-- 独立研究机构CFRA向发布了以下研究报告。CFRA分析师的观点总结如下：我们将RACE的12个月目标价下调40美元至350美元，基于2027年28.5倍的市盈率，该市盈率较RACE过去10年的平均预期市盈率40.6倍存在合理的折让。我们维持对RACE 2026年和2027年调整后每股收益（EPS）9.70欧元和10.50欧元的预期不变。鉴于法拉利令人失望的第一季度业绩，我们下调了目标价，并维持“持有”评级。该公司第一季度盈利未达预期，主要原因是利润率低于预期，但其全年业绩指引保持不变。对于一家拥有业内最强劲盈利记录的公司而言，此次业绩不及预期实属罕见。我们认为，鉴于汽车制造业的高固定成本特性，RACE第一季度汽车销量增长乏力（-4.4%）持续对其利润率构成挑战。此外，我们对该公司计划于2030年实现产品组合转型，转向电动和混合动力汽车的长期前景仍存疑虑，并认为该股目前的风险/回报潜力较为平衡。
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Commodities
Market Chatter: Japan Advances Energy Loan Talks With South Africa, Promotes Ammonia Co-Firing
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Australia
Brunswick Keeps Quarterly Dividend at $0.44 per Share, Payable June 15 to Holders of Record May 18
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$BC