Tariffs – How would a recession affect our coverage?

The tariffs announced by the Trump administration in the last two weeks have resulted in major swings in the stock market and broader concerns regarding the global economy. We developed a framework to understand the situation and interpret its daily evolution last week and follow up today with an initial perspective on potential macro implications.

ODDO : Worst-case scenario avoided, slowdown in growth still likely, but valuations are largely adjusted, VAT upgrade

ODDO : Scenario du pire évité, quand même un probable ralentissement de la croissance, mais les valorisations sont bien ajustées, upgrade de VAT

New DoD proposal on spectrum for carriers

The DoD has circulated a new proposal for repurposing federal spectrum for the carriers. Under the proposal, the DoD would keep the lower C-Band but vacate other bands that at least some carriers may view as less attractive. In this note, we detail the proposal and explain the implications for the carriers and for other owners of spectrum.

Microsoft 3FQ25: AI re-platforming delivers results. Buy $550 TP.

Microsoft reported 3FQ25 last night. Please click the link below for our take on the print.

CCI 1Q25 Quick Take: Strong results; upgrade to Buy

Revenues beat estimates on better organic leasing and better services. Cash EBITDA beat handily, mostly on lower SG&A. AFFO beat handily too. Management didn’t change guidance. We think they are forecasting conservatively. We expect Consensus estimates to rise, landing above the mid-point of the current guidance range