Research

Accenture delivered double-digit revenue growth and a 100-basis-point pre-tax margin expansion. At $177.89, the shares trade below our $200.32 fair value but lack a 15% margin of safety.

Adobe's revenue and AI metrics accelerated, but free cash flow and GAAP operating margin weakened. Raised guidance supports a $287.20 fair value, only modestly above the market price.

Amgen delivered faster growth, sharply higher margins and stronger cash flow. The print improves operating confidence, but $382.61 already exceeds our $370 base value.

Revenue rose 2.7%, but pre-tax margin fell 9.2 points and EPS declined 17.9%. With no quarterly release or guidance supplied, the print supports caution rather than a fair-value reset.

Bank of America delivered broader revenue growth, better credit and a 17.0% tangible return. The improvement is real, but $62.57 already discounts more than our base case.

Revenue, free cash flow and operating margin all improved in Q2 FY2026. The cash result supports a $190 fair value, but inconsistent per-share data complicate the headline EPS gain.

Growth products and Eliquis lifted revenue 5.7% and prompted a sharp guidance increase. The tension is weaker gross margin and continued dependence on a legacy blockbuster.

Adobe’s recurring revenue, margins and buybacks remain formidable, but AI is raising costs while threatening its interface. At $248.83, the valuation requires preservation, not renewed hypergrowth.

Revenue stayed in double-digit growth, but both reported margins declined and net debt remained above $30 billion. At $243, the shares sit just beyond our undervaluation threshold.