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Global dividend markets have experienced a sharp sell-off and recovery since the beginning of the year, performing roughly in line with equities. Dividends are still facing headwinds from negative earnings revisions due to tariffs and related uncertainty. Similarly, the risk of another equity drawdown might pick up again in case of deteriorating macro fundamentals, especially weaker hard data, and equity valuations are high again.

2 Jun 2025 | 12:05pm| 30pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and others

The global music industry experienced a marked slowdown in 2024 (+6.2% after +15.6% in 2023), which in our view reflected a mix of structural, cyclical and one-off factors. We lower our 2025-2030 CAGR forecasts to +6.8% (+7.5% prior) and introduce our 2031-2035 CAGR forecast of +4.8%. This still implies the global music market will reach nearly $200bn in 2035, nearly doubling vs. 2024 levels ($105bn).

3 Jun 2025 | 10:10am| 92pg| Research | Equity-Lisa Yang and others

AI IN FOCUS

Alphabet Inc. (GOOGL): Framing the Alphabet Investment Case: AI Innovation, Underappreciated YouTube, Segment Valuation Points to Compelling Risk/Reward

On the back of dual-rising investor concerns about the terminal value of Google Search (AI as a potentially disintermediating force + changes to the search distribution landscape as a result of judicial matters) and the company hosting a series of events displaying AI innovation and the evolution of their search product, we examine the current and future potential for Google’s Search & Other segment and continue to find Alphabet strategically well positioned for the AI era of consumer internet.

31 May | Research | Equity - Eric Sheridan and others

IN THE SPOTLIGHT

We view Fujitsu as the next installation in our Japan Transformers series focusing on companies undergoing transformation. The driver of change at Fujitsu is its business model shift to high-growth/high-margin IT services business.
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Chikai Tanaka, CFA

Japan IT Services | Tokyo
2 Jun 2025 | 2:34pm| 44pg| Research | Equity-Chikai Tanaka, CFA and others
RATING AND LIST CHANGES
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US Conviction List - Directors' Cut: June 2025 - Two Years On
2 Jun 2025 | 5:01pm| 91pg| Research | Equity-Steven Kron and others
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aberdeen group plc (ABDN.L): Time to Focus on Interactive Investor: Up to Buy from Neutral
2 Jun 2025 | 12:30pm| 13pg| Research | Equity-Oliver Carruthers, CFA and others
Latest research
Music in the Air: A slower cadence of growth; framing the long-term industry opportunity
3 Jun 2025 | 10:10am| 92pg| Research | Equity-Lisa Yang and others
Target Corp. (TGT): Takeaways from the Goldman Sachs Alternative Revenue Forum
3 Jun 2025 | 9:37am| 7pg| Research | Equity-Kate McShane, CFA and others
Palo Alto Networks (PANW): Next Gen Security ARR Part II: New Market Offerings & M&A
3 Jun 2025 | 8:54am| 13pg| Research | Equity-Gabriela Borges, CFA and others
Kroger Co. (KR): Takeaways from management meetings
3 Jun 2025 | 8:12am| 7pg| Research | Equity-Leah Jordan, CFA and others
Hyatt Hotels Corp. (H): Key Takeaways from Investor Meeting
3 Jun 2025 | 7:31am| 6pg| Research | Equity-Lizzie Dove and others
Rapport Therapeutics (RAPP): Investor and KOL event provides context for epilepsy data in September
3 Jun 2025 | 6:57am| 10pg| Research | Equity-Salveen Richter, CFA and others

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DAILY ROUNDUPS
Midday Market Intelligence: alpha time
3 Jun 2025 | 1:16am| 9pg| Research | Equity-Chris Hussey and others
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2 Jun 2025 | 8:49pm| 14pg| Research | Equity-Chris Hussey and others
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Following FL Smidth's stronger-than-expected 1Q25margin delivery, we recently upgraded the stock from Neutral to Buy, forecasting that continued SG7A...Read more
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