COVID-19: Freezing Mortgage Payments Counterproductive; Other Options Better

THE COWEN INSIGHT The COVID-19 economic crisis is leading to calls for a mortgage payment holiday so borrowers can skip payments without penalty. We see this as a mistake that would do more harm than benefit. Best option is to buttress stabilizers like immediate unemployment insurance and cash payments so borrowers can still pay. Next…

COVID-19 Virtual Conference

Cowen is hosting a virtual conference that will include a series of panel discussions regarding topics relevant to COVID-19. Topics will range across multiple industries including Health Care, Washington Policy, Consumer, TMT and Industrials as well as Real Estate, Federal Government Response and Employer Preparedness. Please contact your Cowen representative to inquire about an invitation.

The Rapid Ascent of Millennials and Gen Z

The Cowen Insight Our fourth annual proprietary Gen Z and Millennial survey across seven verticals illustrates transformational shifts in spending power and variance in spending preferences. Sustainability, social commerce, and shifts to digital are likely to have profound effects on growth and risk across retail, eCommerce, restaurants, food, cannabis, and payments sectors. Key themes from…

Investors Are Wild About the Pet Industry and There’s No End in Sight — Especially If There Is a Strong Online Component

By Craig Lawson Anything that serves pets food, apparel, bowls, leashes is a good investment and Millennials are driving the surge. Chances are you know someone whose family acquired a “pandemic puppy” to help them weather the Covid-19 lockdowns.Petshave become beloved, pampered family members whose well-being is viewed as an essential household budget item,

Fueling the Future: A Primer on Cell and Gene Therapy Tools

THE COWEN INSIGHT The fast-growing cell and gene therapy (C+GT) space relies on a supportive ecosystem of enabling tools. We view this market as attractive and overlooked despite a $45B+ TAM, robust growth potential, and insulation from the binary risk of clinical success. This primer details our industry-level investment thesis and includes takeaways gleaned through…

Cowen Announces Financial Results for Third Quarter 2021

Reports 3Q21 GAAP Net Income to common stockholders of $36.1 million , or $1.10 per diluted share Economic Operating Income of $43.3 million , or $1.32 per diluted share (Non-GAAP) Record quarter for Capital Markets Advisory and MA Advisory Record share repurchases of $52.4 million , maintained…

Is the Business Jet Demand Equation Changing?

THE COWEN INSIGHT The Covid-driven business jet demand surge is a sign of an extended upcycle thru 2023 longer if the Delta variant persists. Improving pricing and solid volume/mix shifts should yield strong profit/margin gains. Yet, investors havent adjusted to the big change from the sectors lengthy stagnation. Business Jet Sector Exiting Decade-Long Period…

Sustainable Food and Healthy Living: At the Inflection Point

The Cowen Insight We believe we are on the cusp of the most dramatic sea change in consumer behavior in generations, if not ever. Key drivers are: 1) COVID-19 2) Gen-Z, and 3) sustainability. With that, in this report we lay the foundation for our Sustainable Food and Healthy Living coverage. Key investment considerations within…

The Future of Food

Brian Holland, Sustainable Food Healthy Living Analyst shares highlights from his report Sustainable Food and Healthy Living: At the Inflection Point. He speaks about drivers for disruption including COVID-19, Millennials Gen Z, and sustainable food production. He also highlights how these disruptive forces are impacting the sustainable meat dairy, pet, and packaged…

US eCommerce Disruption 4.0: Pandemic Impact Has Staying Power

THE COWEN INSIGHT In our 4th annualeCommercestudy, we find the sector reflecting outsized growth. Our updated USeCommercevertical model suggests eCommerce sales will reach $1TN in ’22, roughly 2 years ahead of our prior estimate. This is likely because COVID-19’s impact on consumer behavior has some permanence. We estimate USeCommercesales of $867BN in 20, +48% y/y.

Sustainable Energy & Industrial Technology Primer

THE COWEN INSIGHT We have created our 364-page, 5th annual comprehensive primer on the Sustainable Energy Industrial Technology sector to assist investors in navigating its complex and varied subverticals. Given the improving unsubsidized economics, healthier demand, and less reliance on government support, we remain bullish on long-term prospects. As renewable energy becomes the most…

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