20
PPG US6935061076 PPG Industries Inc. 2018/01/17 2018/06/26
PRIC. US7415034039 Booking Holdings 2017/10/26 2017/11/07
PRU GB0007099541 Prudential PLC 2017/11/02 2018/09/26
PX US74005P1049 Praxair Inc. 2017/10/26 2018/08/30
PYPL US70450Y1038 PayPal Holdings 2017/10/20 2018/07/26
RL US7512121010 Ralph Lauren Corp 2017/11/02 2018/09/19
SHW US8243481061 Sherwin-Williams Co. 2017/10/24 2018/07/24
SLB. ARDEUT111515 Schlumberger Ltd. CEDEAR 2018/01/19 2018/01/19
SLB.N AN8068571086 Schlumberger 2017/10/20 2018/09/19
SPGI US78409V1044 S&P Global 2017/10/26 2018/09/26
ST NL0009324904 Sensata Technologies Holding N.V. 2017/10/24 2018/07/30
TGT US87612E1064 Target Corp. 2017/10/12 2017/10/12
TIF US8865471085 Tiffany & Co. 2017/11/29 2018/08/28
TJX US8725401090 TJX Cos. 2017/10/09 2018/08/21
TPR US8760301072 Tapestry 2017/11/07 2018/08/14
TRU US89400J1079 TransUnion 2018/02/13 2018/07/25
TRV US89417E1091 Travelers Cos Inc. 2017/10/19 2018/07/20
TSS US8919061098 Total System Services Inc. 2017/10/25 2018/05/04
TWTR US90184L1026 Twitter 2017/10/26 2018/07/27
TWX.. US8873173038 Time Warner Inc. 2018/02/01 2018/04/26
TXN US8825081040 Texas Instruments Inc. 2018/07/10 2018/07/27
UAA US9043111072 Under Armour Class A 2017/10/31 2018/07/26
UAL US9100471096 United Continental Holdings 2017/10/19 2018/05/21
ULTA US90384S3031 Ulta Beauty 2018/06/19 2018/08/31
UNP US9078181081 Union Pacific Corp. 2017/10/26 2018/05/21
UTX US9130171096 United Technologies Corp. 2017/12/05 2018/07/26
UTX. ARDEUT110384 United Technologies Corp. CEDEAR 2017/10/24 2017/10/25
V US92826C8394 Visa 2017/10/25 2018/10/01
VIAB US92553P2011 Viacom (New) Class B 2018/02/08 2018/08/09
VNTV US92210H1059 Vantiv Inc 2017/10/26 2017/10/26
WBA US9314271084 Walgreens Boots Alliance 2017/10/25 2018/07/11
WFC US9497461015 Wells Fargo & Co. 2017/10/13 2018/09/27
WP US9815581098 Worldpay 2018/01/17 2018/08/17
XYL US98419M1009 Xylem Inc. 2017/10/31 2018/08/02

Analysts

  • Steve Chesney

    Research Analyst
  • John Heagerty

    Research Analyst
  • Daniela Nedialkova, CFA

    Research Analyst
  • Chris Hickey, CFA

    Research Analyst
  • James Cordwell

    Research Analyst
  • Kunaal Malde, CFA

    Research Analyst
  • Lindsay Bettiol

    Research Analyst
  • Barry MacCarthy

    Research Analyst
  • Sam Hudson, CFA

    Research Analyst
  • Hamilton Faber

    Research Analyst
  • Colin Isaac

    Research Analyst
  • Richard Radbourne

    Research Analyst
  • Nadja Heini, CFA

    Research Analyst
  • Atlantic Equities Research

    Administrator
  • Edward Lewis

    Research Analyst
Hamilton Faber

Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

Kunaal Malde, CFA

V/MA: strong core, adjacencies more competitive

V/MA remain core long term holdings with secular cash to card tailwinds driving strong growth long term, supported by developments such as contactless. Valuation remains reasonable, although newer growth areas such as B2B face greater competition. We remain Overweight V/MA, raise our price targets to $173 and $250 respectively and currently favour V which trades on a PE of 28x, three turns lower than MA.

John Heagerty ...
  • Nadja Heini, CFA

Banks: Trading update and 3Q18 preview

Market volatility has moderated significantly since the beginning of the year, ceasing to be a tailwind for the banks' trading revenues in 3Q18. Despite the strong IB pipelines (announced M&A is up 40% YTD), fee pools have been affected by timing issues and are down 15-20% across the industry for the current quarter. Medium term, the outlook remains positive thanks to improving GDP growth, benign credit conditions, rising interest rates and a deregulatory focus. We have lowered our 3Q18 EPS estimates by 3% on average. Our longer term forecasts decline only modestly by 1%. C remains our t...

Barry MacCarthy

EPS cut on further hydraulic fracturing slowdown

We cut EPS forecasts (e.g. FY19 by 12%) following HAL's downbeat outlook for near-term onshore US fraccing, its second bearish guide in three months. We forecast a 17% peak to trough decline in US fracc crews, with HAL revenues declining by a proportionate amount. We see a H219 pick-up as E&Ps gear up to fill new oil pipelines from the Permian. We remain Neutral with a $44 price target (from $45).

Sam Hudson, CFA

Model Update

AZO's Q4 comp proved modestly disappointing, considering the current industry momentum, with company-specific challenges weighing on sales in the middle of the quarter. We estimate that online promotional shifts and out-of-stock issues impacted comps by 60-80bps. We believe the broader backdrop remains robust however, with stronger trends as AZO exited the quarter, but view ORLY/AAP as better positioned to capitalise on these trends. We remain Neutral on AZO.

Hamilton Faber

Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

Kunaal Malde, CFA

V/MA: strong core, adjacencies more competitive

V/MA remain core long term holdings with secular cash to card tailwinds driving strong growth long term, supported by developments such as contactless. Valuation remains reasonable, although newer growth areas such as B2B face greater competition. We remain Overweight V/MA, raise our price targets to $173 and $250 respectively and currently favour V which trades on a PE of 28x, three turns lower than MA.

John Heagerty ...
  • Nadja Heini, CFA

Banks: Trading update and 3Q18 preview

Market volatility has moderated significantly since the beginning of the year, ceasing to be a tailwind for the banks' trading revenues in 3Q18. Despite the strong IB pipelines (announced M&A is up 40% YTD), fee pools have been affected by timing issues and are down 15-20% across the industry for the current quarter. Medium term, the outlook remains positive thanks to improving GDP growth, benign credit conditions, rising interest rates and a deregulatory focus. We have lowered our 3Q18 EPS estimates by 3% on average. Our longer term forecasts decline only modestly by 1%. C remains our t...

Barry MacCarthy

EPS cut on further hydraulic fracturing slowdown

We cut EPS forecasts (e.g. FY19 by 12%) following HAL's downbeat outlook for near-term onshore US fraccing, its second bearish guide in three months. We forecast a 17% peak to trough decline in US fracc crews, with HAL revenues declining by a proportionate amount. We see a H219 pick-up as E&Ps gear up to fill new oil pipelines from the Permian. We remain Neutral with a $44 price target (from $45).

Sam Hudson, CFA

Model Update

AZO's Q4 comp proved modestly disappointing, considering the current industry momentum, with company-specific challenges weighing on sales in the middle of the quarter. We estimate that online promotional shifts and out-of-stock issues impacted comps by 60-80bps. We believe the broader backdrop remains robust however, with stronger trends as AZO exited the quarter, but view ORLY/AAP as better positioned to capitalise on these trends. We remain Neutral on AZO.

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