瑞信美国顶级投资观点.docx

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1、CreditSuisse’sU.S.TopPicksInvestmentIdeasthatLeadJuly2020EquityResearchúAmericasThisreportfeaturesouranalysts’mostpreferredOutperform-andUnderperform-ratednames,alongwithasnapshotoftheirinvestmentthesis.Insupportoftheanalysts’views,weprovideeasyaccesstothefinancialdatabehindeveryname.AndrewSt.Pier

2、re212-325-5618Andrew.stpierre@credit-suisse.comArbinSherchan212-325-8967Arbin.sherchan@credit-suisse.comCreditS212-538Product.uisseU.S.ProductMarketing-2442marketing@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTH

3、ESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmen

4、tdecision.Overview:WhatisNew?§58TopIdeas:Wehighlight47TopOutperformIdeas(summarylinkhere)and11TopUnderperformIdeas.§4New#1TopOutperform:PZZA,BURL,LUV,MCO.§11TopUnderperformIdeas:X,WSM,NGL,WEC,WU,AXP,GILD,CHRW,AAL,IRM,UI.§‘HighConvictionCalls’:Ourhighest-convictiontoppicksinclude:⁻Outperform:ARNA,BU

5、RL,CHTR,CRM,EMR,GOOGL,GPN,JPM,KBR,KO,LUV,MAS,MU,PZZA,SYFSYY,THS,TW,VRTX,VST.Page5.⁻Underperform:AXP,CHRW,GILD,IRM,NGL,UI,WSM.Page8.§CreditSuisseHOLT®:WehaveincludedaHOLT®analysisoneachofour#1TopPicks.§HOLTValuationGap:Screeningtoppicksfortheleastandmostdemandingmarketexpectationsinclude:⁻Outperform

6、:AAP,APO,APTV,CMI,DHI,EHTH,EMR,EPD,EW,FMC,GOOGL,GPN,HCA,IBM,KBR,MAS,MSI,MU,RTX,SYF,THS,UNH,UNP,VOYA,VRTX.Page6.⁻Underperform:AAL,IRM.Page9.Methodology?§‘TopoftheCrop’:Outperform-RatedIdeas.Ourhighestconvictioncombinedwiththeleastdemandingmarketexpectations.Page7.AndourUnderperform-RatedIdeas.Ourhig

7、hestconvictionandwidestvaluationgap.Page10.§“One-stopshop”fortheresearchteam’sbestideas.EveryUSresearchanalystidentifiestheir#1topstockpickbasedona6-to12-monthtimehorizon.Foreach#1name,weinclude:ashortsumma