FINWIRES · TerminalLIVE
FINWIRES

摩根士丹利称，泰瑞达业绩反映出预期问题，人工智能网络前景趋于平稳。

By

-- 摩根士丹利周四在一份报告中指出，泰瑞达（TER）的业绩反映的是“预期问题”，而非业绩不及预期。尽管硅光子学/共封装光学器件的中期市场规模预计将增长至3亿至7亿美元，但投资者对人工智能网络及相关测试机会的乐观情绪仍需谨慎对待。 然而，该券商表示，市场对网络技术的预期需要降低，并补充说，泰瑞达声称其市场份额与竞争对手爱德万测试（Advantest）持平的说法“令人沮丧”，尤其考虑到网络技术历来是该公司的优势领域。 摩根士丹利还对英伟达（NVDA）GPU的机遇持谨慎态度。报告指出，尽管泰瑞达已获得初步的生产测试订单，但长期规模和市场份额的增长仍存在不确定性，且尚未完全反映在投资者的预期中。 泰瑞达(Teradyne)调整了其2026年营收预期，将全年营收预期下半年占比略微提高，预计全年营收为41.4亿美元至45.1亿美元。下限反映了人工智能数据中心建设可能出现的波动，而上限则假设计算、网络和内存需求将持续强劲增长。 摩根士丹利将泰瑞达2026年的营收和每股收益预期分别从47.3亿美元和7.25美元上调至47.5亿美元和8.03美元。同时，摩根士丹利还将泰瑞达2027年的营收和每股收益预期分别从63亿美元和11.05美元上调至63亿美元和11.37美元。 摩根士丹利将泰瑞达的目标股价从376美元上调至387美元，并维持“中性”评级。 周四，泰瑞达股价上涨超过14%。

Price: $350.14, Change: $+43.81, Percent Change: +14.30%

Related Articles

Research

Research Alert: CFRA Reiterates Sell Opinion On Shares Of Hilton Worldwide Holdings Inc

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 price target by $9 to $293, or 32x our 2026 EPS estimate (unchanged) and in line with shares' five-year average forward multiple. We raise our 2026 EPS estimate to $9.16 from $8.88 and lower 2027's to $10.03 from $10.20. Following Q1 results that beat expectations and included raised guidance, we maintain our 2-STARS (Sell) rating. U.S. RevPAR performance broadened from primarily luxury and upper upscale segments to include more meaningful midscale contribution, which management attributes to the return of middle- and low-income consumers. However, we note Q1 results also included ADR deceleration, particularly among luxury hotels, which historically drive significant profit contribution. HLT's Q2 EBITDA guidance of $1,015-$1,035 million being below the $1,081 million consensus suggests luxury pricing power is weakening faster than midscale volume can offset. While the broadening demand trend is positive, we believe slowing luxury tailwinds limit upside at current valuation levels.

$HLT
Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Universal Health Services

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month price target to $200 from $243, reflecting an 8.7x multiple of our 2026 EPS estimate, below peer multiples and a discount to UHS's five-year historical forward average of 11.9x. We lower our 2026 EPS forecast to $22.95 from $23.39 and cut our 2027 view to $25.48 from $25.67. Q1 inpatient volumes were flat on a same-facility basis, with seasonal headwinds from unfavorable winter weather and a milder flu/respiratory illness period. The recent expiration of ACA EPTCs also posed challenges, as UHS estimates a near 5% drop in ACA adjusted admissions relative to Q1 2025. UHS maintained its prior forecast of a 25%-30% decline in ACA exchange volumes during the full year, which represented around 6% of the acute care business adjusted admissions in 2025 and under 5% of the acute care segment revenues. UHS anticipates a $75M pre-tax earnings hit in 2026 from these developments, unchanged from prior guidance.

$UHS
Asia

Shenghe Resources' Q1 Profit Jumps 94%, Revenue Climbs 13%

Shenghe Resources' (SHA:600392) net profit attributable to shareholders in the first quarter jumped 94% to 327.3 million yuan from 168.3 million yuan a year earlier, according to a Shanghai bourse filing on Thursday.Earnings per share rose year on year to 0.1867 yuan from 0.0960 yuan.The Chinese rare earth miner's operating revenue climbed 13% to 3.38 billion yuan from 2.99 billion yuan in the previous year.

$SHA:600392