In today’s briefing:
- Truist Financial Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- XRP Volume Surpasses BTC Following Landmark Ruling
- GlobalFoundries Inc.: Initiation of Coverage – Increasing Manufacturing Capacity & Other Drivers
- Ameriprise Financial Inc.: Initiation of Coverage – Independent Channel Expansion & Other Drivers
- How Much Do Commodity Prices Rise when Fertilizer Prices Rise?
- The Travelers Companies Inc.: Initiation of Coverage – Business Strategy & Other Drivers
- Ocean Power Technologies, Inc. – 4Q23 Results: Net Loss Widens
- Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders
Truist Financial Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on Truist Financial Corporation, one of the largest regional banks in the United States.
- Truist opened 146,000 bank accounts online.
- We initiate coverage on the stock of Truist Financial Corporation with a ‘Hold’ rating.
XRP Volume Surpasses BTC Following Landmark Ruling
- After years of waiting, Ripple finally got a ruling in their highly anticipated lawsuit with the SEC: the company did not violate federal securities law by selling its XRP token on public exchanges.
- The market reaction was near instantaneous.
- Since Thursday, XRP is up 61% and several exchanges that had previously de-listed the token, including Coinbase and Kraken, immediately re-listed it.
GlobalFoundries Inc.: Initiation of Coverage – Increasing Manufacturing Capacity & Other Drivers
- This is our first report on GlobalFoundries Inc, a multinational semiconductor contract manufacturing and design company.
- Despite these challenges, the company observed healthy demand in growing segments such as industrial IoT, aerospace, defense, and automotive markets.
- Throughout the quarter, GlobalFoundries demonstrated its dedication to executing targets, delivering value to customers, and sustaining its position in the industry.
Ameriprise Financial Inc.: Initiation of Coverage – Independent Channel Expansion & Other Drivers
- This is our first report on investment management behemoth, Ameriprise Financial.
- Ameriprise had a great quarter, with revenues increased by 3% to $3.7 billion, driven by Advice & Wealth Management’s double-digit growth.
- Additionally, Ameriprise experienced good growth in its educational loan business as well as great growth in its certificate business.
How Much Do Commodity Prices Rise when Fertilizer Prices Rise?
- Global crop production growth will mainly be driven by continued progress in plant breeding and a transition to more intensive production systems.
- Yield improvements are projected to account for 79% of global crop production growth, cropland expansion for 15%, and higher cropping intensity for 6% over the outlook period.
- Global growth of sugar consumption will be driven entirely by Africa and Asia, with demand projected to surge in areas where the level of per capita intake is currently low.
The Travelers Companies Inc.: Initiation of Coverage – Business Strategy & Other Drivers
- This is our first report on The Travelers Companies, a well-known property and casualty insurance provider.
- The Travelers Companies kicked off the year on a high note, boasting impressive bottom-line results for the first quarter despite the surge of severe weather events across the United States.
- The Business Insurance segment particularly stood out with its strong profitability and growth.
Ocean Power Technologies, Inc. – 4Q23 Results: Net Loss Widens
Ocean Power Technologies reported 4Q23 revenue of $0.1 million, up 29.6% Y/Y from $0.8 million in 4Q22 driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services.
OPT completed a $0.5M extension of its lease contract to continue providing their WAM-V to a U.S. Government agency.
The company deployed the scalable MOSWEC PowerBuoy, as part of US DoE Phase II development project worth $1.1m.
Exxon Mobil: Investor Pessimism Is Creeping Up And This Is Good News For Long-Term Holders
- Exxon Mobil’s share price has come under pressure in recent months as investor sentiment shifts.
- It is too early to consider this retracement as an attractive buying opportunity as short-term headwinds are to be expected.
- Exxon’s management continues to make the right moves from a capital allocation point of view.
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