-- 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:Crocs第一季調整後每股收益為2.99美元,高於去年同期的3.00美元,超出預期0.22美元;營收為9.21億美元,年減1.7%,但超出預期2000萬美元。本季策略進展顯著,DTC(直接面向消費者)業務營收成長12.1%,Crocs International業務營收成長7.2%至4.215億美元,佔品牌總營收的55%,但HEYDUDE業務營收持續下滑12.3%。我們對HEYDUDE業務績效指引好於預期感到鼓舞,並認為該公司仍擁有鞋類產業最佳的利潤率和最低的本益比。管理層將全年每股收益預期從12.88-13.35美元上調至13.20-13.75美元,HEYDUDE的跌幅預期也從先前的9%-7%收窄至7%-5%。調整後毛利率下降90個基點至56.9%,而營業利益率22.3%儘管下降150個基點,仍遠高於同業。國際市場的強勁表現提供了重要的關稅緩衝,目前股價僅為全年預期中位數的7倍,盤前交易下跌3%。
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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target to $330 from $320, based on a 10.9x multiple of our 2026 EPS estimate, near CI's five-year historical forward average of 11.2x. We think CI's multiple balances pharmaceutical business momentum in CI's Evernorth segment and a timely portfolio shift toward more commercial exposure, offset by near-term challenges around higher medical costs across the managed care space. We raise our 2026 EPS estimate by $0.01 to $30.35 and lower 2027's by $0.09 to $33.42. Following Q1 results that beat consensus views, CI's annual Medical Care Ratio (MCR) guidance was maintained at 83.7% to 84.7% for 2026, suggesting cost discipline within a challenging operating environment for managed care. The company plans to exit the Individual ACA Exchange market by year-end 2026, citing the relatively small exposure relative to other parts of CI's portfolio and challenges with meaningfully scaling operations.