-- 水曜日の正午、欧州株式市場は小幅安で推移した。トレーダーらは決算発表シーズンを注視するとともに、イランとワシントンの和平協議の行方を見守っていた。 欧州市場では不動産株とハイテク株が上昇を牽引した一方、銀行株と石油株は出遅れた。 高級小売株は、高級品販売大手エルメスとケリングの四半期決算が期待外れだったことを受け、反落した。両社は中東情勢の影響で売上高が一部抑制されたと報告している。エルメス株は正午時点で8.2%安、ケリング株は9.9%安となった。 投資家はまた、アジア市場の終値が上昇したことを受け、ウォール街の先物取引が横ばいとなることを注視した。 経済ニュースでは、ユーロスタットの発表によると、2月のユーロ圏およびEU全体の季節調整済み鉱工業生産は前月比0.4%増加した。前年同月比では、ユーロ圏は0.6%減、EU全体では0.1%減となった。 欧州主要株価指数であるStoxx Europe 600指数は、取引時間中盤で0.1%下落した。 Stoxx Europe 600テクノロジー指数は0.3%上昇、Stoxx Europe 600銀行指数は0.3%下落した。 Stoxx Europe 600石油・ガス指数は0.2%下落、Stoxx Europe 600食品・飲料指数は0.1%下落した。 欧州REIT指数であるREITEは0.4%上昇した。 各国の主要株価指数では、ドイツのDAX指数は横ばい、ロンドンのFTSE 100指数は0.1%上昇した。パリのCAC 40指数は0.6%下落、スペインのIBEX 35指数は0.5%下落した。 ドイツ10年国債の利回りは3.03%付近で、やや上昇した。 北海ブレント原油の期近先物価格は1.4%上昇し、1バレル96.12ドルとなった。 ユーロ・ストックス50指数の変動率は2.1%上昇し、21.07となった。これは今後30日間の欧州株式市場の変動率が平均を上回ることを示しており、ネガティブなシグナルである。20を上回る数値は市場の不安定化を、20を下回る数値は市場の落ち着きを示唆する。
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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.
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.