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28th Annual Emerald Groundhog Day Investment Forum Goes Virtual as Pandemic Casts a Long Shadow
January 14, 2021 GMT
LANCASTER, Pa. (BUSINESS WIRE) Jan 14, 2021
The February 6, 2020 Emerald Groundhog Day Investment Forum began with a special presentation from Emerald’s CEO and Life Sciences research directors discussing the new COVID-19 virus that was beginning to emerge in the western world. One year later, the pervasive pandemic will make the February 4, 2021 Forum a virtual online-only event. Emerald Asset Management invites you to join us for the 28 th annual Emerald Groundhog Day Investment Forum, the unofficial kick-off to the year ahead as Emerald’s team of analysts and portfolio managers will present their key investment themes and trends for 2021, focusing on these key sectors:
Cogent Communications Holdings (CCOI) should be some of the primary Covid-recovery beneficiaries in the sector. Each of their earnings declined in 2020, and all saw some multiple contraction. The result was stocks that badly lagged the market.
AT&T likely has the most cyclical profile of the telecom companies, given its large WarnerMedia entertainment subsidiary. Movie theater closures, canceled or delayed sports events, and cost-conscious advertisers hurt results there in 2020. Verizon has a smaller advertising-reliant segment: Verizon Media, which includes Yahoo and other brands.
“In 2021, we expect the media space to broadly recover, although it could be somewhat choppy and back-half weighted in 2021 (particularly with a still uncertain economic outlook and many movie theaters closed to the public),” wrote Luebchow. “We broadly believe that we will reach (or even eclipse) 2019 media revenues at [AT&T and Verizon] by FY2022, which should be boosted in AT&T’s case
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