-- 独立研究机构CFRA向提供了以下研究报告。CFRA的分析师总结如下：我们30美元的目标价是基于11.8倍的预期企业价值/息税折旧摊销前利润（TEV/EBITDA），该预期基于我们对2026年持续经营EBITDA的预测。由于2026年第一季度的合并成本，我们将2026年每股亏损预期从之前的-0.06美元下调至-1.00美元，并将2027年的每股亏损预期下调0.05美元至0.05美元。我们预测2026年和2027年的收入分别为370亿美元和380亿美元。Netflix拒绝提高对WBD的收购报价，WBD董事会认为PSKY的报价“更优”。因此，在获得股东批准后，WBD将着手寻求监管机构的必要批准。我们认为，由于审批流程漫长，获得美国司法部和欧盟的反垄断批准会带来交易风险，但我们认为这比NFLX收购WBD更可行。因此，PSKY对WBD的收购一旦获批，要么会将其打造成为媒体巨头，要么会使其背负不可持续的杠杆和整合难题。我们认为，能否在10月1日前完成交易并获得必要的监管批准仍存在不确定性。
Related Articles
Research
Research Alert: CFRA Keeps Buy Rating On Shares Of Paycom Software, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $19 to $150, 12.3x our 2027 EPS estimate, significantly below PAYC's three-year historical forward P/E average of 24.9x. We lift our 2026 EPS view by $0.53 to $10.73 and 2027's EPS view by $0.95 to $12.23. PAYC conservative 2026 guidance, which projects a revenue growth slowdown to 6%-7%, is a primary concern as it contrasts sharply with the company's current performance. This strength is evidenced by an expanding 48.2% adjusted EBITDA margin, robust 17% Y/Y growth in operating cash flow, and high 91% client retention, all fueled by the demonstrable ROI its AI-powered platform delivers to clients. Underscoring this internal confidence, management executed a massive $1.06B share repurchase in Q1, taking on $675M in debt to capitalize on what it views as a significant undervaluation. This aggressive, debt-funded capital return increases financial leverage but signals a profound belief in the company's long-term value proposition, despite the cautious near-term growth outlook.
$PAYC
Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of Host Hotels & Resorts, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target by $2 to $23 on a forward P/FFO of 10.9x our 2026 FFO estimate, a premium to peers and HST's three-year forward average (8.9x) due to a stronger 2026 travel outlook and recently redeveloped properties driving higher revenue per average room (RevPAR) this year. We increase our 2026 FFO estimate by $0.05 to $2.11 and leave our 2027 view unchanged at $2.15. San Francisco showed remarkable recovery boosted by the Super Bowl and accelerating business travel as resorts in Florida/Phoenix saw stronger-than-normal Q1 performance. Weather-related disruptions in Hawaii and the East Coast negative impacted RevPAR by 120 bps in Q1, while the outlook for growth in 2H 2026 implies growth slowing to 1%-2% range. Productivity improvements have helped to offset some of the 5% Y/Y growth in wages, but this cost inflation is a risk we continue to monitor. We do not currently expect any acquisitions, with management setting a high IRR bar and favoring buybacks and special dividends currently.
$HST
Research
Research Alert: CFRA Reiterates Hold Opinion On Shares Of Fortis Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target is unchanged at CAD80, valuing shares at a forward P/E of 21.5x our next-12-month EPS estimate of CAD3.72, a premium to its five-year average of 19.3x. We keep our 2026 EPS estimate at CAD3.62 and raise our 2027 EPS estimate by CAD0.03 to CAD3.88. Q1 results showed continued progress on load growth opportunities, with ITC advancing data center interconnection projects and TEP securing initial contractual milestones in Arizona while pursuing additional phases. We expect revenue to grow 7.8% in 2026, followed by 5.6% growth in 2027, supported by customer rate updates at Central Hudson (effective July 2025), FortisBC Energy (effective January 2026), UNS Gas (effective March 2026), and a pending decision at TEP (expected fall 2026), alongside ongoing rate base growth. From 2025-2028, we expect EPS to grow at a 5.3% CAGR while dividends grow at 4.6%, both lagging the peer median growth rates of 7.9% and 5.2%, respectively. Shares currently yield 3.3%, slightly ahead of the peer median 3.2%.
$FTS