-- 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：我们下调目标价6美元至94美元，预期市盈率（P/FFO）为14.4倍，低于多户住宅房地产投资信托基金（REIT）同业平均水平15.5倍。我们将2026年FFO预期下调0.05美元至每股6.65美元，并将2027年FFO预期下调0.20美元至每股6.855美元，预计营收分别为15.6亿美元和16亿美元，同比增长2.5%。管理层预计2026年FFO将在每股6.60美元至6.90美元之间，中值为6.75美元，较2025年每股减少0.13美元。预计这一下降主要源于费用和资产管理收入的减少以及运营费用的大幅增加。鉴于加州监管限制了投资回报率，CPT正寻求出售其在加州的租赁社区。预计此次出售将为阳光地带市场带来11亿美元的资金，用于新物业收购和股票回购。然而，我们认为阳光地带市场本地新增供应过剩，限制了CPT提高新租约租金和降低续租租金的定价能力。
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Mining & Metals
Update: WTI Oil Falls As Iran Offers New Peace Plan
West Texas Intermediate (WTI) crude oil closed lower Friday as Iran made a new peace proposal, however U.S. President Trump rejected the plan.WTI crude oil for June delivery closed down US$3.13 to US$101.94 per barrel, while July Brent oil was last seen down US$2.177 to US$108.23.Reuters reported Iran offered a new proposal to reach a peace deal with the United States. While details were not disclosed Trump rejected the plan, telling reporters he was not satisfied with the plan. However he confirmed indirect talks mediated by Pakistan are continuing by phone.Oil remains in short supply following the closure of the Strait, the chokepoint for exports from the Persian Gulf nations that accounted for 20% of daily demand. The lack of supply has pushed up crude oil prices by more than half since the Feb.28 start of the war amid shortages of crude oil and refined products, with Nymex gasoline futures up 81% since the war began while supplies of aviation are tightening.The supply crunch comes ahead of the May 23 start to the Memorial Day weekend, the traditional start of the summer driving season, when demand for fuel peaks, which is likely to push prices even higher."With summer demand season quickly approaching, we see a path for oil prices to exceed the 2022 and even 2008 highs, especially as sentiment may finally be shifting on the duration of the Hormuz blockage," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.
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Australia
GoDaddy Faces AI Fears Head-On, RBC Says
GoDaddy (GDDY) reported a "very clean" Q1 and reiterated its full-year outlook even as the stock likely more priced for a guide down, RBC Capital Markets said in a note Friday.The report pointed to positives in the quarter, including bookings for its Applications and Commerce that decelerated in-line to 9% which was expected after last quarter's discounting."Discounting continues but is stable and given the AI concerns,A&C must maintain at least LDD growth rates going forward if the stock is to work," the note said.The report also said margins came in ahead, making the rest of the year look like a lay-up.RBC kept its outperform rating with a price target of $95.Price: $86.93, Change: $+0.13, Percent Change: +0.16%
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Mining & Metals
CIBC Raises Its Primaris REIT Price Target By C$2, Reiterates its Outperformer Rating
CIBC Capital Markets reiterated its outperformer rating on the shares of Primaris Real Estate Investment Trust (PMZ-UN.TO) while raising its price target to C$22.00 from C$20.00 on Thursday, following PMZ's first quarter results on Wednesday.PMZ reported Q1 FFO/unit of $0.425 (-3.2% Y/Y), broadly in line with consensus, noted CIBC."Our 2027 FFO/unit estimate rises by near 2%, as we better reflect the improved leasing cadence on the ground," said CIBC, adding it $22 price target is based on an 11 times 2027 estimated FFO/unit multiple (10.2 times previously), translating to a 5% discount to the bank's revised one-year-out NAV (9% previously), "reflective of its risk, growth prospects, and leverage versus peers."CIBC also reiterated its belief that PMZ unitholders will benefit from occupancy improvements and rent growth over the long term. Tenant relationships for mall operators matter given the reach of their typically national tenant base, CIBC said. Controlling increasingly more productive assets through acquisition and organic growth will increase PMZ's importance to these national tenants, the bank added."PMZ's ability to fund its capex and distribution from its own rents and low balance sheet leverage drive a lower financial risk profile that offsets the risk of owning a higher-risk asset class in enclosed malls," added CIBC. Trading at an implied cap rate of near 8.7% on achievable forecasts, CIBC believes investors are being well compensated for the operating risks involved with owning PMZ units (e.g., anchor tenant transitions) versus the balance of the large-cap Canadian retail REIT universe (trading at estimated implied cap rates of 5.8%-7.1%)."CIBC noted on the call that Primaris will provide a detailed update on its HBC progress in the next 60 days, once it has a significant number of fully executed leases in place, and also that CRU leasing momentum "accelerated meaningfully" in Q1, with management highlighting record new deal volumes and pricing.Price: $19.01, Change: $+0.14, Percent Change: +0.74%
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