-- ジェフリーズは火曜日のレポートで、オリカ（ASX:ORI）の北米および西オーストラリアにおける最近の供給問題は「管理可能」であると述べた。 同社は北米において、近い将来、代替硝酸アンモニウムの調達に困難に直面すると予想され、グローバルな供給拠点からの原材料輸入に多額の費用を投じる必要があり、2027年以降は年間約3,000万ドルのコスト増が見込まれる。 しかしながら、ジェフリーズは、インドネシアが石炭生産目標を20%引き上げたことを受け、アジア太平洋地域の見通しが改善したことを反映し、2026年度から2028年度までのEBIT（金利・税引前利益）予想を2%引き上げた。 さらに、ロシアの硝酸アンモニウム生産量削減は、カナダとオーストラリアにおける同社の生産に恩恵をもたらすだろう。 ジェフリーズはオリカの投資判断を「買い」に据え置き、目標株価を24.04豪ドルとした。 オリカの株価は水曜日の正午の取引で約2%上昇した。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
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$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
Research
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