HAPPY SUNDAY TO THE STREET.

Warren Buffett’s latest (and last?) big bet isn’t a flashy growth stock or a durable household name. In fact, it’s not a stock at all. Berkshire-Hathaway $BRK.B ( ▼ 0.46% ) now owns 5% of the short-term T-bill market — and investors are following suit.

In other words, as uncertain as today’s market may seem, most market observers seem pretty certain it won’t get catastrophically bad… for three months at least.

— Brooks & Cas

CATCH A FALLING DOLLAR

Jefferies Is On the Money

The dollar has been one of the many casualties of this year's tariff chaos. The US Dollar Index $DXY ( 0.0% ) is down over 8% year-to-date, and some analysts think it could have further to fall.

Indeed, Jefferies $JEF ( ▲ 3.77% ) thinks the buck won't stop here. According to CNBC, its global head of FX Brad Bechtel predicts the dollar could drop as much as 15%.

As ever, its analysts are on the hunt for opportunities. They think a devalued dollar could be good for companies that:

• Generate a lot of their revenue overseas, particularly in China.

• Have major foreign competitors.

• Are commodity-driven businesses whose pricing power would grow if the dollar weakens.

Bet Your Bottom Dollar

Life sciences innovator and analyst favorite Danaher $DHR ( ▼ 0.63% ) is top of Jefferies' list. More than half its revenues come from outside the US. Plus, the investment bank thinks its bioprocessing performance and strategic initiatives will drive growth even in a challenging environment.

Jefferies rates Danaher a Buy with a price target of $230, representing an over 20% upside on Friday's close. Other analysts are similarly positive — 27 out of 30 rate it a Buy or Overweight, per the Wall Street Journal.

Nike $NKE ( ▼ 0.23% ) is also in the running. So much so that Jefferies' price target of $115 is a whopping 90% higher than Friday's close. Not only are 52% of its revenues international, but 15% also come from China. A weak dollar would also give it the edge over European competitors like Adidas $ADDYY ( ▼ 1.22% ) and Puma $PUMSY ( ▼ 2.82% ).

Pass the Buck

Netflix $NFLX ( ▲ 0.37% ) is another company with a capacity for strong non-US cash generation. According to Bullfincher, just 44% of its revenues came from the US and Canada.

Each day brings new analyst ideas on how to make the most of these unusual times. In this case, Jefferies is banking on the smart money being made abroad.

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POWER SURGE IN THE GEM STATE

Underrated Utility, Unusual Growth

Idacorp $IDA ( ▼ 0.55% ), the regulated electric utility based in Boise, is quietly drawing attention.

Serving around 650,000 customers across southern Idaho and eastern Oregon, the company is projecting annual demand growth of 8.3% over the next five years, per a recent Barron’s article. That’s a sharp jump from the roughly 1% growth seen in the past.

Idacorp generates most of its electricity, with over half coming from inexpensive hydropower. That allows it to keep customer rates below 10 cents per kilowatt-hour — roughly a third of what’s paid in the Northeast. With cheap power and a growing customer base, the pieces are in place for stronger performance.

Mizuho analyst Anthony Crowdell has an Outperform rating and a $124 price target on the stock, higher than the $119 it closed at on Friday. John Bartlett of Reaves Asset Management says the company is growing faster than any other utility in the country, setting the stage for long-term upside.

Room to Rerate

Even with that growth outlook, Idacorp isn’t trading like a high-growth utility. The stock currently sits at about 17x projected 2027 earnings, well below names like Constellation Energy $CEG ( ▼ 2.79% ), which trades at a much higher multiple thanks to more aggressive expansion.

Bartlett thinks earnings could come in stronger than expected as generation capacity scales up. Crowdell adds that a valuation “rerate” could be in play if the growth trajectory holds.

For now, the stock also offers a 3% dividend yield, roughly in line with peers. That mix of income and projected growth could support near-double-digit total returns annually, per Wall Street Analysts.

Investing for the Future

To keep pace with rising demand, Idacorp is planning a major spending push — $5.6 billion over the next five years, double what it spent between 2020 and 2024. The investments will go toward new-generation facilities and upgraded transmission infrastructure as the company works to meet its expanding customer base.

Siebert Williams Shank analyst Christopher Ellinghaus has a Buy rating and a $129 price target on the stock. He points to Idacorp’s slate of upcoming projects aimed at supporting “some of the fastest prospective electricity customer, sales…and rate base growth in the industry.” The company also raised $575 million earlier this month through an equity sale to help fund these initiatives.

There are still risks. Utility stocks are often sensitive to rising bond yields, and regulatory delays can slow revenue growth. But with a rate case filing expected soon and active efforts to improve cost recovery, Idacorp is potentially positioning itself for sustainable long-term gains.

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CUMMINS UP

Revving Growth Engine

Goldman Sachs $GS ( ▲ 1.33% ) has upgraded the power solutions company, Cummins $CMI ( ▲ 0.05% ), from Neutral to Buy. Analyst Jerry Revich sees significant upside in the business that, amongst other things, designs and manufactures engines and power systems.

Revich revved the Cummins growth engine in a note to clients this week, increasing his price target from $410 to $431, a 34% upside on this week's close.

The move reflects Goldman Sachs' optimism about the whole machinery sector, which it says is turning upwards for the first time in three years.

Dream Machine

Cummins' Power Systems segment is already doing well, driven largely by a surge in data center demand. Revich thinks there'll be growth in other areas too, which will boost profitability.

He also highlighted reduced risks around meeting EPA 2027 emissions regulations. Cummins recently unveiled some innovative solutions that keep trucks compliant without additional maintenance burdens.

Cummins is also investing $1 billion in its US manufacturing capacity. As such, it could be well positioned to benefit from the government's efforts to boost domestic production.

Manufacturing Success

Cummins Q1 results in May beat earnings estimates. However, the company withdrew its 2025 guidance because of concerns about how tariffs might impact the economy.

Analyst consensus is cautious. Per the Wall Street Journal, 14 out of 24 say it's a Hold. A further 9 have it at a Buy or Overweight and 1 thinks it's a Sell.

Cummins looks well-positioned to power on through uncertain times. But as the company itself is all too aware, it wouldn't take much to throw a wrench in the machine.

LAST WEEK’S POLL RESULTS

Are you playing offense or defense in today's economy?

▇▇▇▇▇▇ ⛹️‍♀️ Offense

▇▇▇▇▇▇ 🤼‍♂️ Defense

And, in response, you said:

• 🤼‍♂️ Defense — 

  • “Not my usual, but concerned about investing right now.”

  • “Stock market still overvalued, and tariffs will end up higher than they were before Trump, which will likely lead to higher inflation. Plus the Republican budget adds trillions to the deficit.”

  • “Instability is never a time to be aggressive unless you're inside the chaos agents head, and that's not someplace I ever want to be.”

Are you bullish or bearish on SAP $SAP ( ▼ 0.16% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐻 Bearish — “P/E of 50 is too high for accountability software.”

Are you bullish or bearish on Group 1 Automotive $GPI ( ▼ 0.63% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “New car prices keep going up, the average Pilgrim can't afford it. Second-hand good running cars will be the norm.”