-- インドの主要株価指数は木曜日、一部大型株の利益確定売りが序盤の楽観ムードを相殺し、小幅安で取引を終えた。 BSEセンセックス指数は122.56ポイント（0.2%）下落し、77,988.68で引けた。NSEニフティ50指数は34.55ポイント（0.1%）下落し、24,196.75で引けた。 米イラン間の緊張緩和を目指す第2回協議への期待感は、市場心理をやや支えた。しかし、協議の時期に関する不確実性が投資家の慎重姿勢を維持させた。 マクロ経済面では、水曜日遅くに発表された政府データによると、インドの卸売物価指数（WPI）は3月に3.88%上昇し、2月の2.13%から上昇した。また、3月の財・サービス輸出は前年同月比4.58%減の741億1000万ドルとなった。 個別銘柄では、HDFCアセット・マネジメント（NSE:HDFCAMC、BOM:541729）が、2026年度第4四半期の連結純利益が前年同期の63億8000万ルピーから62億3000万ルピーへとわずかに減少したと発表した。同社の提出書類によると、営業収益は90億1000万ルピーから105億ルピーに増加した。 アレンビック・ファーマシューティカルズ（NSE:APLLTD、BOM:533573）は、メトトレキサート注射剤の複数回投与用バイアルと単回投与用バイアルの両方について米国FDAの承認を取得したことを受け、株価が上昇した。この薬剤は、がん治療のほか、関節リウマチや乾癬などの自己免疫疾患の治療にも用いられる。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
$HIG
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Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Baker Hughes
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $14 to $82, reflecting a combination of our sum-of-the-parts (SOTP) and DCF models. For our SOTP model, we presume the oilfield services business (about 50% of BKR's franchise) to be valued at about 10x projected 2027 EBITDA (in line with major peers) and its industrial energy technology business (the other 50%) valued at 14x projected 2027 EBITDA (in line with the peer median). This blended approach, yielding a 12x multiple, implies a value of $73 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5% per year, terminal growth of 2.5%, discounted at a WACC of 6.3%, yields intrinsic value of $91 per share. We cut our 2026 EPS estimate by $0.47 to $2.48, but we raise 2027's by $0.07 to $3.24. We acknowledge that the oilfield services business is likely to struggle in 2026 owing to the U.S.-Iran conflict, but the IET business appears quite robust and likely to be a source of both accelerating revenue growth and margins.
$BKR
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Research Alert: CFRA Maintains Hold Opinion In Shares Of Wab
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target to $285 from $275 following WAB's Q1 earnings print, valuing shares at 24.2x our 2027 EPS outlook of $11.76 (revised from $11.46; 2026 EPS estimate up to $10.57 from $10.50), a slight premium to WAB's long-term historical multiple average given structural improvements in earnings quality. While we are cautious on signs of overcapacity in the freight market, an elevated order backlog (12-month sits at over $9 billion), internal initiatives to shore up margins, and potential synergies from M&A activity positions WAB to continue growing earnings at double-digit rates in 2026-2027, in our view. Despite tariff-related cost pressures, WAB has done a commendable job of defending margins via a mix of pricing, lean manufacturing, and pruning of lower-profit operations. Q1 results were mixed but overall positive, in our view. We maintain our Hold recommendation on shares.
$WAB