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HAPPY SUNDAY TO THE STREET.
Happy Sunday, everyone. In case you missed our note this morning, we are hosting a live, Street Sheet Research members-only webinar with Ed Mahaffy, MBA, CFP®, ChFC, a financial advisor and subject-matter expert in municipal bond strategy.
This Friday, November 14, at 11 AM ET (click here to register), Ed, who runs ClientFirst Wealth, Legacy & Estate Planning, will walk through one of the most misunderstood risks in the muni market right now: the de minimis tax trap.
This is a rule most investors have never even heard of, but one that can convert what you thought was tax-exempt yield into ordinary income taxation when the bond matures, is sold, or is called.
If you bought individual muni bonds in 2022–2023 when prices were depressed and yields looked incredible, this is especially relevant. Many investors are sitting on a future tax bill they don’t know exists.
One-click apply to join the call here. If you own munis or you’re thinking about investing in them, this is a can’t-miss conversation that could potentially save you thousands of dollars.
— Brooks & Cas
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STARBUCKS NO LONGER OWNS THE CUP
The Coffee Crown Slips
For decades, Starbucks $SBUX ( ▲ 4.07% ) defined American coffee culture. But a new generation of consumers — and competitors — is changing the recipe.
Younger drinkers want their caffeine icy, sweet, and social-media-ready. And one West Coast upstart has built a cult following around that demand: Dutch Bros $BROS ( ▲ 0.4% ) .
A Different Brew for a Different Market
The Oregon-based chain has more than doubled its store count since 2021, now topping 1,000 locations across the West and South, with ambitions to quadruple that footprint nationwide.
Dutch Bros’ drive-through-first model and customizable, color-splashed drinks have made it a magnet for Gen Z and millennials, who make up about half of its frequent customer base. Nearly all of their orders are cold drinks, a third are energy-based, and every one is designed for the road — and/or a selfie.
The chain’s “broistas” serve giant iced concoctions like the chocolatey Annihilator and the six-shot 911. It’s a style that mirrors America’s on-the-go habits — roughly 80% of beverages are consumed outside the home — and the brand’s bright, high-volume drive-throughs are built for it.
A New Kind of Competition
Dutch Bros’ revenue has grown from $498 million in 2021 to $1.3 billion last year, and analysts expect sales to reach nearly $3 billion by 2028. Its valuation, at about 23x forward EBITDA, looks modest next to fast-growth peers like Cava $CAVA ( ▲ 4.4% ) and Wingstop $WING ( ▼ 2.63% ).
Meanwhile, Starbucks’ slowing US sales — flat last quarter after seven declines — show the limits of scale. And it’s ceding ground on multiple fronts, as rivals like 7 Brew and Black Rock Coffee Bar $BRCB ( ▼ 0.08% ) race to claim drive-through territory as well.
If these brands’ sudden rise is any indication, the next coffee boom won’t be built in cafes. It’ll be served cold, fast, and through a window.
Which stock do you think will outperform over the next 12 months?
GOLDMAN’S GLOBAL CONVICTION CALLS
Conviction Meets Opportunity
Goldman Sachs $GS ( ▼ 0.16% ) has refreshed its Conviction List for November, highlighting five global stocks with potential upside north of 70%.
The firm’s monthly list, selected by a subcommittee of senior analysts, reflects where the bank sees the strongest risk-reward setups across markets.
This month’s headliners include Korea’s Krafton (KRX: 259960), Swiss–French staffing giant Adecco Group (OTC: AHEXY), UK-based hydrogen firm Ceres Power (OTC: CPWHF), German online retailer Zalando (OTC: ZLNDY), and China’s Horizon Robotics (HRZRF).
Goldman’s analysts say each name combines near-term catalysts with underappreciated long-term growth.
Asia’s Heavy Hitters
Krafton — best known for its hit game PUBG: Battlegrounds — earned Goldman's highest conviction rating with an estimated 92% upside. The bank expects renewed earnings momentum following a slower first half, calling Krafton’s ability to “positively surprise” underappreciated by investors.
Horizon Robotics, which develops AI chips for self-driving vehicles, also made the cut with a projected gain of nearly 75% from its current price. Goldman cited its upgraded product mix and expanding partnerships with automakers including BYD $BYDDF ( ▼ 0.08% ) and Volkswagen’s $VWAGY ( ▲ 1.74% ) Cariad unit.
Europe’s Comeback Trades
In Europe, Adecco Group shares the top upside call at 92%, with analysts pointing to early signs of a sales rebound and the potential for faster debt reduction under a revised dividend policy.
Hydrogen specialist Ceres Power stands out with 79% upside, positioned as a key beneficiary of data center energy demand and partnerships with Shell $SHEL ( ▲ 1.85% ).
Rounding out the list, Zalando is seen as an “online channel shift winner” with 77% upside potential following its acquisition of rival retailer About You.
Zooming out, Goldman’s list reflects a broader rotation beyond the US. With Asian and European markets gaining traction amid a weaker dollar, the firm’s message is clear: diversification is back, and broader than ever.
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THE PC COMEBACK YOU DIDN’T SEE COMING
A Cycle Rebooted
After years of stagnation, the PC cycle might finally get another upgrade.
Intel $INTC ( ▲ 2.39% ) and Advanced Micro Devices $AMD ( ▼ 1.75% ) both surprised investors with stronger-than-forecast demand last quarter, signaling that corporations and consumers are replacing aging machines faster than anticipated.
The catalyst: Microsoft’s $MSFT ( ▼ 0.06% ) end of support for Windows 10.
Mandatory Upgrade
With IT departments under pressure to migrate to Windows 11, PC shipments are rising again, just as companies also invest heavily in new AI-enabled data centers.
Intel’s CFO said demand has been strong enough to cause chip shortages across several product lines heading into next year. AMD echoed the trend, with its CEO stating customers are planning “substantially larger” CPU buildouts over the next few quarters, as every AI server still needs CPUs to coordinate GPU workloads.
Together, their statements potentially suggest a durable, multi-quarter cycle for both personal computers and enterprise hardware.
Where to Look Now
The PC surge coincides with renewed momentum in AMD’s AI business. Its partnership with OpenAI will see six gigawatts of AMD GPUs deployed starting in 2026 — a major validation of its roadmap. AMD shares are up roughly 50% in the last three months and more than 100% year to date, while Intel has rallied 90% on strong earnings and US government support.
Valuations for the chipmakers have become lofty — AMD trades around 43x forward earnings, Intel 68x — making it risky to chase. With that in mind, Barron’s argues that the smarter play may be Dell Technologies $DELL ( ▼ 1.66% ), which trades at just 14x forward earnings. As both a PC and AI server supplier, Dell could be the sleeper winner of this long-overdue hardware revival.
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LAST WEEK’S POLL RESULTS
Are you bullish or bearish on Boston Scientific $BSX ( ▲ 0.98% ) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish — “It's done well for me so far, and I see no real downsides for the immediate term.”
🐻 Bearish — “Healthcare just doesn’t move the needle enough to be bullish.”
Are you bullish or bearish on Coinbase $COIN ( ▲ 4.72% ) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish — “I bought COIN a couple of years ago. After the stock went down so far and did not recover, I sold for a tax loss. I still think it is a good stock with more upside and am considering buying again.”
🐂 Bullish — “Some bumps along the way, but overall in the up direction.”
Are you bullish or bearish on Boeing $BA ( ▼ 0.96% ) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish — “As they say, hopefully the tide has turned. At least with an engineer in charge, it's way better than a penny-pinching bean counter!”
🐻 Bearish — “Still a long way to go; but they are apparently on the right track, just need to really focus on QC issues going forward.”