FINWIRES · TerminalLIVE
FINWIRES

モルガン・スタンレーは、Spotifyの技術は規模拡大とエンゲージメント向上を通じて成長を牽引すると予測している。

-- モルガン・スタンレーは月曜日のレポートで、Spotify Technology（SPOT）が、ユーザーがプラットフォームをよりインタラクティブに利用できる方法を継続的に追加していることから、2026年には有料会員数が3億人を突破すると予測していると述べた。 また、粗利益率は2027年には30%台半ばまで上昇すると見込んでいる。 モルガン・スタンレーは、最近の製品イノベーションの例として、動画コンテンツの拡充、アルゴリズム制御、ミキシングツール、コンサートチケット販売のためのリードジェネレーション強化などを挙げた。 アナリストらはまた、同社が4年ぶりに開催する投資家向け説明会で、AI化が進む世界における製品改善の「具体的な事例」が投資家に提示されると予想している。 モルガン・スタンレーは、Spotifyの米国における最近の価格引き上げ、およびYouTube PremiumとYouTube Musicの価格引き上げは、業界全体の価格設定にとってプラス要因であると指摘した。 モルガン・スタンレーはSpotify Technologyの投資判断を「オーバーウェイト」に据え置き、目標株価を650ドルから630ドルに引き下げた。 Spotify Technologyの株価は月曜日の取引で3.9%上昇した。

Price: $494.73, Change: $+18.74, Percent Change: +3.94%

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