-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：在消化了第一季業績後，我們將ICE的12個月目標價下調15美元至205美元，對應的本益比為23.1倍（基於我們2027年每股收益預期），高於ICE過去10年的平均市盈率22.1倍，這得益於其利潤率的改善。鑑於地緣政治不確定性加劇，我們將2026年每股收益預期上調0.66美元至8.36美元，並將2027年每股收益預期上調0.27美元至8.86美元。 ICE第一季的業績展現了其強大的競爭力，在不確定性加劇和地緣政治緊張局勢下，其三大業務板塊的收入成長均加速。前景依然樂觀，期貨和選擇權未平倉合約總量在本週創下新紀錄，顯示第一季的成長動能將得以延續。然而，對人工智慧顛覆性影響的擔憂持續打壓股價，短期內估值倍數可能仍將保持低檔。關鍵在於，幾乎沒有證據表明公司業務實際惡化，而且我們注意到，固定收益經常性收入實際上已連續四個季度增長。
Related Articles
Mining & Metals
Eldorado Gold Q1 Adjusted Net Earnings Attributable to Holders US$188.2M, or $0.95 EPS
$ELD.TO
Research
Research Alert: Lpla Q1: Beats On Eps, Misses On Revenue, As Advisory Shift Improves Margins
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:LPLA delivered Q1 2026 results, with revenues surging 35% to $5.94B (missing estimates by $60M) and adj. EPS of $5.60 beating Street estimates by $0.13. The wealth management transformation accelerated with advisory revenue reaching $2.62B (+55%) and advisory assets growing to $1.39T (+42%), now representing 59.5% of total client assets. We believe LPLA's strategic shift toward fee-based services continues creating a more stable revenue base while improving operating leverage, with total advisory and brokerage assets reaching $2.34T (+30%). Management lowered the upper end of its 2026 core G&A outlook by $20M to $2.16B-$2.19B, including Commonwealth-related expenses. The Commonwealth acquisition remains on track for Q4 2026 completion with asset retention targeting 90% and updated run-rate EBITDA of $410M. With corporate cash of $567M and leverage at 1.86x, we expect LPLA maintains substantial financial flexibility for growth initiatives and plans to resume share repurchases with an estimated $125M in Q2 2026.
$LPLA
Research
Research Alert: Team: Results And Guidance Surpass Expectations As Cloud Growth Accelerates
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TEAM delivered a strong Q3 beat with non-GAAP EPS of $1.75 exceeding consensus by $0.41, while total revenue of $1.787B grew 32% Y/Y, surpassing expectations by $90M. Cloud revenues of $1.132B accelerated to 29% growth from 26% in Q2, while Data Center sales of $560.7M surged 44% Y/Y, reaccelerating from Q2's 20% growth. RPO growth accelerated again, up 37% Y/Y reaching $3.996B, demonstrating strengthening demand and larger customer commitments driven by its AI-powered System of Work strategy. Despite restructuring charges of $223.8M, non-GAAP operating margin expanded 800 bps Y/Y to 34%, while free cash flow of $561.3M represented a 31% margin, up from Q2's 11%. Management raised FY 26 revenue growth guidance to 24% from 22%, with operating margin guidance improving to 29% from 25.5%. We view the balanced growth across Cloud migration and Data Center expansion as positive, demonstrating TEAM's ability to optimize customer transitions while maintaining strong operational leverage.
$TEAM