-- 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：根据第一季度业绩，我们将12个月目标价从160美元下调至140美元，采用的市盈率更符合工业机械子行业的整体水平。我们基于2027年每股收益预期6.02美元（与之前的预测一致；2026年每股收益预期从5.50美元上调至5.52美元）对股票进行估值，市盈率为23.2倍。XYL的有机收入和订单量与去年同期持平，调整后EBITDA利润率增长20个基点，调整后每股收益增长9%。受智能计量需求的推动，测量与控制业务的订单量增长了15%，而应用水处理业务则受益于数据中心相关订单的激增。这些增长被水利基础设施和水务解决方案及服务业务的下滑所抵消，后者受到战略性“撤资”、中国市场疲软以及资本项目时机的影响。我们重申对该股的“买入”评级，但我们也意识到，由于盈利预期更多地侧重于下半年，第三季度和第四季度的预期更高，因此存在更高的风险。
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Sector Update: Tech
Tech stocks were mixed late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) decreasing 0.4%.The Philadelphia Semiconductor index decreased 0.5%.In corporate news, Apple (AAPL) is planning to introduce a new feature for its next iPhone software update that will allow users to develop and personalize their own digital tickets and gift cards in the Wallet app, Bloomberg reported. The pass-building feature for iOS 27 Wallet is expected to address the issue of many services still not offering passes compatible with the Wallet platform, the report said. Apple shares were down 1.1%.
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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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Treasury
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.