-- 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：我們將目標股價下調9美元至14美元，2026年企業價值/息稅折舊攤銷前利潤（EV/EBITDA）為8倍（維持不變），低於該股過去三年平均10倍的預期市盈率。我們將2026年每股盈餘（EPS）預期從2.50美元下調至1.62美元，2027年每股盈餘預期從2.97美元下調至2.32美元。鑑於第一季業績令人失望，我們將評級從「持有」下調至「強烈賣出」。目前股價接近其7.5倍至12.0倍歷史市盈率區間的低階。然而，鑑於基本面惡化，我們認為目前的估值是合理的。 NCLH第一季淨殖利率表現不佳（-1.0%），反映出歐洲航線中斷對其影響遠超同行，以及行銷和收益管理執行的問題。我們認為，該公司透過削減成本來應對這些不利因素的做法可能會進一步損害品牌定位和客戶體驗，尤其是在其加勒比海旗艦品牌挪威郵輪（NCL）方面。此外，預計2026年燃油成本將上漲10%，槓桿率已惡化至5.4倍，在當前不利的時機造成了財務壓力。
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Research Alert: Wmb: A Q1 Beat, But High Growth Capex Spending
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Williams delivered solid Q1 results, with adjusted EPS of $0.73 beating estimates of $0.62 and rising 22% Y/Y. Adjusted EBITDA increased 13% to $2.25B due to Transco expansion projects, higher Gulf volumes from new developments, and elevated storage revenues during winter storms. The natural gas-focused midstream operator benefits from strategic positioning in LNG infrastructure and data center demand, securing major customer agreements including the $2.3B Neo power project and Atlas data center infrastructure. Management raised 2026 growth capex guidance to $7.0B-$7.6B from prior $6.1B-$6.7B range, while maintaining 2026 adjusted EBITDA guidance of $8.05B-$8.35B with expectations in the upper half. We believe the aggressive growth strategy positions WMB well for secular demand trends, though elevated capex of $1.64B in Q1 versus $0.67B prior year reflects the substantial investment required for expansion initiatives across Transco and data center projects.
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Research Alert: CFRA Maintains Hold Rating On Shares Of Generac Holdings Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Generac reported strong Q1 results with net sales rising 12% Y/Y to $1.06B, driven by a 28% surge in its Commercial & Industrial segment, fueled by accelerating data center demand, while Residential sales grew just 1% as higher pricing on home standby generators was offset by lower volumes. Adjusted EBITDA margin expanded significantly to 18.3% from 15.9%, reflecting strong operating leverage on higher C&I volumes and substantial cost savings within the reorganized Residential business. We view the robust C&I momentum and expanding backlog as key catalysts supporting our positive investment thesis. Management raised full-year guidance, buoyed by the Q1 outperformance and rapidly growing C&I backlog. We lift our 12-month target to $275 from $235, valuing shares at 25.7x our revised 2027 EPS outlook of $10.70 (up from $10.42), near GNRC's five-year forward multiple average but below electrical equipment peers given earnings volatility. We also raise our 2026 EPS forecast to $8.56 from $8.10.
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Westpac Banking Posts Higher Fiscal H1 Adjusted Earnings, Net Operating Income
Westpac Banking (ASX:WBC, NZE:WBC) reported Tuesday fiscal first-half earnings of AU$1.014 per share excluding notable items, up from AU$0.998 a year earlier.Analysts polled by FactSet expected earnings of AU$1.Net operating income for the six months ended March 31 was AU$11.28 billion, compared with AU$10.99 billion a year earlier. Analysts surveyed by FactSet expected AU$11.33 billion.The board declared an interim dividend of AU$0.77 per share, up from AU$0.76 a year earlier, payable June 26 to shareholders on record as of May 11.
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