-- 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：基于相对估值和现金流折现模型，我们维持12个月目标价为36美元。相对估值方面，我们对2027年预计EBITDA采用11倍的企业价值倍数，略高于KMI的历史平均水平。鉴于天然气需求不断增长，尤其是在液化天然气出口和数据中心这两大长期驱动因素的推动下，我们认为略微溢价是合理的，该倍数对应的每股价值为33美元。同时，我们的现金流折现模型假设未来10年自由现金流年增长率为7.8%，终端增长率为2.5%，并以6.2%的加权平均资本成本（WACC）进行折现，得出每股内在价值为39美元。我们将 2026 年每股收益预期上调 0.12 美元至 1.48 美元，但将 2027 年的预期下调 0.03 美元至 1.47 美元。尽管美国能源信息署 (EIA) 对天然气价格的预测略有回落，但我们仍然认为，每百万英热单位 (MMBtu) 3 美元以上的价格区间（我们预计 2026-2027 年的价格将达到这一水平）足以刺激对 KMI 提供的天然气中游服务的需求增长。
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Sectors
Sector Update: Tech Stocks Fall Late Afternoon
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Research
Research Alert: Paccar: Q1 Eps Match Expectations; Class-8 Outlook Reiterated
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PCAR's Q1 results matched consensus with operating EPS of $1.15 vs. $0.96 in the prior year, supported by the absence of litigation charges that impacted Q1 2025. New truck deliveries fell 7K units to 33.1K globally, with North American Class-8 shipments declining while Europe showed strength. The Parts business managed positive expansion despite truck sales softness, benefiting from strategic investments in distribution infrastructure. Management maintained an upbeat tone on customer demand trends, though their North American outlook for retail Class-8 truck sales remained unchanged from Q4. PCAR generated healthy operating cash flow of $972M vs. $910M and maintained a strong balance sheet, in our view. Management projected full-year capex of ~$750M and R&D expenses of ~$475M for next-generation powertrains. We see the unchanged shipment projections as a signal that management is not entirely confident an inflection is occurring stronger than previously anticipated.
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Australia
Erasca Shares Fall After Preliminary Phase 1 Dose Escalation Data
Erasca (ERAS) shares fell 48% Tuesday after the company reported preliminary phase 1 dose-escalation data for its experimental ERAS-0015 in patients with RAS-mutant solid tumors, including colorectal cancer, non-small-cell lung cancer and pancreatic adenocarcinoma.The preliminary data, from ongoing trials in the US and China, suggest ERAS-0015 may be combined with standard-of-care doses of panitumumab, positioning it as a potential backbone therapy for future combination regimens, the company said.The therapy was generally "well tolerated," with no dose-limiting toxicities or treatment discontinuations due to adverse events, according to a statement.Erasca said it selected 24 mg and 32 mg once daily as recommended doses for further study and said the drug showed "promising clinical potential" for combination use with panitumumab.In a regulatory filing, the company said a patient, who was a 66 year-old male with heavily pretreated metastatic pancreatic adenocarcinoma, had died. The company said grade 3 treatment-related adverse events of pneumonitis progressed to grade 5 following withdrawal of supportive care per patient decision.Price: $9.96, Change: $-9.20, Percent Change: -48.02%
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