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Market views and research
Macro analysis, investment theses, and market commentary from the Strand Global research team.
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Highlighted research from the 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 hyperscalers will only grow with the combination of new partners with AI labs, with software cash flows helping offset any cyclicality.
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.
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Ferrari
Hold thesis on Ferrari, where a re-levered, luxury-weighted DCF puts fair value at ~€331 against a price of ~€329 — essentially fair after the ~37% de-rating from the 2025 highs. The case rests on Ferrari's scarcity model, pricing power and price/mix-driven margin expansion, plus a post-CMD estimates reset, with the Hermès re-rating as upside; but at the current price the valuation is highly sensitive to the discount rate, and the risk/reward supports holding rather than buying. Key risks are emissions regulation, FX, Luce execution, and loss of the scarcity premium.
Barclays
Bullish on Barclays as the market still applies a conglomerate discount to a bank whose investment arm now earns a 15% RoTE. At 1.2x tangible book, the cheapest UK clearer, the shares price none of the guided move to 14% group RoTE by 2028, with a structural hedge cushioning rate cuts and £15bn of buybacks and dividends paying funamental holders to wait.
Nokia
Nokia is a global network infrastructure and software company, based in Finland. It sells to operators, hyperscalers, enterprises and governments, and also licenses its patents. It has recently reorganised its business structure in 2026: Network Infrastructure (~40% of sales), which includes optical and IP networks, with optical up 20% y-o-y; Mobile Infrastructure (~56% of sales), supplying the RAN and core systems behind 4G/5G networks; and Portfolio Business, a small set of units where operations are being wound down.
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.
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.