-- 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UNP的12个月目标价上调19美元至321美元，相当于2027年每股收益预期值的23.3倍，与同行平均预期市盈率23.3倍的水平一致，但高于UNP过去三年19.8倍的平均预期市盈率。我们将2026年每股收益预期上调0.06美元至12.66美元，2027年每股收益预期上调0.23美元至13.77美元。UNP重申其致力于在2027年前实现高个位数至低两位数的每股收益复合年增长率，并保持行业领先的运营比率和投资资本回报率。该公司第一季度运营和生产力指标均创历史新高，包括最佳的终端停留时间（19.7小时）和机车生产力。尽管面临燃油价格上涨的不利因素，管理层仍重申了2026年的业绩指引，预计定价收益将超过通货膨胀率。诺福克南方铁路公司（Norfolk Southern）的合并案预计将于2027年第二季度获得美国地面运输委员会（STB）的批准，该合并案将打造美国首条横贯大陆的铁路，减少每日2400次交接班，并将1万条线路改为单线运营。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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