Cowen Research Publishes Annual Themes Outlook
12 Dezembro 2022 - 8:45AM
Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”), today
announced the release of Themes 2023. This annual handbook,
assembled by the Company’s Research department, identifies themes
in which Cowen’s collaborative approach and sector knowledge
provide insights into the policies, trends and developments that
are shaping industries. As in previous years, Themes 2023 builds
off Cowen’s flagship Ahead Of The Curve® Series, the
preeminent equity and policy research product for institutional
investors and corporate decision makers. Themes 2023 can be
accessed
THEMES TO WATCH.
Robert Fagin, Cowen’s Global Head of Research noted, “Cowen’s
Themes publication leverages our analytical expertise and
proprietary research and is one of Cowen’s most anticipated
publications each year. Our signature collaborative approach
provides crucial insights and perspective. Cowen has made the
integration of ESG and sustainability factors central to our
research agenda, investing heavily in our team and data
capabilities to help investors separate hype from
investability.”
Each theme featured is accompanied by corresponding Cowen
reports and events that readers can reference for additional
background and depth.
“2022 marked another year of global disorder, leading to
disruptions across multiple industries. Inflation has also surged,
driven by product shortages resulting from global supply chain
challenges, strong consumer demand, and low unemployment. Numerous
geopolitical rifts and elections further increased market tension
and uncertainty,” said Bill Bird, Cowen’s Head of Thematic Content.
“Amidst this tumultuous environment, Cowen Research has sought to
be a reliable and consistent source of stable and prescient
thematic research. Our fundamental analysts work together to
identify cross-sector themes, and rise above the noise to spot
opportunity and risk. In addition, we incorporate input from our
policy experts at Cowen’s Washington Research Group to provide
unique views on the impact of regulatory and political
agendas.”
The table below summarizes the 14 areas of focus addressed in
Themes 2023.
THEME |
SUMMARY OF COWEN’S INSIGHT |
Deglobalization & Reglobalization |
The world is at the advent of a new era of economic statecraft,
which will have broad implications for trade patterns and capital
flows, mobility, control over critical technology inputs, energy
costs, and margins. Nations are focused on securing critical supply
chains. New legislation in the U.S., for example, will support
significant domestic technology innovation and investment. |
Supply Chain |
Geopolitical and COVID-induced disruptions are reshaping supply
chains. Cowen sees a paradigm shift with dramatic reshoring,
favorable implications for North American transportation and
logistics, robotics and automation, and autonomous trucking. |
Energy Transition |
Cowen believes global efforts to achieve greenhouse gas reductions
and energy independence will result in numerous energy transition
pathways. We see opportunities in lithium, electric vehicle
charging, small modular nuclear reactors, and bridge fuels such as
renewable diesel. Unprecedented levels of new, U.S. investment will
benefit multiple sectors, including solar, clean hydrogen, carbon
capture and sequestration, grid infrastructure, and battery
manufacturing. |
Inflation & The Consumer |
Cowen’s proprietary surveys and data show some signs of inflation
moderation. At the same time, a tight labor market remains an
issue, and it is reasonable to believe that some components of
inflation will be part of the “new normal,” including the adoption
of ESG standards, deglobalization and reshoring, and energy
independence.We see a bifurcated consumer market in which
low-income and middle-income consumers feel the highest pressure.
Financial conditions for this cohort could certainly worsen if Fed
tightening drives unemployment. |
Mobility |
The $7 trillion transportation industry is ripe for transformation.
We see value shifting to semiconductors, sensors, and battery
materials. We also see the adoption of EVs continuing to rise as
choice for consumers increases, battery range improves, tax credits
elevate, and charging infrastructure becomes more robust. Access to
lithium for batteries is an acute issue, and securing supply will
be critical. |
Therapeutics, Tools & Digital Innovation |
Innovation in the biotech industry has shown no signs of slowing,
and Cowen believes that artificial intelligence and synthetic
biology tools hold the potential to further accelerate the pace of
innovation. Cowen predicts that 2023 will see a surge of data,
trial starts, and commercial milestones. |
Technology Innovation |
Cowen sees several technologies ushering in the next wave of
disruptive growth and innovation, including quantum computing,
compound semiconductors, customer data platforms, data-driven drug
discovery, and web 3.0 payments solutions. |
Robotics & Automation |
Cowen believes robotics is set for increased adoption and will play
a multi-faceted role, including in hardening supply chains.
Robotics will also increasingly be used as tools to fight climate
change, drive human productivity, increase revenue growth, and
address structural labor market tightness. |
Digital Assets |
Cowen believes crypto and digital asset platforms will come under
increased regulatory scrutiny and that companies with the most
advanced compliance infrastructure will be advantaged. We see
particularly promising crypto use cases in global remittance, where
fees reached $50 billion in 2022. |
Future of Health Care Delivery |
Cowen believes payment model innovation, site-of-care delivery
transformation, and the digital data revolution are three
investable health care mega-trends. We expect our value-based care
consolidation thesis will continue to play out after this year’s
stock corrections. |
ESG |
Despite challenges in 2022, global investors’ scrutiny of ESG
factors continues to grow. Going forward, we see greater focus on a
wider range of ESG considerations and the factors deemed material
to driving long-term value. Cowen also sees increased ESG reporting
standardization being driven by regulators. |
Future of Public Health |
In Cowen’s proprietary surveys of medical experts, only half of
respondents believed we are better prepared for future pandemics.
In the U.S., pandemic preparedness will be elevated as a strategic
priority, and processes at agencies like the CDC will be
revamped. |
Future of War |
Russia’s acceleration of its war with Ukraine has led to
governments rethinking their spending priorities. For example, in a
push to develop next-generation weapons like hypersonic missiles
and space-based systems, U.S. Department of Defense spending on
research & development is surging to its highest level in 70
years. Cybersecurity and biosecurity are additional areas seeing
dramatic spending increases. |
Cannabis |
Cowen believes there remains a significant opportunity to
transition a large illicit market that is currently two times
larger than the legal market. We believe deflationary pressures
could persist for another year but that the industry can weather
its growing pains through continued expansion into new adult-use
markets, consolidation, and incremental regulatory relief. We see
U.S. federal legalization of cannabis as a question of “when,” not
“if.” |
For more information and to read the Cowen 2023 themes report,
please click THEMES TO WATCH.
About Cowen ResearchCowen’s research department
has 64 senior analysts covering 970 securities across multiple
sectors including industrials, consumer, energy and sustainability,
health care, technology, media & telecom, and cross-asset, as
well as a deep Washington policy team. All of our analysts
incorporate robust ESG analysis in their research process. Cowen
was named winner of “Best ESG Research” at the ESG Investing Awards
2022, the world’s leading awards celebrating excellence in
Environmental, Social and Governance (ESG) research, ratings, funds
and products.
About Cowen Inc.Cowen Inc. (“Cowen” or the
“Company”) is a diversified financial services firm offering
investment banking services, equity and credit research, sales and
trading, prime brokerage, global clearing, commission management
services and actively managed alternative investment products.
Founded in 1918, the firm is headquartered in New York and has
offices worldwide. Learn more at Cowen.com.
© 2022, COWEN INC., ALL RIGHTS RESERVED. COWEN AND COMPANY, LLC:
MEMBER FINRA, NYSE AND SIPC
Media Contacts:Gagnier CommunicationsDan
Gagniercowen@gagnierfc.com 646 569 5897
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