-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：BLK公布了2026年第一季度调整后每股收益为12.53美元，高于此前预期的11.30美元，也高于市场普遍预期的11.50美元。这反映出公司营收增长27%，营业利润率从43.2%提升至44.5%。尽管宏观经济环境动荡，BLK的资产管理规模仍增长20%至13.9万亿美元，净流入资金达1300亿美元，同时其技术业务营收增长22%，超出预期。我们赞赏BLK在构建其金融科技基础设施的过程中，通过战术性收购来补充内生增长的战略。管理层重申了其目标，即到2030年，30%的营收将来自私募市场和技术业务，并设定了4000亿美元的私募融资目标。我们对10%的年化有机基础费用增长持积极态度，这反映了iShares、系统性主动股票投资和私募市场活动的强劲表现。BLK宣布股息增长10%，并回购了价值4.5亿美元的股票。我们预计BLK将继续进行补充收购以实现其雄心勃勃的增长目标，但鉴于复杂的市场环境，我们预计这一过程会遇到一些波折。
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Petro Rabigh Emerges From Loss in Q1; Revenue Grows
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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.
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