-- 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：我們將目標價下調1美元至26美元，相當於我們2026年每股FFO預期值的11.7倍。儘管辦公大樓市場前景有所改善，但由於負續租價差和高空置率依然存在，這一估值高於辦公大樓房地產投資信託基金（REIT）同行，但低於VNO三年平均預期市盈率（13.6倍）。我們將2026年每股FFO預期值下調0.07美元至2.22美元，並將2027年預期值上調0.08美元至2.40美元。目前，350 Park Avenue的重建項目能否推進存在更大的不確定性；這是管理階層在電話會議上提到的第一個具體事項。在與紐約市長公開爭論之後，Citadel最終將決定這項價值45億美元的項目是否繼續前進。我們注意到，Verizon 將不會繼續履行其在 PENN 2 的租賃合同，而是選擇將該空間轉租，這表明其計劃近期發生了變化。 PENN 1 和 PENN 2 的租賃工作已基本完成，預計將於 2027 年初開始產生收益。 VNO 對 Park Avenue Plaza 的收購預計將在今年帶來收益成長，目前租金比市價低 40%-50%，未來仍有上漲空間。
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Sectors
Sector Update: Consumer Stocks Mixed in Afternoon Trading
Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.5%.In corporate news, Walt Disney's (DIS) fiscal Q2 results came in ahead of market estimates amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in H2. Its shares climbed 6.6%.Uber (UBER) on Wednesday issued a bookings growth outlook that surpassed Wall Street's estimates, while the ride-hailing company's Q1 profit grew year-on-year. Uber shares popped 7.5%.Sony Group's (SONY) Sony Music is nearing a deal to acquire a music catalog including works by artists such as Justin Bieber and Neil Young from Blackstone (BX), Bloomberg reported. Sony is in discussions to acquire Recognition Music through a joint venture with Singaporean sovereign wealth fund GIC, which will pay from $3.5 billion to $4 billion, the report said. Sony Group shares added 2.9%.
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Commodities
US Natural Gas Update: Futures Drop in Line with Crude on Middle East Peace Progress
US natural gas futures declined on Wednesday, tracking declines in crude as energy markets reacted to reports that Iran is reviewing a US-backed peace proposal that could ease tensions in the Strait of Hormuz and restore critical global shipping flows.The front-month Henry Hub contract and the continuous benchmark both fell 2.33% to $2.724 per million British thermal units.Analysts said the move largely followed the drop in oil prices alongside subdued near-term weather-driven demand."This market appears to be seeing spillover from the huge decline in oil pricing, and with the weather factor offering little support," Ritterbusch & Associates said in a note cited by the Wall Street Journal.The Strait of Hormuz remains a key geopolitical focal point, with any de-escalation seen as potentially restoring stable flows of liquefied natural gas to Asian buyers, who account for a large share of global LNG demand.On the domestic side, US fundamentals remain broadly stable. Production is forecast to hold near 107.3 billion cubic feet per day, roughly in line with recent levels and slightly above April averages, NRG Energy said.Demand trends were mixed. According to Aegis Hedging, residential and commercial consumption rose by 2.5 Bcf/d, offsetting a 1.4 Bcf/d decline in power burn demand.Looking ahead, weather models show short-term cooling across the Midwest before a shift to above-normal temperatures in western regions next week, which could support cooling demand later in the month. Ritterbusch said it still sees upside risk for prices over the next one to two months if hotter weather materializes.Storage expectations remain in focus ahead of Thursday's government report. NRG Energy said it expects a 70 Bcf injection for the week ending May 1, below both last year's build and the five-year average. Even so, inventories are projected to remain about 7% above the seasonal norm.Liquefied natural gas export demand is currently subdued, with feedgas flows forecast around 17 Bcf/d, NRG said. Lower volumes at the Corpus Christi and Cameron facilities due to maintenance are weighing on exports, limiting near-term support for prices.