-- 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：在IR發布第一季財報後，我們將12個月目標價從100美元下調至90美元，該目標價基於我們對2027年每股收益3.93美元的預期（此前預期為3.97美元，2026年每股收益預期保持不變，市盈率為23，接近同業的長期歷史平均。儘管IR調整後的每股盈餘為0.77美元（年成長7%），超出預期，但其基本業績顯示，本季有機銷售和訂單成長面臨挑戰。總營收成長8%，主要得益於收購和匯率波動，但有機收入下降了0.3%，反映出公司兩大業務板塊之間的顯著差異。精密與科學技術板塊表現強勁，實現了4%的內生成長和利潤率提升；而規模更大的工業技術板塊則因銷量和關稅的雙重壓力，銷售額下降2%，利潤率壓縮210個基點。 2026年的獲利預期著重於下半年，我們認為這有執行風險，因為容錯空間有限。展望未來，第三季對IR而言至關重要，因為預計整體復甦動能將逐漸增強。
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Research Alert: CFRA Maintains Sell Opinion On Shares Of Sirius Xm Holdings 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 price by $5 to $22, applying an EV/revenue multiple of 2.0x to our 2026 estimate, a discount to its three-year historical average multiple of 2.5x. We trim our 2026 EPS estimate by $0.01 to $3.09 and raise 2027's by $0.14 to $3.45. There was mention of a softer auto sales environment, which created headwinds for trial starts and impacted subscriber acquisition, particularly following last year's tariff-driven pull forward in vehicle sales. Conversion rates for self-pay subscribers saw slight declines, especially as younger car purchasers entered the trial funnel, and used car conversion rates remained lower than new car rates. Subscriber trends are expected to be modestly lower Y/Y, with management cautioning about ongoing pressures and declining to change subscriber guidance for the year due to uncertainties in auto sales and companion subscription take rates.
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