2025-06-03-Jefferies-特许精选股票更新_迎接阳光还是乌云_28页_403kb
报告摘要
Jefferies June 3, 2025 Franchise Picks Update
Jefferies' Franchise Picks list was updated on June 3, 2025, with additions to high-conviction Buy-rated stocks and removals to reflect changing market conditions and investment theses. The list now includes 28 stocks, supported by differentiated analysis, catalysts, and valuation levels suggesting upside potential. Additions include COF (Capital One Financial Corporation), EXE (Expand Energy), HBAN (Huntington Bancshares), NVDA (NVIDIA Corporation), PVH (PVH Corp.), and UGI (UGI Corporation). Removals include previous adds DXCM and GILD, along with COP and GLBE, due to shifts in catalysts, valuation, or market position.
Key changes highlight a focus on companies with strong growth drivers, such as network and OPEX synergies, emerging technologies like AI, and industry-specific tailwinds. Below is a summary of the 8 fresh ideas added.
| Stock | Key Rationale |
|---|---|
| COF | Post-DFS merger, expects synergy benefits, improving credit trends driving NIM expansion and EPS upside. |
| DXCM | Major TAM expansion expected with Type 2 non-insulin patients; FDA approval for 15-day sensors to drive growth and margins. |
| EXE | Largest US natural gas producer, poised for growth in LNG and power demand; strong FCF generation and shareholder returns. |
| GILD | Potential approval of Lenacapavir in PrEP; strong launch expected, addressing market gaps in HIV prevention. |
| HBAN | Regional bank with conservative guidance conservatively; potential NIM expansion and conservative valuation suggest upside. |
| NVDA | AI accelerator leader; Blackwell GPU ramp expected to improve gross margins, with broader tech growth opportunities. |
| PVH | Retail annuity leader with improving FCF; re-rating potential as valuation aligns with long-term interest rate trends. |
| UGI | Undervalued core gas franchise; potential EBITDA margin improvement at AmeriGas, with sum-of-the-parts value. |
The Franchise Picks list continues to emphasize high-conviction ideas across sectors, with criteria including favorable risk-reward, operational execution, and catalysts such as regulatory approvals, market expansions, and AI-driven growth. Valuation is typically at or below historical averages, offering potential upside. For comprehensive analysis, refer to the full report.
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