-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們將目標股價從69美元上調至73美元，相當於2027年每股盈餘預期值的11.7倍，低於百時美施貴寶(BMY)過去10年的平均預期本益比。我們將2026年每股盈餘預期從6.22美元上調至6.30美元，並維持2027年每股盈餘預期6.18美元不變。百時美施貴寶公佈第一季營收為115億美元，年增1%，非GAAP每股收益為1.58美元，高於預期。公司重點關注的成長型產品組合（包括Reblozyl、Breyanzi、Opdualag、Qvantig和Cobenfy等關鍵產品）的銷售額年增9%，主要得益於市場對百時美施貴寶新藥的強勁需求。 本季公司研發管線也取得了顯著進展，CELMoD專案的數據表現積極，多個後期研發專案也取得了進展。我們認為公司正成功度過重要的轉型期，成長型產品組合的強勁表現抵消了傳統產品的下滑，我們預計今年稍後將公佈一系列關鍵的臨床試驗結果。
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Research Alert: CFRA Lowers View On Bio-rad Laboratories To Sell From Hold
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Research Alert: CFRA Maintains Hold Rating On Shares Of Dexcom, 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 price target by $1 to $67, 26.1x our 2026 EPS estimate (up $0.08 to $2.57; 2027 estimate up $0.06 to $3.05), below DXCM's one-year historical forward average of 34.2x and well below the three-year average of 56.6x, to reflect stronger competition within the continuous glucose monitoring space and uncertain insurance coverage and rebate dynamics, in our view. DXCM recently launched the G7 15-day continuous glucose monitoring (CGM) system in the U.S., which offers users a longer-wear time between devices and increased accuracy, per DXCM. The company expects close to half of its U.S. base to convert to the new device by year-end 2025. We think the addressable market for DXCM is large and far from saturated, but a slower sales growth rate is a concern, which we attribute to market share losses and slow progress in gaining additional insurance coverage approvals.
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Chevron Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target of $211, up $5, reflects EV/EBITDA and DCF analyses. We apply an 8.0x multiple of EV to projected 2027 EBITDA, above CVX's historical forward average, but below peak levels, yielding $186 per share. Our DCF model, using FCF growth of 7.1% per year for 10 years and 2.5% thereafter, discounted at 6.0%, yields $237 per share. We cut our 2026 EPS estimate by $0.14 to $11.16 and our 2027 estimate by $0.39 to $8.93. CVX suffered some volume degradation in international upstream in Q1, as the war in the Middle East has disrupted the normal course of business. We note, however, that this degradation was less acute for CVX than for its chief rival, Exxon Mobil (XOM 153 ***). CVX maintained a conservative approach to spending in Q1 despite the ramp in crude prices, as we estimate that its reinvestment rate was just 44% in Q1, about on par with that of XOM at 43%. Shares yield 3.7%, and we see a healthy degree of buyback activity as well.
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