-- 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： AutoNation (AN)公佈的第一季調整後每股收益為4.69美元，高於市場預期的4.68美元，也高於市場普遍預期的4.61美元。淨銷售額下降2%至65.5億美元（比市場預期低1億美元），毛利率上升30個基點至18.5%（比市場預期高40個基點）。營收下滑主要反映了新車銷售下滑的壓力，新車同店銷售下降9%，二手車同店銷售下降5%。 AN在第一季回購了150萬股股票，耗資3億美元，季度持股量減少了4%。截至第二季末（4月29日），AN已回購了40萬股股票，耗資9,100萬美元，其股票回購授權額度還剩6.85億美元。第一季末，AN持有現金及現金等價物6,600萬美元，略高於2025年底的5,900萬美元。季末總流動資金為16億美元。非車輛債務為41.2億美元，高於2025年底的39.8億美元。該季度是AN連續第六個季度獲利超出預期。儘管營收略有下滑，但利潤率超出預期，AN也繼續透過積極的股票回購來減少流通股數量。
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Mining & Metals
Stifel Canada Reviews Gildan Activewear's Q1 Results
Gildan Activewear (GIL.TO, GIL) reported a first-quarter earnings beat, notes Stifel Canada.Analyst Martin Landry, who is maintaining an US$80.00 price target and buy rating on the shares, notes management was confident during the earnings call, despite rising commodity costs, as a significant portion of the company's cotton and energy requirements has been hedged. In 2027, Gildan expects to be able to offset inflationary pressures with price increases given its leadership position in the wholesale channel and its lower cost structure than competitors, he adds.Point-of-sale data indicate that Gildan is continuing to gain market share, with growth rates outpacing the broader market in both retail and wholesale channels. The integration of Hanes' textile facilities also appears to be progressing well, as most of Hanes' volumes have already been transferred to Gildan's facilities."We make no changes to our forecasts, but our visibility has increased for 2026. We keep our target price at US$80, which represent an appealing 12-months upside of 29%." Gildan is also on Stifel's Select List.Price: $84.77, Change: $+0.47, Percent Change: +0.56%
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Oil & Energy
US Sanctions Iran's Shadow Banking Network for Aiding Oil Trade
The US rolled out sanctions on three Iranian currency exchange houses and a network of associated front companies, accusing them of moving billions of dollars in foreign exchange to support Tehran's oil industry, the Department of the Treasury said on Friday.The Treasury Department's Office of Foreign Assets Control said the sanctions form part of "Economic Fury," a broader campaign aimed at dismantling Iran's shadow banking system.The sanctioned firms, Pedram Pirouzan and Associates Partnership, also known as Opal Exchange; Nasser Ghasemi Rad and Associates Partnership, or Radin Exchange and Tahayyori and Associates Partnership, also known as Arz Iran Exchange, are accused of facilitating billions of dollars in transactions per year.The Treasury said the entities help convert oil revenues, often received in Chinese yuan, into currencies usable by Iran's military and affiliated groups.The exchange houses operate alongside so-called "rahbar" networks tied to sanctioned Iranian banks, and work with multiple oil exporters and financial intermediaries, the Treasury said.The firms allegedly rely on foreign-based front companies and commercial bank accounts to process transactions across jurisdictions, masking links to sanctioned entities, including the Central Bank of Iran and the National Iranian Oil Company.The individuals linked to the exchanges, including Pedram Pirouzan, Hossein Mohammad Rezaei, Masoud Mohammad Rezaei, Nasser Ghasemi Rad and Ehsan Tahayyori, were also hit with sanctions.OFAC also sanctioned over a dozen companies, it said, that provided material support to Opal Exchange, including trading firms incorporated in multiple jurisdictions and entities in the UAE.The Treasury said Iran's shadow banking system handles tens of billions of dollars in trade each year, largely tied to oil and petrochemical exports.Since February 2025, OFAC has sanctioned over 1,000 Iran-linked individuals, vessels and aircraft as part of that effort.
Mining & Metals
CIBC Raises Ag Growth International's Price Target to C$23.00 From C$19.00, Maintains its Neutral Rating
CIBC Capital Markets maintained its neutral rating on the shares of Ag Growth International (AFN.TO) and raised its price target to C$23.00 from C$19.00 on Thursday.CIBC is transfered coverage of Ag Growth from Krista Friesen to Hamir Patel, as of April 30, it added.Although CIBC has a "favorable view" on long-term demand for grain processing and handling, near-term uncertainty remains high, CIBC said."Elevated leverage (4.7x), persistent operating challenges, an abrupt strategic shift and the absence of permanent leadership create a difficult backdrop for the business in the near term," said CIBC. "That said, sector headwinds are gradually easing and underlying pressures should subside as conditions normalize."Against this backdrop, Ag Growth's core assets retain "significant strategic value," noted CIBC and said that with activist shareholders pushing for a formal sale process, it believes the probability of a transaction has increased, it added."After several years of declining farm incomes, elevated borrowing and input costs, and prolonged inventory destocking across the farm equipment and machinery complex, the ag cycle appears to be bottoming," stated CIBC.While industry-wide headwinds persist, they are no longer worsening, noted CIBC and added that key cyclical pressures such as high inventory and elevated borrowing costs are abating. Coinciding with the industry trough, CIBC expects AFN's Farm segment sales to be relatively steady in 2026 (+0.3% Y/Y) before beginning to recover in 2027 when CIBC sees Farm revenues increasing 3.8% Y/Y to ~$500 million."Multi-year underinvestment in U.S. grain storage has left the system running increasingly close to capacity as crop production continues to grow, with surplus storage falling to ~5% in 2025, well below the long-term average of ~15%," noted CIBC.As farm economics improve, CIBC expects a release of pent-up capex for on-farm storage and handling upgrades, alongside outsized growth in international markets such as Brazil and India, which have acute storage deficits, it added."Since November 2025, a weakened ag market and a string of operational and reporting challenges have driven the stock down ~40% and prompted Street estimates to be cut by ~30%, creating a materially more attractive entry point for a strategic buyer," said CIBC.CIBC notes that, with a "refreshed and more shareholder-aligned Board," it believes it is now more likely that a sale would be "entertained".Additionally, activist shareholders owning ~10% of outstanding shares are pushing for a formal sale process, with the June 4 AGM acting as a "potential catalyst", it further noted."The absence of a permanent CEO and CFO adds to the conditions that make a sale increasingly feasible," CIBC added. "In our upside scenario, we assume a takeout at 7.5x 2027E EBITDA, implying ~$37/share and ~90% upside from current levels."Price: $20.21, Change: $+0.81, Percent Change: +4.18%
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