-- 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：我们维持对NNN未来12个月的目标价不变，仍为47美元，相当于2026年FFO（营运资金）预估值的13.1倍，高于三年平均水平（12.7倍），这主要得益于NNN近期收购的物业表现良好。我们维持对NNN 2026年和2027年FFO预估值不变，分别为3.58美元和3.77美元。管理层持续表示，日益激烈的市场竞争导致资本化率下降15-25个基点，我们认为这将是一个长期的不利因素。NNN的收购项目储备依然强劲，但我们不确定第一季度1.45亿美元、7.5%的资本化率是否可持续，并认为今年的初始资本化率可能会下降。管理层指出，随着企业寻求替代融资和资产负债表管理方案，售后回租交易日益增多，这为 NNN 提供了大量基于关系的交易机会。我们认为，与 2024 年和 2025 年相比，租户信用风险正在降低，因为管理层近年来积极寻找更具韧性、不易受电子商务增长影响的租户。
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Research
Research Alert: Bmrn Delivers Mixed Q1 Results As Amicus Deal Closes And Pipeline Advances
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BioMarin delivered mixed Q1 2026 results with revenue of $766M (+3% Y/Y), beating consensus by $14M, but Non-GAAP EPS of $0.76 vs $1.13 (-33% Y/Y) missed consensus of $0.91. The quarter was impacted by a $31M NAGLAZYME manufacturing charge and Amicus acquisition costs. The $4.8B Amicus acquisition closed in April, adding GALAFOLD and POMBILITI + OPFOLDA to expand BioMarin's rare disease portfolio. Management raised 2026 revenue guidance to $3.825B-$3.925B, representing 20% Y/Y growth at the midpoint. Multiple pipeline catalysts are expected in 2026, including BMN 401 Phase 3 results for ENPP1 deficiency and VOXZOGO Phase 3 data for hypochondroplasia in Q2, both potentially supporting regulatory submissions in 2H 2026. BMRN expects more than 55% of 2026 revenues in the second half, driving back-end-loaded EPS recognition, in our view. With $2B in cash and $221M Q1 operating cash flow, BioMarin maintains substantial financial flexibility, in our opinion.
$BMRN
Commodities
US Natural Gas Update: Futures Jump to Four Week High on Cooler Forecasts
US natural gas futures trimmed earlier gains in after-hours trade on Monday but still climbed to a four-week high as cooler weather forecasts lifted prices.Both the front-month Henry Hub contract and the continuous contract rose 2.73% to $2.856 per million British thermal units.Expectations for below-normal temperatures across key consuming regions underpinned the rally, with forecasts pointing to increased heating demand in the near term.The Energy Buyers Guide said cooler-than-normal conditions are expected to dominate the eastern two-thirds of the US over the next two weeks, while the West is forecast to stay significantly warmer than average. Even so, overall energy demand is expected to remain subdued into mid-May, absent a major shift in weather patterns.Despite the price strength, underlying demand signals remain mixed. The Energy Buyers Guide noted that Monday likely marked the seasonal low point for combined heating and cooling demand, with population-weighted degree days projected at just 5.1, the lowest level since early May 2025. It suggested this could represent a transition point before stronger cooling demand emerges later in the spring.On the supply side, ample inventories continue to weigh on the broader outlook. Barchart noted that natural gas prices had dropped to a 1.5-year nearest-futures low on Apr. 17 amid robust storage levels. US Energy Information Administration data showed inventories as of Apr. 24 were 7.7% above the five-year seasonal average.Production also remains strong. Lower-48 dry gas output was estimated at 110.1 billion cubic feet per day on Monday, up 3.2% from a year earlier and slightly above what the EIA considers typical maximum capacity for April, according to BNEF. Demand in the Lower 48 states totaled 65.5 bcf/day, up 7.0% year over year.LNG feedgas flows showed some softening. Net flows to US LNG export terminals were estimated at 18.0 bcf/day on Monday, down 6.8% from the prior week, BNEF data showed.Reuters, citing LSEG data, reported that exports from the LNG Canada facility exceeded 1 million metric tons in April, setting a monthly record. The plant, the country's first major LNG export terminal and the first on North America's West Coast, shipped all volumes to Asia, with more than half destined for South Korea and at least one cargo delivered to China.
Australia
Vornado Realty Trust Q1 Non-GAAP FFO, Revenue Fall; Shares Drop After Hours
Vornado Realty Trust (VNO) reported Q1 non-GAAP funds from operations late Monday of $0.52 per diluted share, down from $0.63 a year earlier.Analysts polled by FactSet expected $0.51.Revenue in the three months ended March 31 fell to $459.1 million from $461.6 million a year earlier.Analysts surveyed by FactSet expected $431.7 million.Vornado shares fell 3% in after-hours trading.
$VNO