FINWIRES · TerminalLIVE
FINWIRES

モルガン・スタンレーは、第1四半期の業績が予想を上回ったことを受け、SEIインベストメンツがAI関連銘柄の中で純利益を上げる企業になるとの見方を示した。

-- モルガン・スタンレーは木曜日のレポートで、SEIインベストメンツ（SEIC）は、第1四半期の業績が予想を上回り、力強い利益率拡大と売上高の勢いを裏付けたことから、人工知能（AI）の恩恵を享受する企業であり、「ディスラプション（破壊的変化）」のリスクは低いと評価した。 同社は、1株当たり利益が0.13ドル（約10%）増加し、予想を上回った。売上高は市場予想を約2%上回り、費用は約3%減少した。調整後税引前利益率は32%に達し、「2009年以来」の高水準となった。また、新規売上高は過去最高の6,700万ドルに達した。これは、大手資産運用会社との契約獲得が主な要因であり、さらなる拡大の可能性を秘めた「多様なパイプライン」を反映している、とレポートは述べている。 モルガン・スタンレーは、SEIは、照合、報告、コンプライアンス、アウトソーシングされたバックオフィスサービスなどの分野におけるコスト効率化と生産性向上を通じてAIの恩恵を受ける態勢が整っており、これがさらなる利益率拡大を支える可能性があると指摘した。 投資銀行は、SEIインベストメンツの2026年EPS予想を0.52ドル引き上げ5.87ドルに、2027年EPS予想を0.44ドル引き上げ6.62ドルとした。これは、利益率の向上と緩やかな売上高増加を反映したものである。また、長期的な見通しは引き続き良好としている。 モルガン・スタンレーはSEIインベストメンツの投資判断を「オーバーウェイト」に据え置き、目標株価を108ドルから113ドルに引き上げた。

Price: $90.53, Change: $+5.74, Percent Change: +6.77%

Related Articles

Research

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
Research

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