-- 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：我们基于14倍EV/EBITDA倍数，将Etsy未来12个月的目标股价上调4美元至78美元，该倍数基于我们对2026年EBITDA的8.14亿美元预期（此前预期为7.7亿美元，同比增长11%）。我们将2026年每股收益预期从4.62美元上调至5.32美元，并将2027年每股收益预期从4.91美元上调至5.72美元。Etsy第一季度业绩强劲超出预期，商品交易总额同比增长5.5%，活跃买家数量也恢复了温和的环比增长。尽管如此，业绩增长仍受益于多项一次性利好因素，包括汇率波动（使商品交易总额增长190个基点）以及关税和取消最低限额带来的平均订单价值上涨。公司第二季度业绩展望预计同比增长3%-5%，表明短期增长势头依然强劲。关键的讨论焦点将转移到下半年，届时同店销售额将面临更大的挑战。我们依然保持乐观，这得益于客户指标的改善，包括复购率和习惯性购买趋势的趋于稳定，我们认为这主要归功于近期应用程序的改进（例如个性化和产品发现）。此外，我们预计在以12亿美元收购Depop的交易完成后，公司将进行大规模的股票回购，该交易预计将于第三季度完成。
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Research Alert: CFRA Maintains Hold Rating On Shares Of Sofi Technologies, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by $4 to $18, applying a P/E of 17.8x our 2028 EPS view vs. SOFI's 71.2x three-year historical forward P/E average. We keep our 2026 EPS estimate at $0.58, 2027's at $0.81, and 2028's at $1.01. We expect robust member and product growth, fueled by key initiatives like crypto and the SoFi Plus relaunch, to support sustained double-digit revenue expansion. The relaunched SoFi Plus introduces a paid subscription to fuel cross-selling, while the crypto initiative leverages its unique, bank-issued stablecoin to become a core infrastructure provider for digital assets.However, this outlook is reflected in a rich valuation that leaves minimal room for execution missteps. We remain neutral, as a sustained high-rate environment could stress consumers and impact credit performance, a key risk given the company's large personal loan portfolio. Management's decision to not raise full-year guidance, despite a strong quarter, balances strategic investments against macroeconomic uncertainties.
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Research Alert: CFRA Maintains Buy Rating On Shares Of Tenet Healthcare
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price to $200 from $260, 11.4x our 2026 EPS estimate (up to $17.56 from $17.33; 2027 estimate up to $18.00 from $17.85), a discount to the company's three-year historical forward average of 12.9x. We think THC's valuation balances recent deleveraging efforts and a stronger margin profile than in previous years against policy headwinds, including cuts to Medicaid coverage under the OBBBA legislation and the recent expiration of ACA enhanced premium tax credits, which increases risk of higher uncompensated care. Same-facility ACA exchange admissions fell 10% Y/Y in Q1, and THC guides for a 20% reduction in ACA exchange patient volumes for 2026 and anticipates a negative $250 million impact on adjusted EBITDA. While we expect THC to revisit annual guidance in Q2 earnings, at which point a clearer picture of the insurance coverage landscape is likely, we look favorably on the company maintaining its annual inpatient/outpatient volume guidance for now.
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Sanmina Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $87 to $250, 19.3x our FY 27 EPS estimate. We increase our FY 26 EPS estimate by $1.16 to $11.23 and raise FY 27's by $1.28 to $12.95. SANM noted strong growth in revenue, particularly in the Communication Networks & Cloud AI Infrastructure segment, which saw significant year-over-year expansion. This growth was attributed to strong demand in areas such as accelerated compute, general-purpose compute, and storage, as well as contributions from both Core Sanmina and the ZT Systems business. Positive momentum was observed in other end markets like Industrial & Energy, where the business is expected to accelerate growth in the second half of the year, particularly in power generation, distribution, and semiconductor capital equipment. There was an emphasis on the company being well prepared for future growth, supported by a diversified customer base, expansion into new programs, and a global manufacturing footprint positioned for anticipated demand in 2027 and 2028.
$SANM