-- 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：CART第一季業績強勁，總交易額(GTV)成長13%至103億美元（首季突破100億美元），營收成長14%至10.19億美元，比市場預期高出1200萬美元。調整後EBITDA飆升23%至3億美元（高於市場預期的2.87億美元），利潤率提升220個基點至29.4%，而GAAP淨利潤躍升36%至1.44億美元。本季業績呈現平衡成長，廣告收入加速成長16%（創2023年第三季以來最快成長），訂單量成長10%至9,120萬筆，這反映了零售商合作關係的拓展和策略舉措的實施。第二季業績指引預計總交易額 (GTV) 為 101 億美元至 102.5 億美元（年增 11% 至 13%），調整後 EBITDA 為 2.9 億美元至 3 億美元（年成長 11% 至 15%）。 CART 將股票回購規模從上年的 8,900 萬美元提高至 3.49 億美元，展現了管理層的信心，同時保持 8.8 億美元的現金儲備用於戰略投資。我們認為強勁的營運槓桿和廣告成長勢頭令人鼓舞，但隨著公司對人工智慧解決方案、國際擴張和店內技術的再投資，我們預計利潤率擴張速度將有所放緩。
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Mining & Metals
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.
$LCID
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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