瑞信-美股-投资策略-瑞信对于美国的顶级投资观点

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1、TopPicksCreditSuisseTopInvestmentIdeasintheUnitedStatesJanuary10,2018ResearchAnalystsCreditSuisseUSEquityResearch8772912683equity.research@credit-suisse.comCreditSuisseGlobalProductMarketing2125384442global.productmarketing@credit-suisse.comArbinSherch

2、an,CFA2123258967arbin.sherchan@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniesco

3、veredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.TopPicks99TopIdeas:Ourbottom-u

4、pexerciseresultedinalistof99topstockideas,representing~14%of~700namescoveredbytheUSanalysts.IdeasAcrossStyle,SectorandSize:Alistofgrowth/valuenamesbysectorandmarketcapcanbefoundonslide7.WhatIsNew?4NewSectors:E&Ps(LargeCap),E&Ps(SMIDCap),Midstream&MLP

5、,Refining&Marketing.RelatedResearch:E&Ps(LargeCap&SMIDCap),Midstream&MLP,Refining&Marketing8New#1TopPicks:5Additions(FDX,MPC,MPLX,MRO,XEC).3Upgrades(ESRX,NSM,SRPT).RecentResearchonNew#1TopPicks:ESRX,FDX,MPC,MPLX,MRO,NSM,SRPT,XEC21NamesAddedtoTopPicks

6、:AA,ADSK,ANDV,APC,BIIB,CLR,FDX,GPN,GRA,HIG,INCY,LAUR,MPC,MPLX,MRO,PAA,TSRO,WCC,WMB,XEC,XOG21NamesRemovedfromTopPicks:ACGL,ALXN,BA,CAT,CELG,CLVS,D,DE,DHR,FDC,GLOG,HD,IQV,JELD,KLAC,LOW,SHW,SPLK,TXN,UNP,WBAMethodology“One-stopshop”fortheresearchteam’sbe

7、stideas.EveryUSresearchanalystidentifiesandranksuptothreetopstockpicksbasedona6-to12-monthtimehorizon.Foreachname,weincludeashortsummaryofouranalyst’sthesisasastartingpointforfurtheranalysis.Theseshouldnotbeviewedasportfolios;theyaresimplyacurrentsnap

8、shotoftheanalysts’toppicksintheircoverageuniverses.Slide1TableofContentsSectionPage#1TopPicks3SummaryofTopPicks4TopPicksByStyle,SizeandSector7TopPicksBySectorBasicMaterials9Consumer12Energy/Utilities16Financials24HealthCare30Industrials