-- 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：我們根據13.2倍的遠期本益比、2027年每股收益預期1.67美元（目標價22美元）以及我們的現金流量折現模型預測值（目標價28美元），將12個月目標價上修7美元至25美元。由於預計2027年利潤率和需求將低於歷史水平，我們的遠期本益比低於約16倍的歷史平均水平。我們將2026年每股盈餘預期從-0.28美元上調至2.72美元，並將2027年每股盈餘預期從0.53美元上調至1.67美元。我們預測陶氏化學2026年的銷售額為446億美元，2027年為453億美元。我們認為，陶氏化學的股票在2026年迄今已上漲59%之後，其風險回報比並不理想。儘管中東衝突透過供應短缺和物流中斷暫時提振了陶氏化學的業績，使其產品價格上漲、利潤率提高，並在北美市場擁有更強的競爭力，但我們預計這些利好因素將會消退。更重要的是，持續的能源價格波動可能會從兩個方面損害利潤率：(1) 原料成本上漲將擠壓獲利能力；(2) 工業和消費需求疲軟將導致銷售下降。
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Petro Rabigh Emerges From Loss in Q1; Revenue Grows
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
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