-- 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：鑑於TWLO近期的成長和利潤率的顯著提升，我們將目標股價上調54美元至211美元，本益比30倍（基於2027年預期每股盈餘），高於TWLO三年平均本益比（約22倍）。我們將2026年預期每股盈餘調高0.51美元至5.92美元，並將2027年預期每股盈餘調高0.65美元至7.02美元。 TWLO 2026年的有機銷售成長預期從約8.5%大幅躍升至10%，我們認為第一季的優異表現（+16%）可望持續全年，從而帶來上漲空間。人工智慧原生應用需求的成長催生了更多多產品客戶（年成長29%，高於第四季的26%），隨著這些客戶的快速擴張，我們預計TWLO將擁有長期的成長前景。獲利能力的提升仍是關鍵的驅動因素，第一季的營業利潤率表現亮眼，無論是以非GAAP準則（年成長160個基點）或依GAAP準則（年成長600個基點）計算，均表現出色，而SBC（服務業務成本）則從上季的11%降至10%。我們認為，TWLO受益於日益增長的智能體人工智慧活動所帶來的潛在收益，遠遠超過人工智慧「感知編碼」帶來的競爭風險，早期結果也清楚地表明，TWLO更傾向於利用第三方來建立通訊基礎設施。
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Australia
Novartis Gains Canada Nod for Fabhalta in Rare Kidney Disease
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Research Alert: CFRA Maintains Hold Rating On Shares Of Commvault Systems Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our target price to $106, from $101, on a forward P/E of 21x our FY 27 EPS estimate of $5.05, below its three-year average. We increase our FY 27 EPS projection to $5.05 from $4.80, and start our FY 28 EPS forecast at $5.90. CVLT reported solid Q4 results, above consensus views, with total revenue rising 13% Y/Y to $312M, fueled by subscription revenue growth of 20% to $208M and strong SaaS revenue contribution of $93M (+43% Y/Y). SaaS ARR rose 42% to $400M, while subscription ARR hit $989M, up 27% Y/Y, with net new ARR of $53M marking the strongest quarterly performance of FY26. Results reflect momentum in the business as CVLT benefits from data security challenges from AI use. We anticipate long-term tailwinds, but note greater macro and demand uncertainty in FY 27. We highlight impressive FCF generation (record $132M) and continued margin expansion expected in the new fiscal year.
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Commodities
US Soybean Crush Rose in March, Stocks Tightened, USDA Says
The US Department of Agriculture on Friday reported that soybean crush for March rose above February and year-ago totals, but stocks dropped.In its monthly Oilseed Crushings, Production, Consumption and Stocks Report, the USDA pegged soybeans crushed for crude oil at 6.82 million metric tons, or 227 mb, in March 2026, compared with 6.43 million mt, or 214 mb, in February 2026, and 6.20 million mt, or 207 mb, in March 2025.The amount of crude oil produced from crushed soybeans was 2.64 billion pounds, up 6% from February 2026 and up 7% from March 2025.Production of soybean oil, once refined, totaled 2 billion pounds in March 2026, up 14% from February 2026 and 7% from March 2025.Iowa facilities crushed a total of 1.5 million mt, followed by facilities in the North and Eastern US, totaling 1.3 million mt.Soybean-based crude oil stocks, as of March 31, 2026, totaled 2 billion pounds, slightly below 2.1 billion in February.Corn oil crushed to produce crude oil totaled 139 million pounds in March, above 132.7 million pounds in February.