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Anthony Valentini

Vice President and Equity Analyst at Goldman Sachs

Anthony Valentini is a Vice President and Equity Analyst at Goldman Sachs, specializing in the industrials sector with an emphasis on aerospace and defense companies such as Rocket Lab, Planet Labs PBC, Leonardo DRS, and AeroVironment. He covers a range of U.S. and Canadian stocks, and his most recent investment calls include Buy ratings on CAE and Leonardo DRS, along with Neutral stances on Rocket Lab and Planet Labs. Over the past year, Valentini has delivered a 50% success rate and an average return per rating of 2.4%, with his strongest call generating a 15.7% gain on Kratos Defense & Security Solutions. He began his career after graduating from Clemson University in 2014, joined Goldman Sachs in 2020 as an Equity Analyst, and was promoted to Vice President in 2022.

Anthony Valentini's questions to CME GROUP (CME) leadership

Anthony Valentini's questions to CME GROUP (CME) leadership • Q3 2025

Question

Anthony Valentini asked about collateral balances, the impact of the 30% cash minimum on client allocation decisions, and the update on balances for the third quarter and current standing.

Answer

Lynne Fitzpatrick, CFO, CME Group, reported that average cash collateral in Q3 was $135 billion (earning 33 basis points) and non-cash was $156 billion (earning 10 basis points). In early October, cash was $134 billion and non-cash was $164 billion. She noted that cash collateral remained above the 30% minimum at about 46% in Q3, indicating customer allocation decisions and potential for future optimization.

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Anthony Valentini's questions to CME GROUP (CME) leadership • Q3 2025

Question

Anthony Valentini asked about collateral balances, specifically how the 30% cash minimum is affecting client allocation decisions, and provided an update on Q3 and current collateral levels.

Answer

Lynne Fitzpatrick, CFO, reported that average cash collateral in Q3 was $135 billion (earning 33 basis points) and non-cash was $156 billion (earning 10 basis points). She noted that cash balances remained steady into October at $134 billion, with non-cash ticking up to $164 billion. Cash collateral was about 46% of the total, indicating clients are holding more than the 30% minimum, which she attributed to customer decisions and potential optimization over time.

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Anthony Valentini's questions to AeroVironment (AVAV) leadership

Anthony Valentini's questions to AeroVironment (AVAV) leadership • Q1 2026

Question

Anthony Valentini asked about the impact of increased competition on AeroVironment's drone business, particularly regarding pricing for products like Switchblades, and whether the 'American drone dominance' initiative could lead to margin pressure over time.

Answer

Chairman, President, and CEO Wahid Nawabi stated that AeroVironment is accustomed to competition and views the market focus as a positive sign of growth. He highlighted the company's competitive differentiators, including decades of experience, ability to deliver at scale, and unique manufacturing capacity. Executive VP and CFO Kevin McDonnell added that AeroVironment's products offer significant value, with pricing pressure more likely at the low end of the market.

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Anthony Valentini's questions to AeroVironment (AVAV) leadership • Q1 2026

Question

Anthony Valentini asked about increased competition stemming from the emphasis on 'American drone dominance' and its potential impact on pricing, particularly for products like Switchblades, and whether this could lead to margin compression over time.

Answer

Chairman, President, and CEO Wahid Nawabi acknowledged the focus on American drone dominance and stated that competition is not new to AeroVironment, which has a long track record of leadership. He emphasized the company's strong portfolio, unique competitive advantages in manufacturing capacity, and ability to deliver at scale for urgent demands. Executive Vice President and CFO Kevin McDonnell added that AeroVironment provides cost-efficient products, and pressure would likely be more on the low-end market, not their Group 2 and above categories.

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Anthony Valentini's questions to AeroVironment (AVAV) leadership • Q1 2026

Question

Anthony Valentini inquired about increased competition in the drone market due to the emphasis on 'American drone dominance' and how this might impact pricing and margins for products like Switchblades.

