-- 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：我们将目标价从108美元下调至100美元，并对我们维持不变的2026年EPADS预测值应用12.5倍市盈率。此次市盈率较之前的13.5倍略有下调，反映了为应对一次性信贷和地缘政治拨备带来的不确定性，我们提高了近期风险溢价。我们维持4星（买入）评级，并将市场对第一季度业绩的负面反应视为一个机会。我们认为，市场对巨额特定拨备引发的“噪音”反应过度，而忽略了公司业务的内在实力。经调整后的18.7%的股本回报率、财富管理业务的强劲增长势头（新增净资金390亿美元）、净利息收入预期上调至约460亿美元以及更清晰的股票回购计划恢复路径，都印证了公司业务的强劲实力。尽管我们维持 2026 年每股收益预测为 1.60 美元，但我们将 2027 年每股收益预测上调至 1.80 美元，这凸显了我们对该特许经营权基本盈利能力将继续增长的信心。
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Australia
Cerence Files Patent Infringement Lawsuit Against Amazon
Cerence (CRNC) filed a lawsuit against Amazon.com (AMZN) in the US District Court for the Eastern District of Texas, alleging infringement of multiple patents related to automatic speech recognition and related technologies, according to a Monday court filing.The complaint claims a range of Amazon devices, including Echo smart speakers, Echo Show displays and Fire TV and Fire tablet products, infringe five Cerence patents. Cerence is seeking damages, enhanced damages for alleged willful infringement and other relief including an injunction.Amazon.com did not immediately respond to' request for a comment.Price: $10.07, Change: $-0.29, Percent Change: -2.80%
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Research
Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Aptiv Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month price target to $80 from $110, based on a 2027 P/E of 12.0x, a justified discount to APTV's 10-year forward P/E multiple of 23.6x. After adjusting our estimates for the recent Versigent spin-off, we lower our adjusted EPS estimates to $6.25 from $8.60 for '26 and to $6.65 from $9.30 for '27. We are maintaining our Strong Buy opinion on the shares, as the remaining company is a higher-margin business following the spin-off of the former Electrical Distribution Systems (EDS) segment. EDS generated much lower margins than the rest of Aptiv (an adjusted operating margin of 7.6% vs. 12.1% for the consolidated company in 2025). While APTV maintained prior full-year guidance, we think the guidance will prove conservative after a much better-than-expected Q1, and the stock remains one of our top picks in the auto parts and equipment sub-industry. We continue to like APTV's history of conservative guidance, strong execution, solid new business backlog, and aggressive share repurchases.
$APTV
Mining & Metals
TSX Edges up 16 Points at Midday With Most Sectors Higher, Info Tech Falls
The Toronto Stock Exchange is up 15 points at midday with most sectors higher.The best performers are miners and healthcare, both up 2%, followed by energy, up 1.3%.Offsetting gains is info tech, which is down 3.9%. Shopify (SHOP.TO) which reported its first-quarter earnings this morning, is down 12.5% to $151.60, with 2.4 million shares being traded. The company's second-quarter profit outlook missed expectations as it projected operating expenses of between 35% and 36% of revenue.In other news, focus was on the release of Canadian trade data for March, which CIBC described as "surging and glittering". The bank noted a $1.8 billion goods trade surplus compared with a $5.1 billion deficit in the prior month and consensus expectations for a $2.5 billion shortfall. Total exports surged by 8.5%, driven almost exclusively by metals and energy. Excluding those two areas, exports were up by a much more modest 1.1%. Auto exports rebounded further from January's low (+4.5%) but remained roughly 20% down on a year-over-year basis. Adding in services trade, which was fairly balanced in March, Canada's total trade balance with the world moved from a deficit of $5.0 billion in February to a $1.7 billion surplus.CIBC said: "While a trade surplus in March was unexpected, it was mainly driven by price fluctuations rather than any signs that real economic activity was stronger than anticipated. Combined with signs last week that higher gasoline prices may already be having a negative impact on consumer spending, we continue to expect only modest GDP growth this year and little evidence that slack within the economy is being absorbed. That should see the Bank of Canada look through a near-term spike in headline inflation, keeping interest rates on hold this year."
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