-- 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12個月目標價下調9美元至180美元，2026年企業價值/息稅折舊攤銷前利潤（EV/EBITDA）倍數為17倍（高於先前的15倍），高於其三年平均預期倍數15倍。我們將2026年每股盈餘（EPS）預期從3.71美元下調至2.75美元，並將2027年每股盈餘預期從4.26美元上調至4.34美元，同時將2026年調整後EBITDA預期為11.8億美元，接近管理階層預期的中位數。鑑於第一季業績超出預期，且全年每間可供出租客房收入（RevPAR）預期上調，我們將該股評級從「買入」下調至「持有」。我們認為，目前該股的交易價格較其三年平均預期倍數溢價10%，因此其市場環境並不理想。鑑於H的規模較小且槓桿率較高，我們的估值倍數反映了其相對於酒店同行的折價。不過，H在高端休閒旅遊領域的業務成長勢頭強勁，第一季淨套餐RevPAR成長7.4%，對RevPAR的超額成長做出了貢獻，從而抵消了部分折價。然而，地緣政治動盪影響了H的分銷業務，導致我們下調了其2026年EBITDA預期。目前來看，我們認為其風險/報酬處於平衡狀態。
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Check Point Software Technologies' Q1 Results Disrupted by Changes in Go-To-Market Strategy, RBC Says
Check Point Software Technologies' (CHKP) go-to-market strategy changes have disrupted its Q1 financial performance and are still playing out, RBC Capital Markets said in a note emailed Friday.The company's Q1 results were "disappointing," with almost all key metrics missing analysts' consensus, and full-year 2026 revenue guidance was cut, RBC analysts said. This was mostly due to changes in its go-to-market strategy, wherein account managers were moved into new accounts and roles, creating more disruption than expected, specifically on the firewall refresh and new business, according to the note.Check Point stated that sales should rebound, although analysts noted that Q2 is projected to have a larger decline in product revenue, and return to normal in Q3 and Q4, though declining year-over-year.The company's exposure in the EMEA region also poses a risk as the conflict in the Middle East continues to drag out, the note said.RBC maintained the company's stock rating at sector perform and lowered the price target to $135 from $157.Price: $115.46, Change: $+2.99, Percent Change: +2.66%
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