-- 摩根士丹利在周五發布的一份報告中指出，卡特彼勒（CAT）在持續的宏觀經濟逆風中展現出的卓越執行力，以及高達630億美元的穩健訂單儲備，將繼續支撐其長期增長前景。 摩根士丹利表示，鑑於卡特彼勒強勁的第一季業績以及對其大型往復式引擎產能的投資，該公司上調了近期和長期業績展望。此外，多家超大規模資料中心營運商不斷增長的資本支出也進一步增強了市場信心。 摩根士丹利表示，將卡特彼勒的估值方法調整為多增長階段折現現金流模型，該模型假設2025年至2030年的銷售額複合年增長率為12%，2030年至2040年的複合年增長率為8%，並假設其核心週期性建築或採礦業務不會出現重大下滑，同時保持30%的穩定增量增量。 摩根士丹利將該公司的股票評級從減持上調至中性，並將目標價從 430 美元調整至 915 美元。
Price: $887.85, Change: $-2.26, Percent Change: -0.25%
West Texas Intermediate (WTI) crude oil closed lower Friday as Iran made a new peace proposal, however U.S. President Trump rejected the plan.WTI crude oil for June delivery closed down US$3.13 to US$101.94 per barrel, while July Brent oil was last seen down US$2.177 to US$108.23.Reuters reported Iran offered a new proposal to reach a peace deal with the United States. While details were not disclosed Trump rejected the plan, telling reporters he was not satisfied with the plan. However he confirmed indirect talks mediated by Pakistan are continuing by phone.Oil remains in short supply following the closure of the Strait, the chokepoint for exports from the Persian Gulf nations that accounted for 20% of daily demand. The lack of supply has pushed up crude oil prices by more than half since the Feb.28 start of the war amid shortages of crude oil and refined products, with Nymex gasoline futures up 81% since the war began while supplies of aviation are tightening.The supply crunch comes ahead of the May 23 start to the Memorial Day weekend, the traditional start of the summer driving season, when demand for fuel peaks, which is likely to push prices even higher."With summer demand season quickly approaching, we see a path for oil prices to exceed the 2022 and even 2008 highs, especially as sentiment may finally be shifting on the duration of the Hormuz blockage," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.
GoDaddy (GDDY) reported a "very clean" Q1 and reiterated its full-year outlook even as the stock likely more priced for a guide down, RBC Capital Markets said in a note Friday.The report pointed to positives in the quarter, including bookings for its Applications and Commerce that decelerated in-line to 9% which was expected after last quarter's discounting."Discounting continues but is stable and given the AI concerns,A&C must maintain at least LDD growth rates going forward if the stock is to work," the note said.The report also said margins came in ahead, making the rest of the year look like a lay-up.RBC kept its outperform rating with a price target of $95.Price: $86.93, Change: $+0.13, Percent Change: +0.16%
CIBC Capital Markets reiterated its outperformer rating on the shares of Primaris Real Estate Investment Trust (PMZ-UN.TO) while raising its price target to C$22.00 from C$20.00 on Thursday, following PMZ's first quarter results on Wednesday.PMZ reported Q1 FFO/unit of $0.425 (-3.2% Y/Y), broadly in line with consensus, noted CIBC."Our 2027 FFO/unit estimate rises by near 2%, as we better reflect the improved leasing cadence on the ground," said CIBC, adding it $22 price target is based on an 11 times 2027 estimated FFO/unit multiple (10.2 times previously), translating to a 5% discount to the bank's revised one-year-out NAV (9% previously), "reflective of its risk, growth prospects, and leverage versus peers."CIBC also reiterated its belief that PMZ unitholders will benefit from occupancy improvements and rent growth over the long term. Tenant relationships for mall operators matter given the reach of their typically national tenant base, CIBC said. Controlling increasingly more productive assets through acquisition and organic growth will increase PMZ's importance to these national tenants, the bank added."PMZ's ability to fund its capex and distribution from its own rents and low balance sheet leverage drive a lower financial risk profile that offsets the risk of owning a higher-risk asset class in enclosed malls," added CIBC. Trading at an implied cap rate of near 8.7% on achievable forecasts, CIBC believes investors are being well compensated for the operating risks involved with owning PMZ units (e.g., anchor tenant transitions) versus the balance of the large-cap Canadian retail REIT universe (trading at estimated implied cap rates of 5.8%-7.1%)."CIBC noted on the call that Primaris will provide a detailed update on its HBC progress in the next 60 days, once it has a significant number of fully executed leases in place, and also that CRU leasing momentum "accelerated meaningfully" in Q1, with management highlighting record new deal volumes and pricing.Price: $19.01, Change: $+0.14, Percent Change: +0.74%