-- 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：基於現金流折現分析，我們將PSNY的12個月目標價從8美元下調至5美元，這表示該目標價高於有形帳面價值。由於銷售下降和成本上升的假設，我們調整後的EBITDA預期略有下降，因為我們現在假設PSNY在2026年的銷售量僅成長3%。 PSNY第四季淨虧損7.99億美元，遠低於市場普遍預期的4.52億美元，但高於2024年第四季的11.83億美元。更重要的是，展望未來，管理層的業績指引較為謹慎，儘管他們仍然預計其全球零售銷量將在2025年實現兩位數低增長，達到60,119輛。考慮到全球電動車銷量成長放緩，我們認為這項指引可能過於樂觀。儘管如此，儘管12月進行了1比30的反向股票分割，該公司股價近期表現依然優異。我們預計現金消耗將持續高企，若無沃爾沃/吉利汽車控股有限公司（175港元，25****）或其他方面的額外支持，則重組風險將會增加。我們預測該公司2026年的自由現金流為-12億美元，2025年為-13.7億美元。
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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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Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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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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