-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將目標股價從170美元下調至137美元，基於12倍的預期市盈率，我們預測2027年每股收益為11.44美元，低於該公司三年平均市盈率。我們將2026年每股盈餘預期從10.66美元上調至10.69美元，並將2027年每股盈餘預期從11.32美元上調至11.44美元。 CDW公佈了強勁的2026年第一季業績，淨銷售額達56.8億美元，年增9.2%（以固定匯率計算成長8.4%），超乎預期。營收成長主要得益於商業業務的強勁表現（成長9.6%），其中金融服務（成長28.2%）和企業業務（成長8.4%）的擴張尤為顯著。然而，毛利率下降60個基點至21.0%。儘管短期內宏觀經濟風險較高，但管理層維持全年業績預期，預計全年業績將跑贏市場200-300個基點，非GAAP每股收益成長將達到中個位數的高端水準。我們也看到其他正面因素和潛在的抵銷風險，包括其多元化的產品組合、積壓訂單和成本效益措施。我們認為，目前的估值水準也使其風險回報更具吸引力。因此，我們維持對CDW的「買入」評級。
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Research Alert: Crwv: Rising Backlog Provides Top-line Visibility; Revenue Beats
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