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Market Views & Research
Macro analysis, investment theses, and market commentary from the Strand Global Macro research team.
Featured Analysis
Highlighted research from the Strand Global Macro team.
Broadcom
Bullish on Broadcom as the market seems to under-appreciate how durable and diversified its AI exposure is, the upside being present from not only chip designing but also its networking and large recurring revenue from its stable software business after the acquisition of VMware. The thesis is that the current relations with hyperscaleres will only grow with the combination of new partners with AI labs, with software cash flows helping offset any cyclicality.
Dominos Pizza Group Plc
Bullish on Domino’s Pizza Group because the market appears to have overreacted to two headline fears: the GLP-1 weight-loss craze hitting fast-food demand and Andrew Renney’s late-2025 CEO exit, both of which helped drive a sharp selloff. The thesis is that GLP-1 risk is likely smaller for Domino’s core customer base than investors assume, and with management stability, the shares could rerate from about 186p toward a modelled fair value of 284p.
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Boston Scientific Corporation
Bullish on Boston Scientific as the market underestimates the durability of its growth across cardiovascular device franchises and overstates the risk that recent legal, acquisition and product concerns will impair the broader earnings story. The thesis is that continued strength in high-growth areas such as electrophysiology and structural heart, combined with operating leverage and market expansion can sustain upside to expectations that the current valuation does not fully reflect.
McCormick Overweight
McCormick and Company is rated Overweight with a fair value of $67 and a target purchase price of $47 because the analysis predicts that temporary headwinds from tariffs and inflation will be resolved by organic growth and Mexico business synergies by the year 2027.
Nintendo
Bullish on Nintendo as the market misprices cyclical hardware margin compression as structural deterioration, while underappreciating the durability of its first-party intellectual property and debt-free balance sheet. The thesis is that accelerating software mix shift, Switch 2 momentum, and an upcoming film release create a convergence of earnings tailwinds within a single reporting cycle that the current price does not reflect.
Keurig Dr Pepper
Long thesis on Keurig Dr Pepper as the market appears to have overreacted to the JDE Peet’s deal, leaving shares well below a modelled fair value of about $42 versus roughly $28. The case rests on manageable post-deal leverage, beverage growth, margin improvement, and execution of synergies, with key risks from coffee costs, regulation, and weak coffee volumes.