2021-11-30-Credit_Suisse-美国首选_领先的投资理念_60页_3mb

报告摘要

Credit Suisse's U.S. Top Picks - December 2021 Summary

Overview

This report highlights Credit Suisse's analyst-driven investment views for December 2021, featuring 40 top ideas from across various sectors. It includes a review of the most-conviction Outperform and Underperform stocks, supported by HOLT® valuation analysis and sector breakdowns.

Key Changes Since Previous Report

New #1 Top Outperform Picks: ACCD (Accolade), MFST (Expression Iterator AI), and SPLK (Splunk).
New #1 Top Underperform Picks: FCX (Freeport-McMoRan), NGL (NGL Energy Partners), WU (Western Union), AXP (American Express), and IRM (Iron Mountain).

#1 Top Picks by Sector

Outperform:

Basic Materials:
- TECK (Metals & Mining), CCK (Packaging)
Consumer:
- IGT (Gaming), KO (Wellness), HSY (Packaged Food), PZZA (Restaurants), PVH (Retail), KO (Wellness), EQH (Insurance), MSFT (Software)
Energy/Utilities:
- RUNB.OUT (Alternative Energy), DVN (Oil & Gas E&P), TRGP (Midstream), KRP (Royalty Minerals), ACCD (Energy Infrastructure)
Financials:
- WFC (Banks), EQH (Insurance), PFSI (Mortgage Finance), SQ (Payments), SYF (Specialty Finance), AXP (Underperform)
Healthcare:
- ARNA (Biotech), INSM (Biotech), HCA (Healthcare Facilities), ACCD (Healthcare Technology), UNH (Managed Care), EW (Medical Supplies), MSFT (Healthcare Tech)
Industrials:
- UPS (Airfreight), APTV (Auto Parts), JCI (Electrical Equipment), PWR (Engineering & Construction), PH (Machinery), TRGP (Midstream)
Services:
- DNB (Business Services), MSI (Telecom & Networking Equipment)
TMT:
- AMZN (Consumer Internet), MSFT (Software), NFLX (Telecom), MRVL (Semiconductors), SPLK (Software)

Underperform:

Basic Materials:
- FCX, NGL
Consumer:
- WU
Financials:
- AXP, IRM
Healthcare:
- none listed in Underperform for December 2021 report

High Conviction Calls

Outperform: Stocks like ARNA, CMSc (Not Listed), DNB, EQH, EW, HCA, HSY, IGT, JCI, KO, MSFT, PVH, PWR, PZZA, UPS.
Underperform: FCX, NGL, WU, AXP, IRM.

Top of the Crop Picks

Outperform: AMZN, DNB, EQH, EW, HCA, HSY, MSFT, MSI, NFLX, PFSI, PVH, SPLK, TECK, TRGP, UNH, UPS.
Underperform: IRM.

Methodology

Credit Suisse's "One-stop shop" for analyst picks based on a 6-12 month horizon.
Stocks rated based on conviction, combining financial data, catalyst analysis, and HOLT® valuation.
Every US research analyst identifies a #1 stock, with summaries including analyst reasoning, thesis, catalysts, and charts.

HOLT® - Valuation Analysis

HOLT® assesses market expectations versus forecasted and historical CFROI (Cash Flow Return on Investment). For the Top Picks, it identifies the least demanding ("HOLT Valuation Gap") and most demanding market expectations.

Disclosures

Credit Suisse's research may include conflicts of interest, as the firm does business with companies covered in reports.
Stock picks are not investment recommendations and should be considered a snapshot only.