-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：尽管整体业绩疲软，AVTR第一季度业绩仍超出预期，盘前交易中股价应声上涨。调整后每股收益为0.17美元，比市场普遍预期高出0.01美元，但低于上年同期的0.23美元。净销售额持平于15.814亿美元，但有机收入下降4.1%，其中VWR分销与服务（-4.8%）和生物科学与医疗技术产品（-2.0%）的有机收入均出现下滑。管理层表示，VWR的业绩在经历了长期疲软后呈现“企稳”态势。我们认为，利润率较高的生物科学业务板块（调整后营业利润率为23.8%，而VWR为9.2%）展现出“执行力提升”，是Revival转型工作的重点。盈利能力指标显著收窄，调整后EBITDA利润率下降310个基点至13.9%。经营现金流从1.093亿美元降至5870万美元，表明营运资金压力持续存在。AVTR重申了2026年全年业绩指引，表明尽管面临充满挑战的环境，管理层仍充满信心。
Related Articles
Research
Research Alert: CFRA Downgrades Rating To Sell From Hold On Shares Of Essex Property Trust, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target by $15 to $250 using a narrower equity risk premium and a forward P/FFO of 15.5x, which is in line with the multifamily residential REIT average. We keep our 2026 FFO estimate at $16.15 and lower 2027's by $0.05 to $16.45 on respective revenue projections of $1.94B and $1.98B. Rental revenue is not yet rebounding to historical growth levels. Across the industry, we are seeing inflation in key operating expenses exceeding revenue growth, and this leads to modest gains in cash NOI growth Y/Y. We expect these market conditions to continue as pricing power for ESS and its peers seems to have eased. In particular, ESS has a West Coast portfolio profile that is exposed to significant job layoffs in the technology sector. In our opinion, we have not yet seen the tail risk of major announcements just released in recent weeks. ESS has the challenge of complying with strict housing guidelines in California, leading to the trust historically underperforming peers in other parts of the country.
$ESS
Research
Research Alert: CFRA Keeps Buy Rating On Shares Of Biogen Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target at $236, 13.8x our new 2027 EPS view, a discount to BIIB's five-year historical forward P/E average of 14.1x. We lower our 2026 EPS view to $15.24 from $16.14 to adjust for the impact from acquired IPR&D. We keep our 2027 EPS view at $17.16. BIIB reported a strong start to 2026, with sales of $2.5B and adjusted EPS of $3.57. We see a successful stabilization of the business after years of decline, due to a 12% Y/Y increase in the growth products portfolio. In our view, during the analyst call, management presented a clear strategic vision centered on the pending $5.6B acquisition of Apellis, expected to close in Q2, which can transform BIIB into a growth company by adding two commercial assets, Syfovre and Empaveli. We think the Apellis deal could bridge a revenue gap until 2028, when the company's late-stage pipeline matures. Via this acquisition, BIIB also gains nephrology expertise and an established infrastructure, which could set its key asset Felzartamab launch for success.
$BIIB
Australia
Starbucks to Sustain Sales Momentum; to Focus on Margins in H2, UBS Says
Starbucks (SBUX) is expected to maintain solid sales momentum on its turnaround strategy, though investor focus is shifting toward margin recovery in H2, UBS said in a note on Wednesday.The brokerage said strong transaction-driven comparable sales growth in Q2 reflected improvements in operations, menu innovation and updated loyalty program.Looking ahead, UBS said continued execution on initiatives such as afternoon beverage platforms, loyalty enhancements, store closures and operational improvements should support sales into H2.UBS also expects margin expansion later in the year, supported by sales leverage, cost savings and easing pressures from tariffs and coffee costs.UBS raised the price target on the stock to $105 from $100 but maintained a neutral rating.Price: $106.10, Change: $+8.82, Percent Change: +9.06%
$SBUX