Jefferies

Research Analyst Videos & Views

Please refer to Jefferies' important disclosure.


Bridging the GAAP to ASC 606
John DiFucci
Equity Research Analyst – Software
November 5, 2018

Key Takeaway
Our video recaps our recent report that is a primer on how the new accounting standards, collectively referred to as ASC 606, apply to software companies.


Initiations of ServiceNow and HubSpot
Samad Samana
Equity Research Analyst – Software
October 24, 2018

Key Takeaway
We recently initiated coverage on 8 companies. In this video, we summarize our top 2 investment ideas: ServiceNow and HubSpot.


Jefferies Disrupt Summit: Techonomy 2020
Brent Thill
Equity Research Analyst – Technology
October 23, 2018

Key Takeaway
Jefferies hosted leaders across various industries to explore how companies today are rewriting old business models and developing new-innovation ecosystems.


What's Up in A&D: HON Aero Deep Dive & HRS/LLL Merger
Sheila Kahyaoglu
Equity Research Analyst – Aerospace & Defense Electronics
October 20, 2018

Key Takeaway
We recently published a deep dive note on HON's Aero business. We maintain our bullish view that the Aerospace business is under appreciated and raised our segment estimates by 5%.


Valuation on Our Minds - and in Our Face
John DiFucci
Equity Research Analyst – Software
October 8, 2018

Key Takeaway
Like most investors, valuation has been prominently on our minds lately. The market has seen tremendous gains, and Software has meaningfully outperformed the market, implying that it may even be an underlying foundation to it all.


Trading in Contour Kits for Cheetah Skirts
Stephanie Wissink
Equity Research Analyst – Consumer Products
Janine Stichter
Equity Research Analyst – Apparel and Softline Retail
September 24, 2018

Key Takeaway
We continue to see signs that we are post peak the hyper beauty consumption cycle ('13-'17) and believe we are in the first major fashion cycle since the recession.


Vertex (VRTX) EPS Growth is 3x its peers? BUY
Michael Yee
Equity Research Analyst – Biotechnology
September 19, 2018

Key Takeaway
We see a major growth trajectory cycle coming over the next 3-5 years - and it starts with getting the Phase III data end of this year.


IAC Deep Dive: Unsung Hero of the Internet
Brent Thill
Equity Research Analyst – Internet
September 19, 2018

Key Takeaway
We recently published a deep dive note on IAC - maintaining our bullish view and reiterating IAC as one of our top mid cap picks.


Cheers! U.S. Alcohol Initiations: STZ (+), TAP (-), BFB (=)
Kevin Grundy
Equity Research Analyst – Household Products and Beverages
September 12, 2018

Key Takeaway
Here is a short video summarizing our recent initiation of coverage for the large-cap U.S. alcohol space, including: STZ (Buy, $283 PT), TAP (Underperform, $55 PT), and BFB (Hold, $49 PT).


Jefferies 2018 Industrials Conference Recap
Industrial Equity Research Team
August 13, 2018

Key Takeaway
The 14th Annual Jefferies’ Industrials Conference included 180 industrial companies and nearly 1,000 investors. Management teams are overwhelmingly positive with expectations of growth continuing in 2019, while price/cost issues are seen as short-term.


Marine Fuel Chaos Decades In The Making: Pick The Fork
Industrial Equity Research Team
July 23, 2018

Key Takeaway
In regard to new marine fuel regulations, to be implemented after 2020, both refiners and shippers have delayed key decisions long enough that the most likely scenario will be a high degree of volatility in 2020-2025.


Initiating Coverage: No Need to Take the Mystery Box
David Katz
Equity Research Analyst - Gaming, Lodging & Leisure
July 18, 2018

Key Takeaway
We believe timeshare stocks' recent performance does not fully reflect the opportunities over the next few years, particularly as key participants build scale and operators have dedicated strategies and capital structures which enable more robust growth rates.


