-- 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：基于2027年21.9倍的市盈率，我们将SAM的12个月目标价下调5美元至230美元。该市盈率较SAM历史平均预期市盈率大幅折让，原因是增长预期疲软。我们将2026年调整后每股收益预期从9.30美元下调至8.80美元，2027年调整后每股收益预期从10.75美元下调至10.50美元。在SAM发布第一季度财报后，我们下调了预期和目标价，并维持对该股的“持有”评级。SAM第一季度盈利低于市场预期，该公司下调了2026年销量预期，但维持了2026年调整后每股收益预期不变。我们认为，SAM可能难以达到盈利预期，并且鉴于需求疲软，该公司在销量方面将继续面临挑战。一线希望在于世界杯和美国250英里耐力赛预计将带动消费增长。我们也看好SAM的资产负债表（第一季度末净现金1.29亿美元）和强劲的毛利率（第一季度为49.3%），但我们认为，在目前的价位上，饮料行业存在更具吸引力的投资机会。
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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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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.