-- 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：拉札德公司（Lazard Inc.，股票代號：LAZ）公佈了2026財年第一季業績，表現好壞參半。每股盈餘為0.42美元，較市場預期低0.09美元，較去年同期下降25%；營收成長5%至6.73億美元，但低於預期4,000萬美元。儘管獲得了一些重要委託，但財務諮詢業務營收仍下降了4%；而資產管理業務則成長了17%，淨流入資金達90億美元，資產管理規模達到2,590億美元。我們認為，財務諮詢業務的業績不佳令人擔憂，因為同業均實現了強勁增長，這表明LAZ除了面臨時間因素外，還面臨著公司自身的挑戰，這也引發了人們對其競爭地位的質疑。已宣布的對 Campbell Lutyens 的收購預計將於 2026 年下半年完成，屆時將打造一個領先的諮詢平台，預計 2027 年營收將達到約 5 億美元。然而，獲利能力有所下降，薪資比率年從 65.5% 上升至 69.9%，與 Lazard 2030 年設定的 60% 的目標相去甚遠，同時營業利潤率也壓縮至 8.0%。我們認為，整合以及維持實現目標利潤率所需的薪酬紀律方面仍存在執行風險。
Related Articles
Australia
Apple's iPhone Supercycle, Strong Outlook Drive Momentum, Wedbush Says
Apple's (AAPL) iPhone 17 "supercycle" continues to gain momentum across nearly every major geography, supported by stronger-than-expected results and robust guidance for the June quarter, Wedbush Securities said in a Friday research note.The company reported strong quarterly results, with revenue, iPhone sales and services all exceeding expectations, the firm said.The company's guidance for the June quarter exceeded Street expectations. It bakes in continued supply constraints across several Mac models. Supply and demand balance is expected to take several months to materialize, according to the note.Analysts said the Worldwide Developers Conference at Apple Park in early June is highly consequential. Updates are expected on personalized Siri and expanded Apple Intelligence capabilities. Additional details on the collaboration with Alphabet's (GOOG) Google Gemini are also expected, they said.The firm also highlighted a leadership transition, with John Ternus expected to take on a larger role, signaling continuity in strategy.Wedbush raised its 2026 earnings estimate for Apple to $8.64 a share from $8.50. Analysts polled by FactSet expect $8.66.The firm reiterated its outperform rating on the stock with a $350 price target.Price: $283.99, Change: $+12.64, Percent Change: +4.66%
$AAPL$GOOG
Mining & Metals
Stifel Canada Reviews Gildan Activewear's Q1 Results
Gildan Activewear (GIL.TO, GIL) reported a first-quarter earnings beat, notes Stifel Canada.Analyst Martin Landry, who is maintaining an US$80.00 price target and buy rating on the shares, notes management was confident during the earnings call, despite rising commodity costs, as a significant portion of the company's cotton and energy requirements has been hedged. In 2027, Gildan expects to be able to offset inflationary pressures with price increases given its leadership position in the wholesale channel and its lower cost structure than competitors, he adds.Point-of-sale data indicate that Gildan is continuing to gain market share, with growth rates outpacing the broader market in both retail and wholesale channels. The integration of Hanes' textile facilities also appears to be progressing well, as most of Hanes' volumes have already been transferred to Gildan's facilities."We make no changes to our forecasts, but our visibility has increased for 2026. We keep our target price at US$80, which represent an appealing 12-months upside of 29%." Gildan is also on Stifel's Select List.Price: $84.77, Change: $+0.47, Percent Change: +0.56%
$GIL$GIL.TO
Oil & Energy
US Sanctions Iran's Shadow Banking Network for Aiding Oil Trade
The US rolled out sanctions on three Iranian currency exchange houses and a network of associated front companies, accusing them of moving billions of dollars in foreign exchange to support Tehran's oil industry, the Department of the Treasury said on Friday.The Treasury Department's Office of Foreign Assets Control said the sanctions form part of "Economic Fury," a broader campaign aimed at dismantling Iran's shadow banking system.The sanctioned firms, Pedram Pirouzan and Associates Partnership, also known as Opal Exchange; Nasser Ghasemi Rad and Associates Partnership, or Radin Exchange and Tahayyori and Associates Partnership, also known as Arz Iran Exchange, are accused of facilitating billions of dollars in transactions per year.The Treasury said the entities help convert oil revenues, often received in Chinese yuan, into currencies usable by Iran's military and affiliated groups.The exchange houses operate alongside so-called "rahbar" networks tied to sanctioned Iranian banks, and work with multiple oil exporters and financial intermediaries, the Treasury said.The firms allegedly rely on foreign-based front companies and commercial bank accounts to process transactions across jurisdictions, masking links to sanctioned entities, including the Central Bank of Iran and the National Iranian Oil Company.The individuals linked to the exchanges, including Pedram Pirouzan, Hossein Mohammad Rezaei, Masoud Mohammad Rezaei, Nasser Ghasemi Rad and Ehsan Tahayyori, were also hit with sanctions.OFAC also sanctioned over a dozen companies, it said, that provided material support to Opal Exchange, including trading firms incorporated in multiple jurisdictions and entities in the UAE.The Treasury said Iran's shadow banking system handles tens of billions of dollars in trade each year, largely tied to oil and petrochemical exports.Since February 2025, OFAC has sanctioned over 1,000 Iran-linked individuals, vessels and aircraft as part of that effort.