-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。目標株価を170ドルから137ドルに引き下げます。これは、2027年のEPS予想11.44ドル（過去3年間の平均PERを下回る）に基づき、予想PERを12倍としたものです。2026年のEPS予想を10.66ドルから10.69ドルに、2027年のEPS予想を11.32ドルから11.44ドルにそれぞれ引き上げます。CDWは2026年第1四半期に好調な業績を発表し、純売上高は前年同期比9.2%増（為替変動の影響を除くと8.4%増）の56億8000万ドルとなり、市場予想を上回りました。売上高の好調は、金融サービス（+28.2%）と法人向けサービス（+8.4%）の大幅な拡大による商業部門（+9.6%）の力強い成長によるものです。しかしながら、売上総利益率は60ベーシスポイント低下し、21.0%となりました。短期的にはマクロ経済リスクが高まっているものの、経営陣は通期業績見通しを市場平均を200～300ベーシスポイント上回る水準、非GAAPベースのEPS成長率を中一桁台後半とする見通しを維持しました。また、多様な事業ポートフォリオ、受注残高、コスト効率化への取り組みなど、その他の好材料や潜在的なリスク相殺要因も確認しています。現在の株価水準は、リスク・リターン比率が魅力的であると当社は考えています。したがって、CDWの投資判断は「買い」を維持します。
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