-- 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：在发布第一季度财报后，我们维持对IP未来12个月26美元的目标价。该目标价基于6.7倍的EV/EBITDA（企业价值/息税折旧摊销前利润），低于IP五年平均水平8.0倍（一个标准差，即1.3倍）。我们将2026年每股收益预期从1.92美元下调至1.83美元，并维持2027年每股收益预期2.99美元不变。IP公布的第一季度业绩喜忧参半，每股收益超出预期（0.15美元，市场普遍预期为0.14美元），但营收不及预期（59.7亿美元，市场预期为60.1亿美元），因此该公司将2026年全年EBITDA预期从之前的预期下调至32亿至35亿美元。北美地区的业绩预期修正为23.5亿至25亿美元，欧洲、中东和非洲地区的业绩预期修正为9亿至10亿美元。公司预计，受价格传导效应（净增50美元/吨）、季节性销量回升、成本控制措施以及维护停工恢复正常等因素的推动，北美地区下半年业绩将显著改善6.5亿美元。而欧洲、中东和非洲地区则面临短期利润率压缩，之后随着能源价格上涨（100欧元/吨）传导至包装合同，利润率将出现三至六个月的滞后，才会开始回升。
Related Articles
Commodities
EMEA Natural Gas Update: Futures Slip as Iran Sends Fresh Proposal to Washington
European natural gas futures traded lower after-hours on Friday after Iranian state media reported that Tehran had sent another proposal for negotiations with the US via Pakistani diplomatic channels, a development seen as potentially paving the way for renewed transit through the Strait of Hormuz.The front-month Dutch TTF contract fell 1.211% to 45.43 euros ($53.36) per megawatt-hour, while the UK NBP contract slipped 1.533% to 111.15 British pence ($1.51) per therm.US President Donald Trump, speaking to reporters at the White House on Friday, said, "Iran wants to make a deal, but I'm not satisfied with it," CNBC reported.Market participants continue to weigh geopolitical risk against relatively stable European supply conditions and weaker demand elsewhere. In a Thursday note, S&P Global analysts said Europe has benefited from "significant demand destruction elsewhere," noting that although the war has effectively removed about 20% of global LNG supply, European imports have remained broadly steady.The note said Asia has absorbed much of the demand adjustment. It said China recorded a 19% year-on-year drop in LNG imports in March, according to government data.Benchmark LNG prices remain elevated, but off recent highs, they said. The JKM benchmark for Northeast Asia put prices at $18.309/MMBtu on April 30, up 8.3% on the day. The DES Northwest Europe LNG marker was assessed at $15.719 per MMBtu on Apr. 29, up 7.9% day-on-day.The analysts said both benchmarks remain above pre-conflict levels but have retreated from peaks seen in the early weeks of the disruption.European storage levels remain below last year's levels. Gas Infrastructure Europe reported inventories at 32.49% as of Friday, compared with 39.22% a year earlier.CERA analysts project EU storage could reach about 80% by the end of October under a base-case scenario, assuming a resumption of steady Hormuz transit by Jun. 1.EU LNG imports rose slightly year over year in March, supported by cargoes already en route when the conflict began in late February, according to CERA data. However, that buffer has since faded, with April imports down roughly 6.9% from 2025 levels.Looking ahead, Severe Weather Europe said Friday it is monitoring the potential development of a "super El Nino" pattern. One scenario that could develop would be an increase in the risk of dry conditions and drought across Central Europe this summer.
Australia
Nebius to Acquire Eigen AI in $643 Million Cash-And-Stock Deal
Nebius Group (NBIS) said Friday it has agreed to acquire inference and model optimization firm, Eigen AI, in a cash-and-stock deal valued at about $643 million.The acquisition will strengthen Nebius Token Factory as a frontier managed inference platform for production AI, the company said, adding that the deal also accelerates its expansion in the US.The transaction is expected to close in the coming weeks, it said.Nebius shares were up over 10% in afternoon trading.Price: $152.93, Change: $+14.70, Percent Change: +10.63%
$NBIS
Australia
Paychex Raises Quarterly Dividend to $1.19 a Share From $1.08, Payable May 29 to Shareholders of Record as of May 13
Price: $92.59, Change: $-0.04, Percent Change: -0.04%
$PAYX