-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們下調12個月目標價至200美元，平均本益比為18倍，基於2027年每股盈餘預期9.45美元（較上年同期下降0.12美元），折合目標價為170美元；同時，我們採用現金流折現模型，假設終端成長率為2.5%，加權平均資本成本為5.7%，10年自由現金流複合年增長率為18.2%，折合目標價為230美元。此外，我們也下調2026年每股收益預期0.06美元至8.80美元。儘管ALLE第一季業績未達預期，但由於其強勁的基本面和具有吸引力的成長前景（得益於銷售擴張和利潤率提升），我們維持「強力買入」評級。我們預計，在智慧建築普及帶來的長期利好因素推動下，ALLE的電子產品組合（預計將實現兩位數低增長）、增值併購以及非住宅市場（尤其是數據中心、酒店、辦公室和醫療保健市場，約佔ALLE收入基礎的75%）的強勁表現，將推動其在2026/2027年實現持續的銷售額和利潤率增長。強勁的現金流和健康的資產負債表也支撐了我們的這個觀點。 ALLE透過售後市場展現出防禦性特徵，並透過技術應用實現成長潛力。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of Invesco Ltd.
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 $2 to $29, valuing IVZ shares at 9.5x our 2027 adjusted EPS estimate of $3.05 and at 10.9x our 2026 EPS estimate of $2.65 (lowered today by $0.05), versus the one-year average forward multiple of 10x and a bifurcated peer average of 16x. Invesco delivered Q1 2026 adjusted EPS of $0.57, missing our $0.62 estimate but near the $0.58 consensus, while posting its 11th consecutive quarter of positive organic growth with $21.8B in net long-term inflows. Investment management fees surged 25.6% Y/Y to $1.38B due to the QQQ conversion benefits and higher average AUM, though service fees declined 18.6% due to QQQ's structural changes. We view the QQQ conversion as materializing as expected, contributing meaningfully to revenue growth while demonstrating IVZ's ability to capture more fee revenue from its flagship product. Currently trading at 9.7x our 2026 EPS estimate and yielding 3.3%, we view the shares as undervalued.
$IVZ
Oil & Energy
US Oil Update: Futures Slide on Hopes for US-Iran Talks, Hormuz Reopening
Crude oil futures retreated in after-hours trading on Friday after reports that Iran had sent a new peace proposal to the US via Pakistani mediators, easing fears of a further supply disruption from the Middle East and raising hopes for the reopening of the Strait of Hormuz.Front-month West Texas Intermediate crude futures slipped by 2.45% to $102.50 per barrel, while Brent futures were down by 1.21% to $109.06/bbl.On Friday, President Trump sent letters to Congress explaining that, due to the ceasefire, he doesn't need its authorization for military operations in Iran, even though the conflict hit the 60-day mark this week."On April 7, 2026, I ordered a 2-week ceasefire. The ceasefire has since been extended. There has been no exchange of fire between United States Forces and Iran since April 7, 2026. The hostilities that began on February 28, 2026, have terminated," Trump said in letters to the House and the Senate.Trump said that despite the success of US operations against Iran and continued efforts to secure peace, the threat posed by Tehran to the US and its forces remains significant.The IRGC Navy command said it will enforce "new rules" over waters near Iran's coast in the Arabian Sea and the Hormuz, making it "a source of security and prosperity for the region."Iran reportedly sent its latest proposal for negotiations with the US to Pakistani mediators on Thursday, according to media reports, as Trump threatens to maintain the blockade of Iranian ports amid behind-the-scenes diplomacy to end the Middle East conflict.The US reportedly sent its list of amendments on Monday to reinsert the nuclear issue into the agreement under discussion, with one of the amendments demanding that Iran commit to not attempting to move any enriched uranium.On Friday, the US Department of the Treasury's Office of Foreign Assets Control said it could sanction vessels that pay tolls to Iran for safe transit through the Strait of Hormuz, even if those payments are made in the form of charitable donations to Iranian NGOs.The Department said Iranian demands for toll payments may include fiat currency, digital assets, offsets, informal swaps, or charitable donations made to the Iranian Red Crescent Society, Bonyad Mostazafan, or Iranian embassy accounts.Traffic through the Hormuz was cut by half on April 30 to seven crossings from the previous day, with traffic split between four commercial and three non-commercial movements, according to Kpler.
Research
Research Alert: CFRA Maintains Buy Rating On Shares Of Illumina
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target to $161 from $140, 31x our 2026 EPS estimate (up to $5.18 from $5.13; 2027 estimate up to $5.89 from $5.81), a premium to ILMN's one-year historical forward average of 24x. We were encouraged by ex-China organic sales rising ~3.5% Y/Y in Q1, while adjusted operating margin rose 150 bps Y/Y to 21.9%. We look positively on recent Congressional action to modestly increase the National Institutes of Health (NIH) budget (~1%) rather than the dramatic cuts initially feared by investors, though ILMN's guidance implies continued pressure in academic end markets in 2026. Excluding China, sequencing consumables within research and applied was down 12% Y/Y in Q1, though clinical consumables sales rose 20% Y/Y. Positively, ILMN placed over 80 NovaSeq X instruments (up 20 Y/Y) during the quarter, indicating strong momentum.
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