-- 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：我们12个月的目标价为42美元，上调4美元，该目标价综合考虑了相对估值和现金流折现模型。相对估值方面，我们对HAL公司2027年的预期EBITDA采用9.1倍的企业价值倍数，高于其历史平均水平。考虑到中东战争的影响，以及HAL公司在北美市场的稳固地位，我们认为采用较高的估值倍数是合理的。基于此，HAL的每股价值为39美元。同时，我们的现金流折现模型采用5%的中期自由现金流增长率和2%的终期增长率，并以7.1%的加权平均资本成本（WACC）进行折现，得出HAL的每股内在价值为45美元。我们将2026年的每股收益预期上调0.09美元至2.37美元，2027年的每股收益预期上调0.13美元至2.65美元。受中东局势影响，荷美航空预计2026年每股收益将面临0.07至0.09美元的阻力，但我们认为拉丁美洲市场表现强劲，能够部分抵消这一影响。管理层已看到北美市场出现复苏的早期迹象，但我们认为复苏速度是缓慢还是迅速尚待观察。
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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 cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
$OTIS
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Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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