-- 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：我们维持D公司12个月目标价64美元，市盈率为17.8倍，基于我们预测的下12个月每股收益3.61美元。该倍数高于D公司五年平均市盈率17.1倍，但低于同行平均水平，反映出我们预期该公司近期股息不会增长，且在我们所覆盖的公用事业板块中，其近期和长期每股收益增长最为疲弱。我们将2026年每股收益预期下调0.01美元至3.59美元，并将2027年每股收益预期设定为3.81美元。我们认为，由于CVOW项目应急缓冲资金减少（目前仅占剩余成本的6%），D公司面临着更高的执行风险。项目延期将进一步增加风险，预计每延期一个季度将增加1.5亿至2亿美元的成本。目前114亿美元的预算并未反映出修订后的232条款对钢铁、铝和铜征收关税所带来的预计2亿至3亿美元的影响。虽然PJM电网升级成本的潜在重新评估或许能够抵消部分影响，但其规模和时间尚不确定。鉴于D地处全球最大的数据中心市场，我们仍然认为它是人工智能蓬勃发展的关键推动者。目前已签约的数据中心容量为51.0吉瓦，高于第四季度的48.5吉瓦。
Related Articles
Research
Research Alert: CFRA Maintains Hold Rating On Fair Isaac Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our target price of $1,219, applying 26x our FY 27 (Sep.) EPS estimate, with the compressed multiple reflecting regulatory uncertainty following the FHFA's decision allowing VantageScore in conforming mortgages, introducing the first meaningful competition to FICO's long-standing monopoly. Our EPS estimates are $41.08 for FY 26 (up from $38.48) and $46.90 in FY 27. We maintain our Hold rating while awaiting greater clarity on competitive dynamics and adoption trends for FICO's Mortgage Direct licensing program, with lender uptake remaining uncertain and management's dismissal of competitive threats contrasting with defensive pricing actions. While the company continues demonstrating strong near-term performance and aggressive capital returns through share repurchases, the regulatory landscape has fundamentally shifted in ways that warrant caution. FICO's Platform software momentum, expanding operating leverage, and switching costs offer enough upside to balance the recent industry changes.
$FICO
Research
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.
$CINF
Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of Linde Plc
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target by $48 to $537, using a P/E of 27.1x, equal to LIN's average forward P/E over the last three years. We raise our 2026 EPS estimate by $0.05 to $18.03 and 2027 by $0.26 to $19.81. LIN reported Q1 adj. EPS of $4.33, beating consensus by $0.06, with 30% operating margins and 24% ROC demonstrating the resilience of its business model. Management raised the low end of full-year guidance to $17.60-$17.90 (7%-9% growth), citing confidence despite geopolitical headwinds. The $7.1B project backlog should reach $8B+ by year-end, driven by Electronics projects supporting AI chip manufacturing. Americas volumes grew 2% Y/Y with double-digit hardgoods growth, though EMEA remains challenged by weak industrial activity. Commercial space is emerging as a significant growth driver, with aerospace sales up double-digits. Helium supply tightness presents upside opportunity beyond guidance. We think shares are fully valued at 25.6x our 2027 EPS estimate, limiting upside potential in the near term.
$LIN