-- 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：我們將目標股價上調9美元至171美元，採用更高的股權風險溢價和15.5倍的預期市盈率，該倍數高於過去三年平均營業收益市盈率14.9倍和過去五年平均營業收益市盈率15.1倍。我們將2026年每股收益預期上調1.50美元至11.00美元，2027年每股收益預期上調1.40美元至11.75美元，預計營收分別為88億美元（此前為86億美元）和93億美元（此前為89億美元）。該股股息殖利率為2.0%，其1.24的貝塔係數意味著其價格波動性略高於股票市場。我們認為，推動該銀行股東價值成長的關鍵指標是內生性營收成長和更高的利潤率。 NTRS未提供2026年第二季或全年獲利預期。該行將全年淨利息收入預期上調至年成長個位數中段。我們很欣喜地看到，隨著股票市場走高以及資產服務和財富管理業務板塊新增資金流入，其資產管理規模持續成長。稅前利潤率預計將從去年同期的27.1%進一步擴大至2026年第一季的32%。 NTRS在2026年第一季回購了價值3.59億美元的股票，並發放了1.51億美元的股息。
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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.
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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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.
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