-- 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： 在卡特彼勒(CAT)發布第一季財報之前，我們維持其12個月目標價700美元不變，但由於估值和利潤率風險，將股票評級從「持有」下調至「賣出」。我們的目標價基於2027年每股收益預期27.57美元（先前預期為27.46美元；2026年每股收益預期從23.43美元上調至22.61美元），較卡特彼勒的歷史預期市盈率溢價合理，因為目前對發電機的需求空前高漲。儘管強勁的發電機需求以及建築/採礦設備的安全儲備活動令人鼓舞，但鑑於修訂後的232條款關稅規定，關稅將按產品的全部海關價值而非僅按金屬投入品的價值徵收（該規定已於2026年4月6日生效），我們預計關稅影響在2026年可能對盈利能力構成更大的威脅。鑑於卡特彼勒複雜且高度分散的全球供應鏈網絡，該公司極易受到全面貿易保護主義措施的影響。我們認為該股有下行風險，因為過去一年超過160%的回報率意味著更高的預期。
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Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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