-- 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AB公司12个月的目标价下调3美元至43美元。我们对AB公司的估值基于2027年每股收益预期4.00美元（下调0.20美元）的10.8倍，以及2026年每股收益预期3.65美元（下调0.15美元）的11.8倍。相比之下，AB公司一年期平均远期市盈率为11.4倍，而同业平均市盈率为16倍。AB公司的股份代表合伙权益，目前股息收益率为8.8%。我们维持对AB公司2026年营收增长3%至7%的预期。第一季度调整后营收增长3.9%至8.71亿美元，与我们的预期一致。AB公司指出，截至第一季度末，其机构客户储备总额为275亿美元。该项目有望受益于一系列战略举措，包括计划拓展亚洲保险市场。资产管理规模增长6.9%至8386亿美元。然而，净流出资金恶化至71亿美元（去年同期为净流入24亿美元），掩盖了流入固定收益、另类投资和多元资产的67亿美元资金。受重组措施的推动，GAAP营业利润率提升430个基点至26.1%。我们预计2026年营业利润率将进一步提升。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of Cincinnati Financial Corp.
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 by $7 to $185, valuing CINF shares (currently yielding 2%) at 20x our 2027 operating EPS estimate of $9.15 (raised by $0.10) and at 21.5x our 2026 EPS estimate of $8.60 (raised by $0.10), versus its five-year average forward multiple of 21x and peer average. CINF posted Q1 operating EPS of $2.10 versus a $0.24 operating loss per share a year ago, matching our estimate and topping the $1.94 consensus view, amid 12% higher operating revenues due to 11% premium growth and 14% higher net investment income, with written premium growth of 7% likely at the upper end of peer averages. We believe CINF's competitive strengths include its facile underwriting style and ability to allocate underwriting capital to areas with the most promising fundamentals, positioning it well despite increasingly competitive market conditions. CINF's ability to consistently produce above-peer growth and underwriting profitability will support the shares' premium valuation versus peers, in our view.
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Linde Plc
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