Equity Research Reports

Intel's valuation and price target analysis as of January 2026 explores the company's market position, strategic investments, and potential outcomes across base, bull, and bear scenarios. The analysis highlights Intel's transition from a struggling semiconductor giant to a potential foundry leader, with significant execution risks and opportunities.

This comprehensive analysis examines the AI ecosystem's complete value chain, from energy infrastructure and chip design tools to semiconductor manufacturers and model builders. With valuations reaching historical extremes in 2024-2025, we assess whether the AI theme remains investable for 2026. The report analyzes ten key players across EDA software, power generation, chip design, cloud infrastructure, and AI development, providing perspective on competitive positioning and growth sustainability. Our analysis suggests a bifurcated outlook: infrastructure winners with pricing power versus challenged hardware suppliers facing margin compression.

Palantir Technologies Inc.'s fourth quarter 2025 results showcased historic growth, with overall revenue surging 70% year over year to $1.407 billion. The company's adjusted operating income was $798 million, representing a 57% margin, and adjusted free cash flow was $791 million. The earnings per share (EPS) came in at $0.25, beating estimates of $0.2302. The US business now commands 77% of total revenue, up 93% year over year and 22% sequentially, with revenue surpassing $1 billion for the first time.

Simon Property Group reported record real estate funds from operation (FFO) of $4.8 billion, or $12.73 per share, for the full year 2025. For the fourth quarter, real estate FFO was $3.49 per share, a 4.2% growth year over year, while domestic property NOI growth was strong, increasing 4.8% year over year for the quarter and 4.4% for the year. The actual EPS came out at $9.35, significantly beating estimates at $3.47. The company's leasing performance was excellent, with average base minimum rents increasing 4.7% year over year at its malls and premium outlets.

Intesa Sanpaolo delivered a record net income of EUR 9.3 billion in 2025, driven by significant growth in revenues, despite a drop in Euribor, with record commissions and insurance income. The bank's cost-income ratio improved, and the cost of risk remained low. The earnings per share (EPS) came in at EUR 0.1348, slightly below estimates of EUR 0.1353. Revenues grew substantially, driven by the bank's diversified business model, with a strong contribution from Wealth Management and Protection & Advisory activities.

Imperial Oil reported a robust fourth quarter 2025, with cash flow from operations reaching $1.9 billion and $6.7 billion for the full year. The company generated nearly $1.4 billion in free cash flow in the fourth quarter when WTI averaged less than $60 USD. Earnings per share (EPS) came in at $1.94, beating analyst estimates of $1.86. The company's integrated business model demonstrated resilience, with stronger downstream profitability. Excluding identified items, net income for the quarter was $968 million, down $257 million from the fourth quarter of 2024.

Chevron reported fourth-quarter earnings of $3,000,000,000 or $1.52 per share, beating analyst estimates of $1.42 per share. The company's adjusted earnings were driven by record production levels globally, with the US production reaching its highest level in Chevron's history. Cash flow from operations was $10,800,000,000 for the quarter, supporting the company's strong financial performance. Revenue growth is expected to continue, with analysts estimating a 7.6% increase in revenues for the next year.

Exxon Mobil Corporation reported a robust financial performance in Q4 2025, with revenues growing significantly due to higher upstream production and advantaged assets. The company's earnings per share (EPS) came in at $1.71, slightly beating analyst estimates of $1.7. This strong EPS was supported by a combination of higher production volumes and improved operational efficiency. The upstream production averaged 4.7 million oil equivalent barrels per day, with unit earnings more than double those in 2019 on a constant price basis.

The Hartford Financial Services Group, Inc. reported outstanding fourth-quarter and full-year 2025 earnings, with core earnings of $1.1 billion or $4.06 per diluted share, significantly beating analyst estimates of $3.22. The company's full-year core earnings ROE stood at 19.4%. Business insurance delivered robust top-line growth of 7% with an underlying combined ratio of 88.1, reflecting disciplined underwriting. The personal insurance segment also saw underlying margin improvement, driven by auto achieving targeted profitability and home producing outstanding results. Employee benefits reported an impressive core earnings margin of 8.2%, led by strong life and disability results.

Aon reported a robust Q4 2025, with organic revenue growth of 5%, total revenue of $4.3 billion, and adjusted operating margin expansion of 220 basis points to 35.5%. Adjusted EPS came in at $4.85, beating estimates of $4.75, representing a 10% year-over-year increase. For the full-year 2025, Aon achieved 6% organic revenue growth, total revenue of $17 billion, and adjusted operating margin of 32.4%. The company's strong financial performance was driven by its commercial risk and reinsurance businesses, which delivered 6% or better growth in Q4 2025.

Charter Communications reported a revenue decline of 2% year over year in Q4 2025, with a slight decline of 0.4% when excluding advertising revenue and programmer app allocation. Despite the challenging environment, the company demonstrated resilience, with adjusted EBITDA declining by only 1.2% year over year. Earnings per share (EPS) came in at $10.34, beating analyst estimates of $9.78. The company's capital expenditures totaled $3.3 billion, higher than the previous year's Q4, but in line with expectations. Free cash flow was $773 million, impacted by a less favorable change in working capital and higher CapEx.

