-- 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：在亞馬遜（AMZN）發布第一季財報之前，我們將12個月目標股價從296美元下調至285美元，市盈率為30倍，基於2027年每股收益9.48美元（此前預期為9.87美元；2026年預期為7.60美元，此前預期為8.00美元）。雖然這項估值仍高於同業平均（約25倍），但這意味著三年期PEG比率為1.5倍，而同業平均為2.0倍。我們修訂後的預期反映了人工智慧投資的增加，總淨資本支出可能成長50%以上，達到約2,000億美元（三年複合年增長率約為60%），其中大部分投資將在2027/2028年實現變現。在如此龐大的支出規模下，加上市場對亞馬遜自研晶片的強勁需求（Trainium2 晶片基本上已售罄，Trainium3 晶片幾乎全部預訂完畢）、AWS 強勁的訂單積壓以及不斷擴大的電力產能，我們堅信 AWS 的增長速度將從 2025 年的約 20% 加速至 2026 年的 20% 以上。此外，我們預期零售利潤率將持續成長，這主要得益於履約效率的提升和高利潤率數位廣告業務的強勁表現。隨著 Amazon Leo 的成本從損益表轉移到資產負債表，2026 年下半年獲利成長可望進一步提升。
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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.
$URI
Equities
Petro Rabigh Emerges From Loss in Q1; Revenue Grows
Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, said Sunday it swung back to profit in the first quarter of 2026, while revenue increased year over year.Net profit attributable to shareholders of the issuer for the three months ended March 31 was 1.47 billion Saudi riyals, compared with the attributable loss of 691 million riyals earlier. EPS moved to 0.88 riyal from a loss per share of 0.41 riyal.The Tadawul-listed oil refining and petrochemical company's revenue was 14.85 billion riyals, compared with 11.21 billion riyals a year ago.
$SASE:2380
Research
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.
$HIG