-- 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個月目標價從417美元上調至440美元，基於2027年18.4倍的市盈率，與該股過去10年的平均預期市盈率一致。我們將2026年調整後每股盈餘預期從21.12美元上調至21.15美元，並將2027年調整後每股盈餘預期從23.85美元上調至23.90美元。 CSL第一季調整後每股收益為3.63美元，高於預期的3.61美元（成長1%），遠超過市場普遍預期的3.34美元。本季業績表現優於預期，儘管營收下降4%至10.5億美元（低於市場普遍預期1,100萬美元），但調整後息稅前利潤率提升30個基點至17.1%（高於市場普遍預期100個基點）。週四財報發布後，CSL股價上漲7%。我們認為，最大的利多因素是CCM業務部門（約佔季度總收入的72%）的利潤率提升，儘管該板塊收入下降了5%。我們認為，管理層提出的「2030願景」中每股收益40美元的目標，可以透過內生成長、利潤率提升潛力以及加速創新研發來實現。卓越的現金流量、穩健的資產負債表以及為股東帶來的豐厚回報，都支持我們給予CSL「買入」評級。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
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