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加拿大帝國商業銀行(CIBC)在Linamar第一季業績公佈後，將目標股價從105加幣上調至110加幣。

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-- 在Linamar（LNR.TO）週三公佈第一季業績後，加拿大帝國商業銀行資本市場（CIBC Capital Markets）維持了對該公司股票的「跑贏大盤」評級，並將目標價從105加元上調至110加元。 CIBC表示，Linamar第一季業績“遠超預期”，除受232條款關稅調整的影響外，其業績“正朝著”LNR最初的預期穩步邁進。 CIBC指出：「關稅的額外影響導致工業和綜合利潤率預期下調，但這兩個業務板塊強勁的銷售前景推動我們小幅上調了年度營業收入（AOI）預測，並將目標價從105加元上調至110加元。我們認為這很可能只是執行其基本面的利潤2026年預期EBITDA的3.8倍），我們維持“跑贏大盤”評級。 加拿大帝國商業銀行 (CIBC) 表示，行動出行業務的強勁銷售成長主要得益於近期收購、新業務拓展以及現有項目的銷售成長。 CIBC 指出：“管理層仍然看到許多潛在的困境企業併購機會，尤其是在歐洲。” CIBC 表示，工業板塊的優異表現主要得益於 Skyjack 市場份額的持續增長，其銷量同比增長 66%，這主要得益於創新以及人工智慧相關建設項目的需求。 CIBC 也指出：「受農民信心疲軟的影響，農業業務持續下滑，但公司注意到被壓抑的需求、經銷商庫存水平更加平衡以及下半年可能出現的紓困金利好因素。」 “LNR 預計 2026/2027 年無障礙市場將溫和增長，而北美農業市場預計在 2026-20%”。 CIBC 表示，232 條款鋼鋁關稅的變化從第二季度開始對工業業務的利潤率產生“負面影響”，但對移動出行業務沒有影響。加拿大帝國商業銀行 (CIBC) 預計，該業務板塊的利潤率將面臨約 300 個基點的下行壓力，但這一數字尚不確定，且可能隨時變動。 CIBC 補充說：“該指南反映了已採取的緩解措施，但 LNR 仍在探索各種替代方案。重點在於低成本、低投入的措施，LNR 目前不考慮轉移生產。”

Price: $96.50, Change: $+5.84, Percent Change: +6.44%

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