-- 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：在消化了第一季度财报并考虑了地缘政治不确定性加剧的因素后，我们将MSCI未来12个月的目标价下调30美元至760美元，相当于2027年每股收益预期值的34.1倍，较MSCI五年远期平均市盈率40.8倍有所折让，这是由于可持续发展和气候前景下调所致。我们将2026年每股收益预期上调0.24美元至19.68美元，并将2027年每股收益预期上调0.35美元至22.27美元。我们一直认为，MSCI已构建了一个具有韧性的商业模式，即使在市场低迷时期也能保持增长。本季度的数据印证了我们的论点；尽管股市下跌，但第一季度现金流入仍达到了创纪录的1030亿美元。该股目前似乎被低估了。尽管营收增长加速且利润率扩大，MSCI 的预期市盈率仍接近七年来的最低水平。在此背景下，我们积极看待管理层积极的股票回购计划，并注意到该公司已将流通股数量同比减少了 6%，几乎是历史平均水平的三倍。股票收益率为 1.4%。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
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 to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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