Latest news with #MonnessCrespiHardt
Yahoo
a day ago
- Business
- Yahoo
Coinbase valuation stretches ahead of fundamentals, says Monness as it cuts rating
-- Monness, Crespi, Hardt downgraded Coinbase to Neutral on Monday, saying the stock has run ahead of underlying trading activity and lacks near-term catalysts to support its current valuation. The brokerage said recent gains in crypto asset prices and regulatory milestones have already been priced in, while trading volumes remain subdued and signs of real-world usage are still limited. It said it would look to revisit the stock at a lower valuation or once usage outside of trading gains traction. Shares of Coinbase have surged this year alongside the broader crypto market. But Monness noted that second-quarter crypto exchange volumes declined 2% year-over-year, with Coinbase's own trading volumes up just 6%, well below consensus expectations for 19% growth. While July trends appear stronger, the firm said these are largely reflected in current third-quarter estimates, which assume a 60% year-over-year jump in trading volume. The firm also flagged risks to revenue tied to stablecoin activity, pointing out that the market value of USDC, the dollar-pegged token that supports much of Coinbase's non-trading income, grew only modestly. Any rate cuts by the U.S. Federal Reserve without a corresponding rise in USDC volume could pressure that income stream, it said. Monness maintained a positive long-term view on Coinbase's role in the crypto ecosystem but said the near-term outlook offers limited room for upside. It estimated the stock fairly values future earnings based on optimistic assumptions and argued that better entry points may emerge as the crypto cycle matures. Related articles Coinbase valuation stretches ahead of fundamentals, says Monness as it cuts rating These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia Surge of 50% since our AI selection, this chip giant still has great potential
Yahoo
2 days ago
- Business
- Yahoo
Apple (AAPL) Stock Gets $245 Price Target Ahead of Earnings — Here's Why
Apple Inc. (NASDAQ:AAPL) is one of the . On July 23, Monness, Crespi, Hardt & Co. reiterated the stock as 'Buy' with a $245 price target. Monness said that Apple remains well-positioned ahead of earnings on July 31. 'In our view, Apple is innovating with industry-leading products supported by a powerful digital grid and embarking on a gen AI journey with Apple Intelligence; however, regulatory headwinds persist, the implications of this trade war are unclear, geopolitical risks continue, and the macro treacherous.' Apple is a technology company known for its consumer electronics, software, and services. While we acknowledge the potential of AAPL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None.
Yahoo
02-07-2025
- Business
- Yahoo
Monness Crespi & Hardt Upgrades Elastic N.V. (ESTC) Stock
Elastic N.V. (NYSE:ESTC) is one of the Top 10 AI and Technology Stocks to Buy According to Analysts. On June 27, Monness Crespi & Hardt upgraded the company's stock from 'Neutral' to 'Buy,' setting the price objective of $111.0, as reported by The Fly. As per the firm, after a decline in 2024, the company's shares have declined ~17% this year, while AI-fueled tech stocks managed to climb to new all-time highs in 2025. Considering the depressed EV/Revenue multiple as compared to the consumption-based software group and the firm's software universe at large, it finds Elastic N.V. (NYSE:ESTC)'s valuation compelling at current levels. The firm opines that the company remains well-placed for the GenAI movement, added the analyst. A group of software engineers working in an open, futuristic office. Elastic N.V. (NYSE:ESTC) continues to demonstrate its leadership in Search AI, with customers continuing to build Generative AI applications and consolidating onto its platform. Elastic N.V. (NYSE:ESTC)'s total customer count with Annual Contract Value (ACV) over $100,000 was more than 1,510 in Q4 2025 as compared to over 1,460 in Q3 FY 2025, and over 1,330 in Q4 FY 2024. For Q1 2026, the company expects total revenue of between $396 million – $398 million, reflecting 14% YoY growth at the midpoint (13% YoY constant currency growth at the midpoint). Elastic N.V. (NYSE:ESTC) is a search AI company that is engaged in providing software platforms to run in hybrid, public, or private clouds and multi-cloud environments. While we acknowledge the potential of ESTC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ESTC and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds' investor letters by entering your email address below. Sign in to access your portfolio
Yahoo
19-03-2025
- Business
- Yahoo
Monness Crespi Hardt starts Strategy at Neutral, sees fair value at $200 a share
-- Monness Crespi Hardt initiated coverage of Strategy (formerly MicroStrategy) with a Neutral rating in a note Wednesday, citing a fair value of approximately $200 per share. The firm values MSTR based on a 1.5x multiple to its Bitcoin (BTC) holdings, compared to a historical median of 1.2x and a current level of around 1.8x. According to the analysts, MSTR's value is primarily tied to its Bitcoin holdings of roughly 82,000 BTC (~$42 billion), alongside a declining software business worth an estimated $1 billion and a capital markets strategy that caters more to convertible arbitrage than equity investors. The firm believes that MSTR has benefited from heightened implied volatility, which fuels the convertible arbitrage trade and allows for equity issuance at a premium to BTC holdings, benefiting existing shareholders. However, the firm questions whether this dynamic is sustainable. "We believe ongoing adoption of BTC by wider investor classes makes it likelier to exhibit declining implied volatility over time," Monness Crespi Hardt wrote. "The augmented implied vol MSTR delivers on BTC HODL will become harder to sustain, impairing MSTR's ability to export the volatility to convertible arb investors." Additionally, the firm raises concerns about MSTR's ability to continue issuing convertibles, noting that the market may be saturated with MSTR notes through early March 2025. The analysts also highlight weakness in MSTR's core business, stating, "Underlying Business Intelligence (BI) software business is shrinking steadily," as it loses market share to cloud-native competitors like Tableau and Power BI. Monness Crespi Hardt said it would become more constructive on the stock if MSTR narrows the gap between NAV and share price, expands into crypto-related revenue streams, or recaptures market share in its core BI segment. Related Articles Monness Crespi Hardt starts Strategy at Neutral, sees fair value at $200 a share Wall Street gains with all eyes on Fed rate decision Ripple CEO says US SEC will drop appeal against crypto firm Sign in to access your portfolio
