-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：我們將目標價從32美元上調至37美元，對應的本益比為9.1倍（先前為8.2倍），2026年每股盈餘維持在3.40歐元不變（同時我們維持2027年每股盈餘3.80歐元的預期）。本益比的提升是由於自3月26日更新以來，地緣政治緊張局勢有所緩和，導致股權風險溢價收窄。 DBK股價約12%的回升與歐洲同業銀行業整體水準相符，證實了整個產業的估值重估，隨著中東衝突擔憂的緩解，產業估值已從3月的約9.7倍回升。目前DBK的本益比為9.1倍，接近歐洲同業銀行業約10.8倍的中位數，我們認為這限制了其本益比進一步提升的空間。即將於4月29日公佈的2026年第一季業績，是近期股價復甦能否持續的關鍵考驗。我們將聚焦在三個關鍵指標：（1）固定收益及外匯交易收入；（2）鑑於美國辦公大樓違約率上升，商業地產撥備；以及（3）在商業信心崩潰和能源成本壓力下，德國企業銀行的業績能否經受住考驗。維持「持有」評等。
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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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