-- 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：在Etsy於4月29日公佈第一季業績之前，我們將Etsy的12個月目標價從62美元上調至74美元，該目標價基於14倍的企業價值/息稅折舊攤銷前利潤（EV/EBITDA）倍數，並基於我們對Etsy 2026年利潤Etsy股價表現優異（年初至今上漲14%；自3月30日以來上漲37%，而同期標普500指數上漲11%），主要得益於宏觀經濟數據的改善，包括溫和的通膨、穩健的勞動力市場以及強勁的零售銷售，而零售銷售的強勁增長又得益於更高的收入支出和退稅（平均收入同比和退1%）。我們預計第一季業績將受到一些影響，例如由於投資組合調整，包括剝離Reverb以及Depop即將出售給eBay。抵銷這項影響的是，我們預期利潤率將會提升，因為Depop歷來利潤率較低。我們預測第一季調整後EBITDA為1.7億美元，年減1%，調整後EBITDA利潤率年增200個基點至28.3%。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
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