Alphabet (GOOGL, Buy, raising target to $235) We remain well above Str...

Our target price increases to $235 from $210 on mixed estimate changes and rolling forward our valuation to 2026.

Amazon Com Inc: 1 director

A director at Amazon Com Inc sold 4,154,098 shares at 229.719USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

VZ/FYBR Faces Pushback from California on DEI

The VZ/FYBR deal obtained approval from the FCC by providing a letter modifying its DEI efforts. That letter, however, has raised issues with the California Public Utilities Commission (CPUC), which also must approve the deal. In a prior note, we analyzed the interplay of the demands of the FCC and CPUC, the political challenge for VZ, and how we think the situation may be resolved. In this note, we review a new ruling from the CPUC and how that affects the situation.

TMT 2Q25 results: Verizon, T-Mobile US, AT&T and IBM

The three largest mobile telecom operators in the US - Verizon, T-Mobile US[de], and AT&T – did well in 2Q25. IBM's performance was also good. Despite strong competition, all three mobile telecom operators grew their EBITDA again. Furthermore, AT&T and T-Mobile US may benefit from a credit rating upgrade. In our view, the Euro notes of T-Mobile US look the most attractive in this credit sub-space.

San Francisco Robotaxis Imminent?

Daily Views on Tech Headlines

FMS: August 5th-7th in San JoseView: The Future of Memory and Storage Conference (formerly the Flash Memory Summit) takes place in Santa Clara Aug 5th - 7th. We will be hosting in person investor meetings (centered around a full day of meetings on the 6th) both at FMS and at company HQs close to th

Media Consolidation: What 8th Circuit and the Skydance Letters Tell (a...

The 8th Circuit just decided a case challenging the 2023 FCC Broadcast Ownership Rules and Skydance just filed two letters related to their acquisition of Paramount. In this note we lay out what the news tells us about the upcoming media consolidation.

Google 2Q25: Replatforming at work - AI surging; GCP accelerates; cape...

Google reported 2Q25 yesterday.

Daily Views on Tech Headlines

FMS: August 5th-7th in San JoseView: The Future of Memory and Storage Conference (formerly the Flash Memory Summit) takes place in Santa Clara Aug 5th - 7th. We will be hosting in person investor meetings (centered around a full day of meetings on the 6th) both at FMS and at company HQs close to th

Wedbush Morning Call - Jul 24 2025 7:05AM

Alphabet (GOOGL, Buy, $210 target) Supportive new AI Search disclosure...

In this first take following tonight’s results, we touch on: 1. Strong revenues and more AI disclosure breadcrumbs support valuation 2. Search accelerates to +12% growth, and lots of color on emerging growth areas 3. Cloud revenue growth hits our Street-high 32%, expect that to continue 4. 2026 capex will grow, higher 2025 guidance will likely see META and AMZN follow 5. Quick hits on YouTube, Subscriptions, Margins and AI Coding

AI Juggernaut, OP, $225 PT

Figure 1. 2Q25 ResultsSource: Company reports, Wedbush estimates, FactSet consensusAlphabet delivered strong 2Q results across all segments. Alphabet reported 2Q revenue of $96.4B (+13.8% Y/Y), with growth above Street estimates by ~290bps. Google Services Revenue of $82.5B (+11.7% Y/Y) was above c

AT&T Model Update

We have updated the model following results. Changes to the segments are not material, but changes to capex, cash taxes and free cash flow in light of the OBBBA are. For thoughts following the call, click here. For a review of results, click here. (Rating: Buy; TP: $32; Total Return: +20%).

AT&T quick thoughts following the call 2Q25

In this note we cover evolving thoughts on the implications of the new Cable MVNO, the implications of AT&T’s revised capital allocation decisions, new insights on the pace of fiber deployment, a shift in the FWA strategy, the implications of both for cable, comments on spectrum purchases, the implications for EchoStar, and an early take on mobile and broadband market growth.

AT&T 2Q25 Quick Take: Results strong; FCF guide increased, but less th...

Postpaid phone adds beat estimates, which will come as a relief following Verizon’s results. Service revenue, EBITDA, EPS, and FCF were all slightly better than expected. The Company increased FCF guidance following OBBBA, but by less than some had hoped. In addition, the Company did not commit to increasing share repurchases with the increased FCF.

Daily Views on Tech Headlines

FMS: August 5th-7th in San JoseView: The Future of Memory and Storage Conference (formerly the Flash Memory Summit) takes place in Santa Clara Aug 5th - 7th. We will be hosting in person investor meetings (centered around a full day of meetings on the 6th) both at FMS and at company HQs close to th

New Cable MVNO – implications for Cable and Mobile operators

Charter and Comcast announced that they have signed an MVNO with T-Mobile that will target new business customers (here). In this quick note we provide thoughts on implications for Verizon, T-Mobile, Charter, Comcast, and the industry more broadly.