-- 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：我們將目標股價下調36加元至102加元，市盈率為11.5倍（基於2026財年9月公佈的每股收益預期），低於CGI三年平均水平（約18倍），主要原因是宏觀經濟不確定性和美國聯邦風險。我們將2026財年每股收益預期下調0.02加元至8.88加元，並將2027財年每股收益預期下修0.12加元至9.40加元。我們擔心第二季銷售額持續放緩（不計匯率影響成長1.6%，季減180個基點，較去年同期下降170個基點）反映的是結構性壓力，而不僅僅是暫時性問題。 第二季訂單量較去年同期下降4%，過去12個月的訂單出貨比為108.4%（年減220個基點），這些都預示著風險，因為客戶持續推遲支出決策。我們注意到，儘管美國聯邦業務的訂單表現強勁（過去12個月的訂單出貨比為110.9%），但訂單量仍出現下滑。 CGI預計第三季美國聯邦業務的有機銷售成長將恢復，但這一預期存在不確定性，我們認為，歐洲市場的疲軟可能會掩蓋這一成長。公司缺乏正式的業績指引也加劇了我們的不確定性。儘管如此，如果CGI能夠實現目標，那麼低於歷史水準的估值以及美國聯邦業務第三季有機銷售成長的預期，將帶來短期上漲空間。
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Research Alert: CFRA Maintains Hold Rating On Shares Of Sofi 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 12-month target by $4 to $18, applying a P/E of 17.8x our 2028 EPS view vs. SOFI's 71.2x three-year historical forward P/E average. We keep our 2026 EPS estimate at $0.58, 2027's at $0.81, and 2028's at $1.01. We expect robust member and product growth, fueled by key initiatives like crypto and the SoFi Plus relaunch, to support sustained double-digit revenue expansion. The relaunched SoFi Plus introduces a paid subscription to fuel cross-selling, while the crypto initiative leverages its unique, bank-issued stablecoin to become a core infrastructure provider for digital assets.However, this outlook is reflected in a rich valuation that leaves minimal room for execution missteps. We remain neutral, as a sustained high-rate environment could stress consumers and impact credit performance, a key risk given the company's large personal loan portfolio. Management's decision to not raise full-year guidance, despite a strong quarter, balances strategic investments against macroeconomic uncertainties.
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Research Alert: CFRA Maintains Buy Rating On Shares Of Tenet Healthcare
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 target price to $200 from $260, 11.4x our 2026 EPS estimate (up to $17.56 from $17.33; 2027 estimate up to $18.00 from $17.85), a discount to the company's three-year historical forward average of 12.9x. We think THC's valuation balances recent deleveraging efforts and a stronger margin profile than in previous years against policy headwinds, including cuts to Medicaid coverage under the OBBBA legislation and the recent expiration of ACA enhanced premium tax credits, which increases risk of higher uncompensated care. Same-facility ACA exchange admissions fell 10% Y/Y in Q1, and THC guides for a 20% reduction in ACA exchange patient volumes for 2026 and anticipates a negative $250 million impact on adjusted EBITDA. While we expect THC to revisit annual guidance in Q2 earnings, at which point a clearer picture of the insurance coverage landscape is likely, we look favorably on the company maintaining its annual inpatient/outpatient volume guidance for now.
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Sanmina Corporation
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 price by $87 to $250, 19.3x our FY 27 EPS estimate. We increase our FY 26 EPS estimate by $1.16 to $11.23 and raise FY 27's by $1.28 to $12.95. SANM noted strong growth in revenue, particularly in the Communication Networks & Cloud AI Infrastructure segment, which saw significant year-over-year expansion. This growth was attributed to strong demand in areas such as accelerated compute, general-purpose compute, and storage, as well as contributions from both Core Sanmina and the ZT Systems business. Positive momentum was observed in other end markets like Industrial & Energy, where the business is expected to accelerate growth in the second half of the year, particularly in power generation, distribution, and semiconductor capital equipment. There was an emphasis on the company being well prepared for future growth, supported by a diversified customer base, expansion into new programs, and a global manufacturing footprint positioned for anticipated demand in 2027 and 2028.
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