-- 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：我们下调目标价15美元至250美元，采用更窄的股权风险溢价和15.5倍的预期市盈率/营运资金比率（P/FFO），该比率与多户住宅房地产投资信托基金（REIT）的平均水平一致。我们维持2026年营运资金预期为16.15美元，并将2027年的预期下调0.05美元至16.45美元，对应的营收预测分别为19.4亿美元和19.8亿美元。租金收入尚未恢复到历史增长水平。整个行业的关键运营费用通胀超过了营收增长，导致现金净营业收入（NOI）同比增幅有限。我们预计这种市场状况将持续，因为ESS及其同行的定价能力似乎有所减弱。尤其值得注意的是，ESS的投资组合主要位于美国西海岸，容易受到科技行业大规模裁员的影响。我们认为，近期几周发布的重大公告所带来的尾部风险尚未显现。ESS面临着遵守加州严格住房监管规定的挑战，这导致该信托基金历来表现逊于美国其他地区的同类基金。
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Bausch Health Q1 Adjusted Earnings, Revenue, Advance, Beating Estimates
Bausch Health (BHC.TO) up 3.6% in after-hours New York trade, after the company on Wednesday said its first-quarter adjusted earnings and revenue both rose, beating estimates.Adjusted net income, which excludes most one-time items, rose to US$296 million, or US$0.78 per share, from US$220 million, or US$0.59, in the prior-year period. Analysts polled by FactSet had expected US$0.67 per share.Consolidated revenue jumped 12% to US$2.52 billion, beating the US$2.4 billion FactSet forecast.Bausch Health maintained its fiscal 2026 revenue guidance of US$5.25 billion to US$5.4 billion and adjusted EBITDA of US$2.875 billion to US$2.95 billion, both excluding Bausch + Lomb."Our first quarter performance marks twelve consecutive periods of year-over-year growth in revenue, adjusted EBITDA for Bausch Health excluding Bausch + Lomb, reflecting strategic execution and disciplined accountability across our organization. We continue to invest in our pipeline, including the advancement of larsucosterol to treat alcohol-associated hepatitis, while pursuing business development opportunities aligned with our strategic priorities. With this momentum, we reaffirm our full-year 2026 outlook and remain focused on driving sustainable performance and shareholder value," said chief executive Thomas Appio.Bausch Health shares were last seen up US$0.20, to US$5.79 in after-hours trade. They closed down $0.11 to $7.66 on the Toronto Stock Exchange.
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Research
Research Alert: CFRA Raises Opinion On Shares Of Penske Automotive Group To Hold From Sell
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target by $25 to $170, based on a 2027 P/E of 11.8x, a premium to the stock's 10-year forward P/E of 9.8x. We lower our EPS estimates to $13.40 from $13.85 for 2026 and to $14.35 from $15.00 for 2027. However, we are raising our price target and our rating to Hold from Sell. This morning, PAG posted Q1 adjusted EPS of $3.05 vs. $3.59 (-15%), ahead of the $2.88 consensus. The beat was driven by a stronger-than-expected top line, as revenue fell 1.1% to $7.86B ($150M ahead of consensus) and gross margin contracted 10 bps to 16.5% (10 bps short of consensus). While we continue to view the stock's valuation as full and prefer other names in the auto dealership space, currency has provided a significant earnings tailwind for PAG given its significant international exposure, allowing it to exceed Street expectations. Additionally, the company continues to return cash to shareholders in the form of buybacks and dividends, helping support EPS amid demand-related headwinds.
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Mining & Metals
Earnings Flash (CS.TO) Capstone 2026 Production Guidance of 200,000-230,000 Tonnes Copper and C1 Cash Costs Guidance of US$2.45-$2.75 Per Payable Pound Unchanged
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