-- 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12個月的目標價為211美元，較上年同期上調5美元，目標價反映了EV/EBITDA和DCF分析的結果。我們對2027年預計EBITDA採用8.0倍EV，高於CVX的歷史平均水平，但低於峰值，由此得出每股186美元的估值。我們的DCF模型假設未來10年自由現金流年增率為7.1%，之後為2.5%，折現率為6.0%，由此得出每股237美元的估值。我們將2026年每股收益預期下調0.14美元至11.16美元，並將2027年每股收益預期下修0.39美元至8.93美元。由於中東戰爭擾亂了正常的業務運營，CVX第一季的國際上游業務銷量有所下滑。然而，我們注意到，雪佛蘭CVX的業績下滑程度遠低於其主要競爭對手埃克森美孚（XOM 153 ***）。儘管原油價格飆升，CVX在第一季仍維持了保守的支出策略。我們估計，其第一季的再投資率僅為44%，與埃克森美孚的43%基本持平。 CVX的股票收益率為3.7%，我們看到其股票回購活動也相當活躍。
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Research Alert: CFRA Maintains Hold Rating On Shares Of Moderna, Inc. After Q1 Earnings
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing Q1 results, we up our target to $48 from $39, based on our NPV analysis. We widen our 2026 LPS view to -$7.95 from -$7.16 and keep our 2027 LPS view at -$4.82. MRNA reported a strong Q1, exceeding revenue expectations and demonstrating significant Y/Y growth. During the analyst call, management highlighted key regulatory approvals in Europe for its respiratory vaccine portfolio and oncology pipeline advancements, which we find encouraging. Despite a GAAP net loss widened by a one-time litigation settlement, underlying financial discipline and cost reduction efforts are noteworthy. Yet, revenue guidance for Q2 is relatively low at $50M-$100M (CFRA: $92M), which points to a 65%-30% Y/Y deceleration (CFRA: 35%) but also signals a significant swing Q/Q after the company recorded $153M in sales in Q1. While we think the progress in the oncology pipeline with the partnership with Merck & Co. (MRK 112 ****) is promising and progressing well, we continue to view MRNA as a wait and see story.
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Research Alert: CFRA Maintains Hold Rating On Shares Of Ge Healthcare Technologies Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target to $65 from $87, based on 11.8x our 2027 EPS estimate of $5.51, a sharp discount to the stock's average forward P/E of 18.1x. We cut our 2026 adjusted EPS estimate to $4.86 from $4.96, which stands at the lower end of the reduced guidance range of $4.80-$5.00 (vs. previous $4.95-$5.15). GEHC achieved Q1 organic revenue growth of 2.9% Y/Y, which was at the high end of its expectations. Yet profitability metrics were disappointing with adjusted EPS of $0.99 missing expectations, and the adjusted EBIT margin declining 150 bps Y/Y. This was primarily due to a discrete supplier issue in the PDx business and an unexpected increase in inflationary costs. As a result, GEHC lowered its profit and cash flow outlook, which we view as a prudent move. Strategically, we think GEHC is advancing a strong innovation pipeline, has completed the acquisition of Intelerad, and has announced a reorganization to combine its Imaging and AVS segments into a new segment, which has the potential to accelerate growth.
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Research Alert: CFRA Maintains Hold Rating On Shares Of Lennox International Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target to $569 from $559, 21.4x our 2027 EPS estimate (down to $26.57 from $26.62; our 2026 estimate down to $24.14 from $24.51), near LII's three- and five-year historical forward averages of 21.9x and 20.6x, respectively. We think LII faces material near-term operational challenges from residential market softness, escalating tariff-driven cost inflation (~5% vs. prior ~2.5% guidance), and margin compression in its Home Comfort Solutions segment (390-bp decline to 13.3% in Q1). However, these concerns are substantially mitigated by the Building Climate Solutions segment's exceptional performance (38% revenue growth, 300-bp margin expansion to 19.7% in Q1), significantly improved operating cash flow ($16.1M vs. -$35.8M Y/Y) due to inventory normalization. We note an antitrust class action lawsuit, filed in March, alleging price-fixing among HVAC equipment manufacturers since January 2020, posing an additional risk to LII's financial and reputational standing.
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