-- 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：基于2027年12.5倍的市盈率，我们将KDP的12个月目标价下调4美元至30美元，这一估值较规模更大的软饮料同行存在合理的折让。在KDP发布第一季度财报后，我们维持对该公司2026年和2027年调整后每股收益（EPS）2.25美元和2.40美元的预期。KDP第一季度调整后每股收益为0.39美元，低于市场预期的0.42美元（下降7%），但高于市场普遍预期的0.37美元。净销售额同比增长9.4%至39.8亿美元（比市场预期高出1.5亿美元），但毛利率下降180个基点至52.8%（比市场预期高出20个基点）。我们认为，KDP第一季度的盈利表现稳健，营收和利润均超出市场预期。随着对JDE Peet's的收购完成，以及分拆为两家纯粹业务公司的计划正在进行中，重点转向完成分拆以及为两家实体实现长期成功做好准备。然而，我们认为目前的股价水平可能会对其估值起到支撑作用。分拆完成后，我们预计KDP的重点将转向实现成本协同效应和降低资产负债率。
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
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