-- 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：路易斯安那太平洋公司（Louisiana-Pacific，簡稱LPX）2026財年第一季業績喜憂參半，淨銷售額為5.74億美元（年減21%），調整後EBITDA為8,200萬美元（年減49%），淨利為2,700萬美元，而前一年為9100萬美元。業績凸顯了各業務板塊的顯著差異：外牆板業務收入下降10%至3.6億美元，但通過9%的價格上漲，EBITDA仍維持在1.01億美元；而定向刨花板（OSB）業務收入暴跌37%至1.68億美元，EBITDA由負轉負，為-1200萬美元，而上年同期為5400萬美元。我們認為，在充滿挑戰的市場環境下，LPX的外牆板業務展現了顯著的定價能力和防禦性特徵。管理層預計第二季合併 EBITDA 為 1 億至 1.05 億美元，全年預期為 3.45 億至 3.6 億美元，其中外牆板業務預計貢獻 4.1 億至 4.25 億美元，而定向刨花板 (OSB) 業務則虧損 4,000 萬美元。房屋市場持續面臨不利因素，抵押貸款利率壓力持續影響住宅建設。我們認為，LPX 擁有 9 億美元的強勁流動資金，並計劃投入 3.9 億美元資本支出，使其能夠應對大宗商品週期延長帶來的挑戰，同時投資於戰略成長舉措。
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Stifel Canada on Cargojet's "Solid" Q1
Cargojet (CJT.TO) reported solid first-quarter results despite the macro volatility, underpinned by resilient domestic network performance and growth in new charter business in South/Central America, notes Stifel Canada.Analyst Daryl Young, who is maintaining a buy rating and $120.00 price target on the company's shares, notes that, at first look, Cargojet's adjusted EBITDA of $81.9 million was 4.9% above consensus.Management provided a constructive outlook, with the domestic network performing well through April, while the new charter customers/routes are expected to smooth traditional seasonality across the year.Revenue associated with the grounding of the MD-11 jets last November is expected to continue through the third quarter of this year. The international aircraft, crew, maintenance and insurance (ACMI) business remains slow, but appears to have found a new run-rate for the north/south routes (east/west routes will still take time to recover), Young adds."Overall, we continue to think that CJT is doing a good job managing through the current depressed environment, with its fundamental results and share price poised to see upside as tariff/trade overhangs eventually fade."Price: $82.17, Change: $+4.47, Percent Change: +5.75%
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Research
Research Alert: CFRA Maintains Hold Opinion On Lucid Group Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target to $6 from $10. Following a weaker-than-expected Q1 earnings release, we are maintaining a Hold opinion on LCID shares. We revise our adjusted EPS estimates to -$12.00 from -$12.70 for '26 and to -$11.10 from -$11.45 for '27. LCID posted Q1 adjusted EPS of -$2.82 vs. -$2.04, well short of the -$2.30 consensus. Revenue rose 20% to $282.5M ($76.0M below consensus) in Q1, led by higher prices, as total vehicle sales fell 1% to 3,093 units. In the release, LCID did not provide any update regarding prior 2026 vehicle production guidance of 25K-27K units (an implied increase over the 17,840 units produced in 2025). In our view, LCID's accelerating cash burn and rising inventories suggest ongoing risks. The company's ability to achieve sustainable growth while managing its substantial cash requirements remains the critical challenge as it seeks to establish a viable position in the competitive luxury EV market; however, a $1.5B capital raise last month helps extend its liquidity runway.
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Mining & Metals
RBC Lowers Colliers International Group's Price Target to US$155.00 From US$160.00, Maintains Outperform Rating
RBC Capital Markets maintained its outperform rating on the shares of Colliers International Group (CIGI.TO, CIGI) and lowered its price target to US$155.00 from US$160.00 after the company reported its first-quarter financial results.RBC characterized Q1 as "top-line strong but bottom-line wobbly.""Overall AEBITDA margin declined 67 bps to 9.5%, caused by: 1) CIGI has been investing in recruiting and IT investments to enable AI efficiencies within CRE, 2) Outsourcing had slower growth, 3) Lower utilization in residential development and telecom end markets in Engineering, 4) Higher than expected tax rate in Europe, 5) Integration under Harrison Street platform in IM, which has been well articulated in the past," stated RBC.While 2026 guidance was maintained, it relies on a strong H2, said RBC. CM and leasing appear on track to deliver "strong revenue growth", 25% expected for CM and 8% for leasing in 2026, which RBC expects to more fully flow through to EBITDA in H2, as it did last year. Europe and APAC "could be slowing somewhat" from the Iran war but NA "remains strong notwithstanding rate rise," it further stated."Given macro uncertainties and lingering AI impact overhang where one is 'guilty until proven innocent', CIGI's price action today suggests that the market has no patience for wobbly quarters nor backend-loaded guidance," said RBC in a note dated May 5, 2026.RBC continues to believe that for "patient investors", CIGI offers "good value" even under RBC's "more conservative" 2026 estimates at 13x AEPS and 10.5x AEBITDA."Our new PT of (US)$155 (-3%) is based on forward AEBITDA multiple of 12.5x, reflecting 11x for CRE, 12x for Engineering and 15x for IM. Maintain OP," added RBC.Price: $137.23, Change: $+5.09, Percent Change: +3.85%
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