-- 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：鉴于第三财季业绩强于预期，我们将12个月目标价下调10美元至87美元。该目标价基于我们对2027财年每股收益29倍的预期（由2026财年的45倍滚动推算而来），低于该股过去三年平均39倍的预期市盈率。我们将2026财年每股收益预期从2.16美元上调至2.22美元，并将2027财年每股收益预期从2.73美元上调至2.99美元。尽管面临关税成本，EL的毛利率仍提高了140个基点，营业利润率也提高了360个基点。管理层对2027财年的营业利润率持乐观态度，预计中值将提高190个基点。尽管这些业绩超出预期，但我们认为成本削减是主要驱动因素，尤其是销售点人员的减少。目前股价高于整体市场水平，除非雅诗兰黛中国市场复苏且传统品牌企稳，否则上涨空间有限。不过，香水业务第三季度强劲的内生增长（+10%）以及2026财年更高的内生增长预期（+3%）抵消了部分溢价。我们认为，目前的估值水平风险/回报比较为平衡。
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Research Alert: CFRA Maintains Hold Rating On Shares Of Moderna, Inc. After Q1 Earnings
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing Q1 results, we up our target to $48 from $39, based on our NPV analysis. We widen our 2026 LPS view to -$7.95 from -$7.16 and keep our 2027 LPS view at -$4.82. MRNA reported a strong Q1, exceeding revenue expectations and demonstrating significant Y/Y growth. During the analyst call, management highlighted key regulatory approvals in Europe for its respiratory vaccine portfolio and oncology pipeline advancements, which we find encouraging. Despite a GAAP net loss widened by a one-time litigation settlement, underlying financial discipline and cost reduction efforts are noteworthy. Yet, revenue guidance for Q2 is relatively low at $50M-$100M (CFRA: $92M), which points to a 65%-30% Y/Y deceleration (CFRA: 35%) but also signals a significant swing Q/Q after the company recorded $153M in sales in Q1. While we think the progress in the oncology pipeline with the partnership with Merck & Co. (MRK 112 ****) is promising and progressing well, we continue to view MRNA as a wait and see story.
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Research Alert: CFRA Maintains Hold Rating On Shares Of Ge Healthcare Technologies Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target to $65 from $87, based on 11.8x our 2027 EPS estimate of $5.51, a sharp discount to the stock's average forward P/E of 18.1x. We cut our 2026 adjusted EPS estimate to $4.86 from $4.96, which stands at the lower end of the reduced guidance range of $4.80-$5.00 (vs. previous $4.95-$5.15). GEHC achieved Q1 organic revenue growth of 2.9% Y/Y, which was at the high end of its expectations. Yet profitability metrics were disappointing with adjusted EPS of $0.99 missing expectations, and the adjusted EBIT margin declining 150 bps Y/Y. This was primarily due to a discrete supplier issue in the PDx business and an unexpected increase in inflationary costs. As a result, GEHC lowered its profit and cash flow outlook, which we view as a prudent move. Strategically, we think GEHC is advancing a strong innovation pipeline, has completed the acquisition of Intelerad, and has announced a reorganization to combine its Imaging and AVS segments into a new segment, which has the potential to accelerate growth.
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Research Alert: CFRA Maintains Hold Rating On Shares Of Lennox International 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 to $569 from $559, 21.4x our 2027 EPS estimate (down to $26.57 from $26.62; our 2026 estimate down to $24.14 from $24.51), near LII's three- and five-year historical forward averages of 21.9x and 20.6x, respectively. We think LII faces material near-term operational challenges from residential market softness, escalating tariff-driven cost inflation (~5% vs. prior ~2.5% guidance), and margin compression in its Home Comfort Solutions segment (390-bp decline to 13.3% in Q1). However, these concerns are substantially mitigated by the Building Climate Solutions segment's exceptional performance (38% revenue growth, 300-bp margin expansion to 19.7% in Q1), significantly improved operating cash flow ($16.1M vs. -$35.8M Y/Y) due to inventory normalization. We note an antitrust class action lawsuit, filed in March, alleging price-fixing among HVAC equipment manufacturers since January 2020, posing an additional risk to LII's financial and reputational standing.
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