-- 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LEA的12個月目標價上調5美元至165美元，基於2027年9.4倍的市盈率，該市盈率較LEA五年平均預期市盈率11.8倍存在合理的折讓。我們將2026年調整後每股盈餘預期從14.40美元上調至15.10美元，並將2027年調整後每股盈餘預期從16.60美元上調至17.50美元。鑑於LEA第一季業績遠超預期，我們上調了獲利預期和目標價，並重申對該股的「買入」評級。我們認為，在強勁的第一季業績之後，LEA今年稍晚調高全年獲利預期的可能性越來越大。我們認為，LEA目前的估值和風險/回報狀況頗具吸引力，因為其股價仍遠低於2021年超過200美元/股的高點，並且擁有業內最強勁的盈利記錄之一（過去18個季度中僅有一次未達預期）。我們對其在歐洲和非洲（近年來落後於北美的地區）的單車安全配置水準有所提升感到鼓舞。我們認為，LEA長期以來持續的股票回購使其在汽車供應商同業中脫穎而出。
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Research Alert: Bmrn Delivers Mixed Q1 Results As Amicus Deal Closes And Pipeline Advances
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BioMarin delivered mixed Q1 2026 results with revenue of $766M (+3% Y/Y), beating consensus by $14M, but Non-GAAP EPS of $0.76 vs $1.13 (-33% Y/Y) missed consensus of $0.91. The quarter was impacted by a $31M NAGLAZYME manufacturing charge and Amicus acquisition costs. The $4.8B Amicus acquisition closed in April, adding GALAFOLD and POMBILITI + OPFOLDA to expand BioMarin's rare disease portfolio. Management raised 2026 revenue guidance to $3.825B-$3.925B, representing 20% Y/Y growth at the midpoint. Multiple pipeline catalysts are expected in 2026, including BMN 401 Phase 3 results for ENPP1 deficiency and VOXZOGO Phase 3 data for hypochondroplasia in Q2, both potentially supporting regulatory submissions in 2H 2026. BMRN expects more than 55% of 2026 revenues in the second half, driving back-end-loaded EPS recognition, in our view. With $2B in cash and $221M Q1 operating cash flow, BioMarin maintains substantial financial flexibility, in our opinion.
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Commodities
US Natural Gas Update: Futures Jump to Four Week High on Cooler Forecasts
US natural gas futures trimmed earlier gains in after-hours trade on Monday but still climbed to a four-week high as cooler weather forecasts lifted prices.Both the front-month Henry Hub contract and the continuous contract rose 2.73% to $2.856 per million British thermal units.Expectations for below-normal temperatures across key consuming regions underpinned the rally, with forecasts pointing to increased heating demand in the near term.The Energy Buyers Guide said cooler-than-normal conditions are expected to dominate the eastern two-thirds of the US over the next two weeks, while the West is forecast to stay significantly warmer than average. Even so, overall energy demand is expected to remain subdued into mid-May, absent a major shift in weather patterns.Despite the price strength, underlying demand signals remain mixed. The Energy Buyers Guide noted that Monday likely marked the seasonal low point for combined heating and cooling demand, with population-weighted degree days projected at just 5.1, the lowest level since early May 2025. It suggested this could represent a transition point before stronger cooling demand emerges later in the spring.On the supply side, ample inventories continue to weigh on the broader outlook. Barchart noted that natural gas prices had dropped to a 1.5-year nearest-futures low on Apr. 17 amid robust storage levels. US Energy Information Administration data showed inventories as of Apr. 24 were 7.7% above the five-year seasonal average.Production also remains strong. Lower-48 dry gas output was estimated at 110.1 billion cubic feet per day on Monday, up 3.2% from a year earlier and slightly above what the EIA considers typical maximum capacity for April, according to BNEF. Demand in the Lower 48 states totaled 65.5 bcf/day, up 7.0% year over year.LNG feedgas flows showed some softening. Net flows to US LNG export terminals were estimated at 18.0 bcf/day on Monday, down 6.8% from the prior week, BNEF data showed.Reuters, citing LSEG data, reported that exports from the LNG Canada facility exceeded 1 million metric tons in April, setting a monthly record. The plant, the country's first major LNG export terminal and the first on North America's West Coast, shipped all volumes to Asia, with more than half destined for South Korea and at least one cargo delivered to China.
Australia
Vornado Realty Trust Q1 Non-GAAP FFO, Revenue Fall; Shares Drop After Hours
Vornado Realty Trust (VNO) reported Q1 non-GAAP funds from operations late Monday of $0.52 per diluted share, down from $0.63 a year earlier.Analysts polled by FactSet expected $0.51.Revenue in the three months ended March 31 fell to $459.1 million from $461.6 million a year earlier.Analysts surveyed by FactSet expected $431.7 million.Vornado shares fell 3% in after-hours trading.
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