Sundry Photography
- Snowflake (NYSE:SNOW), Global-E Online (NASDAQ:GLBE) and Fox Corp. (NASDAQ:FOXA) were added to Goldman Sachs America’s Conviction List on Monday.
- In conjunction, the investment firm removed monday.com (MNDY) and Quanterix (QTRX).
- Snowflake has an “attractive entry point” at current levels, analyst Kash Rangan said, citing increased usage of data storage and analytics. Additionally, Snowflake’s new Chief Executive Officer, Sridhar Ramaswamy, is likely to accelerate product development, which Rangan said should “increase velocity and customer consumption” that will boost top-line growth and free cash flow margins.
- Fox’s “concentrated” portfolio of news and sports are seen as “more resilient” to the transitioning media landscape, analyst Mike Ng said. Ng sees Fox EBITDA for 2025 coming in 12% above consensus estimates, due largely to television, “driven by a solid combination of sporting events, a benefit from political advertising and efforts the company has made to optimize its sports rights (e.g. no WWE).” Additionally, investors have underappreciated the value of the company’s unconsolidated assets, such as its stake in Flutter (FLUT) and the option to acquire 18.6% of FanDuel.
- Regarding Global-E Online, analyst Will Nance said thee-commerce and logistics company offers investors attractive exposure to the fastest growing segments of e-commerce.