-- 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：意法半導體（STM）2026年第一季營收達31億美元（年成長23.0%），超越預期，這主要得益於個人電子產品和消費性電子、電腦及通訊設備（CECP）需求的復甦，以及強勁的訂單量和庫存水準的正常化。營業利潤從上年同期的1,100萬美元飆升至1.71億美元，但低於市場普遍預期的1.75億美元。由於產品組合優化和閒置產能費用降低，毛利率提升至33.8%。我們認為，意法半導體績效喜憂參半，反映出復甦不均衡。不過，該公司與AWS就人工智慧資料中心基礎設施達成的數十億美元合作協議以及以8.95億美元收購恩智浦半導體（NXP）的MEMS業務，使其在高利潤率領域擁有了成長潛力。管理階層預計2026年第二季營收將達34.5億美元，遠高於市場普遍預期的31.9億美元，毛利率預計為34.8%。我們認為，資料中心收入預計在 2026 年超過 5 億美元，在 2027 年超過 10 億美元，這將支撐近期的盈利增長，但我們認為，利潤率低和汽車行業的敞口仍然令人擔憂。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
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$HIG
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Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Baker Hughes
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $14 to $82, reflecting a combination of our sum-of-the-parts (SOTP) and DCF models. For our SOTP model, we presume the oilfield services business (about 50% of BKR's franchise) to be valued at about 10x projected 2027 EBITDA (in line with major peers) and its industrial energy technology business (the other 50%) valued at 14x projected 2027 EBITDA (in line with the peer median). This blended approach, yielding a 12x multiple, implies a value of $73 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5% per year, terminal growth of 2.5%, discounted at a WACC of 6.3%, yields intrinsic value of $91 per share. We cut our 2026 EPS estimate by $0.47 to $2.48, but we raise 2027's by $0.07 to $3.24. We acknowledge that the oilfield services business is likely to struggle in 2026 owing to the U.S.-Iran conflict, but the IET business appears quite robust and likely to be a source of both accelerating revenue growth and margins.
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Research Alert: CFRA Maintains Hold Opinion In Shares Of Wab
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 to $285 from $275 following WAB's Q1 earnings print, valuing shares at 24.2x our 2027 EPS outlook of $11.76 (revised from $11.46; 2026 EPS estimate up to $10.57 from $10.50), a slight premium to WAB's long-term historical multiple average given structural improvements in earnings quality. While we are cautious on signs of overcapacity in the freight market, an elevated order backlog (12-month sits at over $9 billion), internal initiatives to shore up margins, and potential synergies from M&A activity positions WAB to continue growing earnings at double-digit rates in 2026-2027, in our view. Despite tariff-related cost pressures, WAB has done a commendable job of defending margins via a mix of pricing, lean manufacturing, and pruning of lower-profit operations. Q1 results were mixed but overall positive, in our view. We maintain our Hold recommendation on shares.
$WAB