-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：我们下调目标价15美元至150美元，采用更为合理的股权风险溢价，但仍能反映APO超过20%的强劲手续费收入增长和稳健的资产管理规模增长。我们的目标价对应的预期市盈率为16.6倍，而过去三年的平均预期市盈率为16.3倍。我们此前对每股收益(EPS)的预期过于乐观，因此将2026年和2027年的EPS预期分别下调0.50美元至9.00美元和0.70美元至10.75美元，这两个下调幅度均接近市场普遍预期，对应的预期营收分别为53亿美元和63亿美元。我们评级面临的风险是股价波动，主要受低质量直接贷款或私募股权投资可能因人工智能对软件公司的潜在颠覆而受到冲击的担忧影响。在财报电话会议上，APO表示，受人工智能对科技公司冲击的低质量直接贷款（非投资级）对总资产管理规模的影响不大。在10260亿美元的总资产管理规模中，信贷业务占8340亿美元（占总额的81%），股票业务占1920亿美元（占19%）。APO预计2026年手续费收入占比将超过20%，其中75%的收入来自成熟的信贷业务，25%来自股票业务。
Related Articles
Australia
Aptiv Stock Sell-off Post Q1 Results was Unwarranted, UBS Says
Aptiv (APTV) stock sell-off post Q1 results was unwarranted and likely driven by the lower-than-expected Q2 guide and rising cost pressures with 2026 more back-half weighted that appears like a steep ramp, UBS said in a Wednesday research report.While Q2 is impacted by "stranded cost" and Ford Motor (F) volume timing, H2 ramp looks more achievable than optics suggest amid positive developments in China and the non-auto segments, analysts wrote.The company expects positive growth from China in Q2, driven by new programs and normalization of production at key customer, the brokerage stated.Commodity headwinds should abate in H2 as recoveries lag, UBS said.The brokerage said it reiterated its buy rating on the stock and price target of $80 per share.Aptiv shares were up 4% in Wednesday trading.Price: $56.47, Change: $+1.64, Percent Change: +2.99%
$APTV$F
Research
Wells Fargo Downgrades Criteo to Equalweigt From Overweight, $18 Price Target
Price: $15.79, Change: $-4.34, Percent Change: -21.55%
$CRTO
Australia
Ocular Therapeutix Advances FDA Talks on Single-Trial Filing for Eye Drug, RBC Says
Ocular Therapeutix (OCUL) is moving closer to a potential US Food and Drug Administration filing for axpaxli, its long-acting treatment for wet age-related macular degeneration, as regulators begin formal discussions on a single-trial approval path, RBC Capital Markets said Tuesday in a report.Management said talks with the FDA are now ongoing, raising the possibility of submitting an application based on the company's successful pivotal study, rather than waiting for a second trial that is due to read out in early 2027, RBC said.The company plans to provide additional regulatory and program updates at an investor day on June 17, RBC said.Ocular continues to target a potential 2027 launch for axpaxli under a single-trial filing strategy, and RBC reiterated its view that the drug has a "positive benefit/risk profile."RBC maintained its rating of outperform, speculative risk, on Ocular stock with a $30 price target.Price: $9.84, Change: $+0.13, Percent Change: +1.29%
$OCUL