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.

COVID-19 Consumer Survey Tracker

Cowen Research shares the results from the latest COVID-19 Consumer Survey, a recurring monthly survey of 2,500 U.S. consumers. They share updates on vaccine expectations, consumer sentiment around returning to bars and restaurants, air travel and hotels.  In addition, they highlight behavior…

COVID-19 Impact on Elective Procedures

The Cowen Insight 30 U.S. hospital administrators provided their level of optimism for the recovery of U.S. elective procedures. Their responses imply sequential volume improvements throughout 2020, but most (~70%) forecast a full recovery in 2021. The survey results appear relatively positive for MedTech in the short term, but not fully in-line with the…

COVID-19 Discussion with Dr. David Katz

Dr. David Katz is president of True Health Initiative and the founding director of the Yale-Griffin Prevention Research Center, a CDC Prevention Research Center THE COWEN INSIGHT As part of Cowens COVID-19 Virtual Conference Series, we hosted Dr. David Katz to discuss his proposed ideas around the risk-stratification of members of the population as it relates…

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.

COVID-19 Impact on Medical Technology Spending

Click here for updated data on the impact of COVID-19 on medical technology spending. The Cowen Insight To judge COVID-19s impact on U.S. hospital capital spending, we surveyed 30 hospital administrators whose duties include helping to manage capital budgets. Our survey findings point to a recovery timeline of about 12 months, which is approximately six…

Updated Survey: Impact of COVID-19 on Medical Technology Spending

THE COWEN INSIGHT Our latest survey of hospital administrators suggests that U.S. hospital capital spending will return to historical levels by mid- to late 2021. These findings suggest a slower-than-expected path back to historical capital spending levels. It also contrasts with industry commentary depicting all of 2021 as normal. We think companies will need to offer…

We Expect COVID-19 to Accelerate TV’s Advertising Problem

The Cowen Insight COVID-19 will impact media companies in temporary and permanent ways. The business outcomes for different media ecosystem players range from little to no impact, to temporary/transitory business pressure, to permanently lower growth. In the latter category, we expect TV advertising to suffer a significant and relatively permanent decline as digital share gains…

Why We Are Optimistic on COVID-19 Vaccines and Therapeutic Antibodies

THE COWEN INSIGHT One or more vaccines may be approved for emergency use in Q4’20, but access for the general population is the more relevant economic catalyst. That’s likely to occur in H1/mid-’21. Antibody therapies will have major role supplementing vaccines. We expect both modalities to generate significant revenue in FY21 ($3B and $2.9B, respectively). Transitioning From…

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