Regeneron Pharmaceuticals, Inc.'s fourth quarter 2025 revenue rose 3% year over year to $3.9 billion, driven by double-digit net sales growth of its three leading products. Earnings per share (EPS) came in at $11.44, beating analyst estimates of $10.74. The company's commercial portfolio delivered strong growth in 2025, with Dupixent's global net sales increasing 32% to $4.9 billion in the fourth quarter and $17.8 billion for the full year 2025. EYLEA HD in the United States grew by 66% to $506 million in the fourth quarter and $1.6 billion for the full year 2025.

CN reported a robust financial performance in 2025, with Q4 diluted EPS up 12% year-over-year and adjusted EPS up 14% to $2.05, beating analyst estimates of $1.96. The full-year adjusted diluted EPS was $7.63, up 7% from 2024. Revenue growth was 2% in Q4, driven by strong performance in Intermodal, Grain, and Petroleum & Chemicals. The operating ratio improved to 60.1% in Q4, a 250 basis point improvement over last year, and 61.7% for the full year, a 120 basis point improvement. Free cash flow was over $3.3 billion, up 8% from last year.

American Express reported a robust 2025 performance, with revenue growth of 10% to a record $72 billion and EPS of $15.38, up 15% excluding a gain. The company's card fee growth was 18%, reaching a record $10 billion for the year. For 2026, American Express expects revenue growth of 9-10% and EPS of $17.30-$17.90. The actual EPS for the quarter was $3.53, slightly below estimates of $3.54. The company's strong performance was driven by healthy spending and loan growth, with significant investments in marketing and technology.

WDP delivered a robust full-year 2025 performance, with an EPS of EUR 1.53, representing a 7% year-on-year growth. The company's occupancy rate stood at 97.7%, with over 0.5 million square meters of new leases, and a portfolio value growing to EUR 9 billion. The actual EPS came out at EUR 0.38 relative to estimates at EUR 0.36 for the quarter. WDP secured EUR 600 million in new investments at a net initial yield of 6.8% and maintained a strong balance sheet with a loan-to-value ratio of 40% and a net debt to EBITDA of 7.5.

Hexagon reported a revenue of EUR 1.4 billion in Q4 2025, with a reported growth of minus 1% but an organic growth of 3%. The company's gross margin was a record strong at 67.5%, driven by a favorable product mix and good pricing and cost management. The operating margin was 29.4%, impacted by significant currency headwinds of 150 basis points. The EPS came in at 0.948, significantly higher than the estimated 0.09786.

CaixaBank reported a net income of EUR 5.9 billion, up 1.8% in the year, with a return on tangible equity (ROTE) of 17.5%. The bank's revenue from services grew 5.4%, driven by wealth management and protection insurance, while expenses grew 5.0%. Earnings per share (EPS) came in at EUR 0.1969, beating estimates of EUR 0.1925. The bank's net interest income (NII) was down 3.9%, in line with guidance, but volumes grew 7%, with customer funds and lending above expectations. As Gonzalo Gortazar, the CEO, noted, "We had a very good year, with a balanced growth in activity."

LyondellBasell's financial performance in 2025 was marked by a significant achievement in cash generation, with $2.3 billion in cash from operations, exceeding the company's target by $800 million. However, the actual EPS came out at '-0.26' relative to estimates at '0.18', indicating a challenging year for the company. The revenue growth is estimated to be -0.1% for the next year. The company's EBITDA margin was impacted by higher feedstock costs and lower polyethylene margins in the Olefins and Polyolefins Americas segment, which delivered $164 million of EBITDA in the fourth quarter. As Peter Vanacker, CEO, noted, "Despite challenging market conditions, the team delivered exceptional results in the cash improvement plan and maintained focus on long-term strategy."

Verizon's 2025 financial results showed a 2% growth in wireless service revenue, with consolidated adjusted EBITDA reaching $50 billion and adjusted EPS coming in at $4.71, up 2.6% from the prior year. The company generated $20.1 billion in free cash flow and had a net unsecured debt to consolidated adjusted EBITDA ratio of 2.2x. The actual EPS beat estimates, coming in at $4.71 versus the expected $4.67 is not available, however, analysts estimates for the next year at 1.0% revenue growth.

Colgate-Palmolive reported a strong Q4 2025, with actual EPS coming in at $0.95, beating analyst estimates of $0.912. The company's organic sales growth, net sales, gross profit, base business earnings per share, and free cash flow all saw growth despite a challenging environment. Revenue growth was robust, driven by a good balance between price and volume, particularly in emerging markets where organic growth reached 4.5% in Q4.

Arthur J. Gallagher & Co.'s fourth-quarter 2025 earnings report was impressive, with revenue growth of more than 30% driven by a two-pronged strategy of organic and M&A growth. Organic growth was 5%, while adjusted EBITDA growth was 30%, marking the company's twenty-third consecutive quarter of double-digit growth. The brokerage segment reported revenue growth of 38%, with organic growth of 5%, and adjusted EBITDAC margin was 32.2%, ahead of expectations. Earnings per share (EPS) came in at $2.38, beating estimates of $2.35.

KLA Corporation reported a robust financial performance for 2025, with revenue reaching a record $12.745 billion, representing a 17% growth, and earnings per share (EPS) increasing by 29% year over year. For the December quarter, the company achieved revenue of $3.3 billion, with non-GAAP diluted EPS of $8.85 and GAAP diluted EPS of $8.68, beating analyst estimates of $8.79. The company returned $797 million in capital to shareholders through share repurchases and dividends. KLA's strong performance was driven by its core process control systems business, which outpaced the wafer front-end equipment (WFE) market by growing 20% versus a 10-12% growth in WFE.