-- 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：艾伯維公佈了強勁的2026財年第一季業績，調整後每股收益為2.65美元（同比增長7.7%），略低於市場普遍預期的2.67美元，主要原因是收購的知識產權和研發項目以及里程碑付款支出對每股收益產生了0.41美元的不利影響。淨收入為150.02億美元（年成長12.4%），超出預期2.8億美元，反映出關鍵治療領域的強勁成長。從修美樂（Humira）成功過渡到更新的免疫學產品，進一步驗證了艾伯維的戰略定位。其中，Skyrizi的營收為44.83億美元（年增30.9%），Rinvoq的營收為21.19億美元（年增23.3%），基本上抵銷了修美樂營收下滑至6.88億美元（年減38.6%）的影響。該公司將2026年調整後每股收益預期從13.96美元至14.16美元上調至14.08美元至14.28美元，其中包含了第一季智慧財產權和研發投入的影響。我們認為，多元化的成長平台展現出持續的強勁勢頭，其中免疫學業務貢獻了72.9億美元（成長16.4%）的收入，神經科學產品組合貢獻了28.75億美元（成長26.0%）的收入。我們認為，艾伯維致力於透過策略性投資拓展產品線，這為公司的持續成長奠定了堅實的基礎。
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Research Alert: CFRA Maintains Buy Opinion On Shares Of Visa Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by $20 to $440, valuing shares at 29.5x our FY 27 (Sep.) EPS, a modest premium to Visa's five-year historical average of 29.1x. We increase our FY 26 EPS estimate to $13.21 from $12.95 and raise FY 27's to $14.94 from $14.66. AI is benefiting Visa more than disrupting it. Value-added services continue their strong momentum, growing 27% in the March quarter, significantly faster than overall revenue growth of 17%. Additionally, cross-border volumes have held steady despite geopolitical tensions in Iran, while payments volume is accelerating. Competitive dynamics are also improving. Revenue growth has outpaced client incentive growth in three of the past four quarters, reversing the previous five years, when client incentives consistently grew faster than revenues. Looking ahead, Visa's positioning as a leader in agentic commerce suggests continued strength, led by rising transaction counts and expanding value-added service adoption.
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US Markets
Brent Approaches $120 Per Barrel as Trump Reportedly Rejects Iranian Proposal
Oil prices rallied Wednesday, with Brent approaching $120 per barrel after US President Donald Trump reportedly rejected an Iranian proposal to lift the naval blockade.Brent crude was last up 7.2% at $119.25 per barrel, having traded as high as $119.45 earlier in the day. West Texas Intermediate rose 7% to $106.91.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon."A senior Iranian security source told state media Press TV that the US naval blockade will soon be met with "practical and unprecedented action."The rhetoric comes amid stalled peace negotiations between Washington and Tehran, though their ceasefire agreement appears to be holding. A separate truce deal is in place between Israel and Lebanon.Pakistani mediators expect a revised proposal from Iran by Friday, CNN reported."Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.Besides the Iran war, markets are assessing the implication of the United Arab Emirates' decision to leave the Organization of the Petroleum Exporting Countries.The move marks a "major strategic shift (for the UAE), freeing it from production quotas that for years limited its ability to fully utilize expanding capacity," Hansen said.The UAE is set to increase oil production after walking away from oil cartel OPEC, ING Bank said in a report Wednesday."However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," ING said. "Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market."
Australia
Pentair Stock Decline on Potential Inventory Destocking 'Overdone,' RBC Says
Pentair (PNR) shares fell 10% following the company's Q1 earnings report on Tuesday but the sell off, tied to warnings of a potential inventory destocking, was "overdone," RBC Capital Markets said.During the company's earnings call, Pentair disclosed expectations for its Pool channel partners to execute an inventory reduction in Q2 and Q3, which stems from a lowered industry volume forecast, especially for high-end discretionary products, the RBC analysts said. Pentair explained that recent price actions had prompted distributors to stock up, the analysts said.The stock price decline was also driven by H2-weighted guidance and concerns over residential and consumer spending, according to the note.However, Pentair continues its strong execution on productivity initiatives, margin improvement, and new product introductions, fueling a streak of 16 consecutive quarters of margin expansion, the analysts noted. They said that they have not observed any execution issues or missteps.RBC maintained the company's stock rating at outperform and lowered the price target to $101 from $107.Price: $81.36, Change: $-1.50, Percent Change: -1.81%
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