-- 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：我们将DLB的目标股价下调9美元至64美元，采用15倍市盈率，该市盈率基于我们对2026财年（9月）每股收益的预期，低于DLB过去三年的平均市盈率（约20倍），原因是内存短缺给消费电子产品带来风险。我们将2026财年的每股收益预期下调0.06美元至4.22美元，并将2027财年的每股收益预期下调0.02美元至4.29美元。DLB基本维持了其2026财年各终端市场的业绩展望范围和预期增长率，鉴于内存短缺状况较年初有所恶化，我们认为这一预期过于乐观。我们预计DLB的所有终端市场都将因此受到负面影响，并且这种影响可能会迅速显现。然而，我们仍然认为这些风险已反映在股价的估值下调中，而移动业务（占第二季度销售额的25%）由于最低销量承诺而受到一定程度的影响。DLB仍然预计移动和广播终端市场在2026财年将实现个位数低增长。汽车领域的长期增长潜力（合作活动持续增长，目标合作厂商约40家）也为估值提供了一定的支撑。
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Research
Research Alert: CFRA Maintains Sell Opinion On Shares Of Sirius Xm Holdings Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $5 to $22, applying an EV/revenue multiple of 2.0x to our 2026 estimate, a discount to its three-year historical average multiple of 2.5x. We trim our 2026 EPS estimate by $0.01 to $3.09 and raise 2027's by $0.14 to $3.45. There was mention of a softer auto sales environment, which created headwinds for trial starts and impacted subscriber acquisition, particularly following last year's tariff-driven pull forward in vehicle sales. Conversion rates for self-pay subscribers saw slight declines, especially as younger car purchasers entered the trial funnel, and used car conversion rates remained lower than new car rates. Subscriber trends are expected to be modestly lower Y/Y, with management cautioning about ongoing pressures and declining to change subscriber guidance for the year due to uncertainties in auto sales and companion subscription take rates.
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Treasury
US Treasury Lifts Q2 Borrowing Estimate
The US Treasury said Monday that it expects to borrow $189 billion in Q2, a larger borrowing estimate than the $109 billion it announced in its previous statement.The reason for the increase in the borrowing estimate was lower projected net cash flows that were partially offset by a higher-than-expected cash balance at the start of the quarter. The Treasury still assumes a $900 billion end-of-quarter balance.Borrowing is seen at $671 billion in Q3, with an estimated cash balance of $950 billion at the end of September.The Treasury borrowed $577 billion in Q1, ending March with an $893 billion cash balance at the end of the quarter. The Treasury had previously expected to borrow $574 billion with an end-of-March cash balance of $850 billion.The slightly higher amount of Q1 borrowing was due to a higher-than-assumed end-of-quarter cash balance that were partially offset by higher net cash flows, the Treasury said.