-- 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：鑑於通膨預期上升和低端消費疲軟，我們將12個月目標價下調10美元至108美元，相當於2027年每股收益預期的13.3倍，高於五年歷史平均水平11.5倍（考慮到該銀行資產上限的取消）。我們將2026年每股盈餘預期調高0.08美元至7.05美元，並將2027年每股盈餘預期調高0.23美元至8.13美元。第一季財報電話會議上的評論令人失望，管理層強調近期利潤率面臨的不利因素可能會持續到第二季。然而，隨著富國銀行上個月完成最後一項未決的同意令，該銀行已做好充分準備，透過抓住唾手可得的機會來搶佔市場份額。貸款餘額呈現令人鼓舞的成長動能，貸款成長已連續六季加速（第一季年增10%），而存款增速（6%）也達到了2021年以來的最高水準。我們預計這一成長趨勢將持續，並對富國銀行策略性地拓展高收益信用卡貸款業務（包括在第一季推出兩張新的以旅行為重點的獎勵信用卡）感到鼓舞。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
$OTIS
Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
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 price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
$URI