What Does The FOX Say... Buy It & Cat Goes "Meow"
Randy Konik
Equity Research Analyst - Department Stores & Specialty Softlines
July 18, 2018

Key Takeaway
Fox Factory has significant white space in the attractive performance ride dynamics industry with new vehicle categories, deeper aftermarket penetration, international growth, a broadened addressable market, and M&A.


United Tech. (UTX)
The Key to Share Price Outperformance is Not a Break-Up
Sheila Kahyaoglu
Equity Research Analyst – Aerospace & Defense Electronics
July 3, 2018

Key Takeaway
Our report analyzes UTX on four metrics: revenues, profitability, EPS, and FCF and we find that UTX has underperformed peers in 3 of 4 metrics but is likely to reverse these trends.


U.S. Shale Deep Dive
Mark Lear, CFA
Equity Research Analyst - Oil & Gas Exploration & Production
July 11, 2018

Key Takeaway
While 2017 was not a great year for the Permian in terms of productivity, we still see the Northern Delaware Basin as having some of the best returns in E&P.


Spie (SPIE FP)
James Winckler, CFA
Equity Research Analyst – Business Services
July 3, 2018

Key Takeaway
While Spie’s Q2 results on July 27 are likely to show continued solid organic growth, we expect weaker cash flow, leverage, and margin metrics to support our Underperform thesis.


Apparel Strength - Conversations with ADAY Co-Founders
Randy Konik – Equity Research Analyst - Consumer
Interviews Meg He and Nina Faulhaber
June 29, 2018

Key Takeaway
T.J. Thornton and Randy Konik came away from the Jefferies Consumer Conference in Nantucket with incremental confidence in the health of the U.S. consumer and the positive backdrop for retailers.


Identity & Access - Materially Underestimated Opportunity
John DiFucci
Equity Research Analyst – Software
June 27, 2018

Key Takeaway
We published this report as a primer on the Identity and Access Management (IAM) market.


Jefferies 2018 Healthcare Conference Recap
Healthcare Equity Research Team
June 11, 2018

Key Takeaway
Jefferies hosted 400+ companies at the Global Healthcare Investor Conference in New York.


Feedback on Naspers Assumption of Coverage
Ken Rumph
Equity Research Analyst – Internet
June 11, 2018

Key Takeaway
Naspers is clearly seen by investors as an asset (not operating) story, with a focus on reasons for the widening discount.


Looking for the Next Leg of Outperformance
Mark Lear, CFA
Equity Research Analyst - Oil & Gas Exploration & Production
May 23, 2018

Key Takeaway
We discuss why we remain constructive on the E&Ps, as well as the recent topic of Permian basis and our top picks for exposure.


Pullback in MAS and OC Creating Buying Opportunity
Philip Ng, CFA
Equity Research Analyst – Building Products & Construction Materials
May 23, 2018

Key Takeaway
After seeing a perfect storm in 1Q18 with rates rising, bad weather, and inflation, the group has sold off and the market is pricing in a cyclical peak, which we believe is overdone.


Jefferies 2018 Technology Conference Recap
Technology Equity Research Team
May 16, 2018

Key Takeaway
Jefferies hosted 105 companies at the Technology Group Investor Conference in Beverly Hills on May 9th and 10th.


Timberlake Got His Suit & Tie Now So Do I, TLRD to Buy
Randy Konik
Equity Research Analyst - Department Stores & Specialty Softlines
May 16, 2018

Key Takeaway
This week we upgraded Tailored Brands to Buy and raised our target to $40 PT.


Alcoa (AA) Multiple Expansion Is Likely
Chris LaFemina, CFA
Equity Research Analyst - Metals & Mining
May 11, 2018

Key Takeaway
We recently launched coverage on Alcoa with a Buy rating and $65 per share target price. Our Buy rating is based on Alcoa’s competitive positioning, its relatively low risk business model, its strategy and its valuation.