-- 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：我们下调12个月目标价至200美元，平均市盈率为18倍，基于2027年每股收益预期9.45美元（较上年同期下降0.12美元），折合目标价为170美元；同时，我们采用现金流折现模型，假设终端增长率为2.5%，加权平均资本成本为5.7%，10年自由现金流复合年增长率为18.2%，折合目标价为230美元。此外，我们还下调2026年每股收益预期0.06美元至8.80美元。尽管ALLE第一季度业绩未达预期，但由于其强劲的基本面和具有吸引力的增长前景（得益于销售扩张和利润率提升），我们维持“强烈买入”评级。我们预计，在智能建筑普及带来的长期利好因素推动下，ALLE的电子产品组合（预计将实现两位数低增长）、增值并购以及非住宅市场（尤其是数据中心、酒店、办公和医疗保健市场，约占ALLE收入基础的75%）的强劲表现，将推动其在2026/2027年实现持续的销售额和利润率增长。强劲的现金流和健康的资产负债表也支撑了我们的这一观点。ALLE通过售后市场展现出防御性特征，并通过技术应用实现增长潜力。
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