-- 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：我们基于6.6倍的预期TEV/EBITDA倍数（该倍数反映了并购和执行风险），将目标价下调1美元至12美元。我们的目标价基于较为保守的估值，而五年历史平均水平为9.4倍。鉴于PSKY能否完成对华纳兄弟探索频道（WBD 27 ***）的收购存在不确定性，我们认为我们的目标价是合理的。我们确实担心，WBD的收购可能会因债务过高而面临挑战。PSKY提出的以31美元/股全现金收购WBD的要约，辅以575亿美元的债务融资，对PSKY的财务稳定性构成生存威胁。如果交易在2026年第三季度完成，合并后实体的总债务将超过700亿美元（PSKY目前的136.5亿美元债务加上WBD的现有债务以及新的收购融资），这将导致杠杆率过高，信用评级降至垃圾级，借贷成本显著上升，并需要通过协同效应节省60亿美元的成本。任何监管方面的延误，如果晚于2026年第三季度完成，都将增加成本并延长不确定性，可能导致人才流失或错失市场良机。
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Update: Gold Rises As Treasury Yields Ease
(Updates prices.)Gold traded higher midafternoon on Tuesday, rising off a five-week low as treasury yields weakened.Gold for June delivery was last seen up US$35.60 to US$4,568.90 per ounce.The price of the metal has remained mostly rangebound for a month as the war on Iran has prompted some safe-haven demand for the metal, even as the higher oil prices that followed the start of the war on Iran is hiking inflation. The threat of higher interest rates because of rising prices is pushing up bond yields, bearish for the metal since it pays no interest."The benchmark US 10-year yield rose some seven basis points on the day Monday, closing just below 4.44% and therefore at the highest daily close since last July as traders eye the big round 4.50% level.," Saxo Bank wrote.However yields moderated early on Tuesday, with the U.S. two-year note last seen paying 3.944%, down 1.8 basis points, while the yield on the 10-year note was down 2.2 points to 4.42%. The dollar was higher, with the ICE dollar index last seen up 0.04 points to 98.42.
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Research
Research Alert: CFRA Maintains Buy Opinion On Shares Of First Quantum Minerals
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target price by CAD5 to CAD40, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, a discount to FM's three-year average forward EV/EBITDA of 10.6x but close to peers, with an average of 8.3x. We lower our 2026 EPS estimate by $0.33 to $0.53 and 2027 by $0.22 to $1.95. FM faces near-term cost pressures from Middle East tensions, with fuel representing 15% of total costs and potential upward pressure of $0.25/lb on C1 guidance (fuel +$0.20, Kwacha +$0.10, partially offset by gold -$0.05). However, the company's fundamentals remain strong with authorization to process Cobre Panama stockpiles (30-40kt copper expected in 2026), Kansanshi S3 operating 25% above design, and record nickel production at Enterprise. FM strengthened its balance sheet with a $1.5B 10-year bond at 6.375% and extended maturities to 2036. The Taca Taca project (291kt/year copper over first 10 years, 19.3% IRR) provides significant long-term growth optionality once the balance sheet is positioned to support development.
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Australia
Market Chatter: Apple to Let Users Choose Third-Party AI Models With iOS 27
Apple (AAPL) will let users select from multiple third-party artificial intelligence models for tasks across its iOS 27 software, Bloomberg reported Tuesday, citing people with knowledge of the matter.Users will be able to select rival AI models for tasks like generating and editing text and images when the change becomes available for iOS 27, iPadOS 27 and macOS 27, slated for this fall, the report said, citing the people.Apple didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $283.22, Change: $+6.34, Percent Change: +2.29%
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