-- 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：在消化了2026年第一季業績後，我們將12個月目標股價上調14美元至60美元，目標股價的計算基於2027年每股收益預期2.21美元（57美元），並採用25.8倍的預期本益比，以及我們的現金流量折現模型，假設終端成長率為2.5%，加權平均資本成本為6.2%，10年自由現金流複合年增長率為12.0%（63美元）。我們將2026年每股盈餘預期從1.86美元上調至1.94美元，並將2027年每股盈餘預期從2.07美元上調至2.21美元。我們預測CSX 2026年和2027年的銷售額分別為148億美元和155億美元。 CSX近期股價上漲和估值提升得益於其強勁的營運改善。該公司2026年開局良好，貨運量和收入均有所成長，同時成本下降。第一季數據顯示，列車運行速度、停留時間和線上車廂數量均較去年同期成長，燃油效率也創下歷史新高，達到每千總噸英里0.97加侖。中東衝突既帶來機會也帶來風險：能源價格上漲有利於部分CSX客戶，但如果通膨加速，則可能抑制消費者信心。股票收益率為1.2%。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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