Answer

Wahid Nawabi, Chairman, President, and CEO, acknowledged increased market focus and competition, stating AeroVironment is accustomed to it and has consistently led. He highlighted AV's competitive differentiators, including decades of delivery, scalable manufacturing, and tens of thousands of systems fielded. Kevin McDonnell, Executive VP and CFO, added that AV offers cost-efficient products and that competitive pressure is more likely at the low end of the market, not in AV's Group 2 and above categories.

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Anthony Valentini's questions to Rocket Lab (RKLB) leadership

Anthony Valentini's questions to Rocket Lab (RKLB) leadership • Q2 2025

Question

Anthony Valentini asked if Rocket Lab would consider introducing a new launch vehicle in the future, either larger than Neutron or in between the size of Electron and Neutron.

Answer

CEO Sir Peter Beck stated there are no current plans for a new vehicle. He sees no significant market opportunity between Electron and Neutron. While he believes Neutron is accurately sized for the market, he noted that its 7-meter diameter architecture is inherently scalable, providing flexibility to develop a larger vehicle in the future if market dynamics were to drastically change.

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Anthony Valentini's questions to Rocket Lab (RKLB) leadership • Q3 2024

Question

Anthony Valentini asked if Rocket Lab could capture business from Amazon Kuiper's launch needs, whether the Space Systems segment is profitable, and if the 2025 Neutron test flight would generate revenue.

Answer

CEO Peter Beck responded to the Kuiper question by reiterating that launch demand is not a concern for the company. CFO Adam Spice clarified that while they don't report segment-level profitability, the vast majority of the company's cash consumption is from Neutron development. He also confirmed the 2025 Neutron test flight will not have associated revenue, but they are exploring ways to offset its cost via 'contra R&D'.

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Anthony Valentini's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership

Anthony Valentini's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership • Q2 2025

Question

Anthony Valentini from Goldman Sachs asked for details on the Marine Corps program of record process, the timeline for the GEK and Prometheus JVs to reach a billion-dollar valuation, and an update on large training programs.

Answer

CEO Eric DeMarco declined to comment on the Marine Corps program beyond public information. He projected both the GEK and Prometheus ventures could become material in the 2028-2029 timeframe and achieve billion-dollar valuations once in full production. Regarding large training programs, he simply advised to 'Standby.'

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Anthony Valentini's questions to Planet Labs PBC (PL) leadership

Anthony Valentini's questions to Planet Labs PBC (PL) leadership • Q1 2026

Question

Anthony Valentini of Goldman Sachs asked for an update on management's prior commentary that revenue growth next year was expected to be "at least double."

Answer

President & CFO Ashley Fieglein Johnson confirmed that the company's forward-looking targets are unchanged. She pointed to the significant growth in backlog and strong sales performance as providing the necessary foundation to achieve sustained and accelerated growth, reaffirming the sentiment from the previous quarter.

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Anthony Valentini's questions to Planet Labs PBC (PL) leadership • Q4 2025

Question

Anthony Valentini asked about the strategy to improve the net dollar retention rate (NDRR) to industry-leading levels and whether the focus on large new customers could be a temporary headwind to that metric.

Answer

CFO Ashley Whitfield Johnson outlined that the core strategy is to build solutions that embed Planet's data into customers' core operational workflows. This deep integration accelerates time-to-value and is expected to drive stronger retention and expansion rates. The company's vertical market alignment ensures product development is closely tied to solving customer challenges, which supports this goal.

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Anthony Valentini's questions to Planet Labs PBC (PL) leadership • Q2 2025

Question

Anthony Valentini, on for Noah Poponak at Goldman Sachs, asked if Planet is involved in the NGA's Economic Indicator Monitoring (EIM) program and whether the new Tanager satellite's capabilities make Planet's bids for successor programs more competitive.

Answer

CEO Will Marshall clarified that the EIM program has been succeeded by a new vehicle called Luno, for which Planet is pursuing opportunities that fit its differentiated offerings. He stated that Tanager's hyperspectral capabilities '100%' open up new possibilities and are a 'machine learning field day,' but noted that the Luno program is currently more focused on traditional multispectral imagery, making Tanager a medium-to-long-term play for that specific opportunity.

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