-- 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：CPX公布第一季度净利润为1500万加元（每股0.04加元），而去年同期为1.5亿加元（每股1.03加元）；营收增长22%至12亿加元；调整后EBITDA增长10%至4.04亿加元。总发电量增长20%至11468吉瓦时，其中美国灵活发电量增长58%，受益于对Hummel电站和Rolling Hills电站的收购。我们忽略了大宗商品价格波动和资本支出周期，继续专注于不断增长的业务组合及其在人工智能领域持续发展的需求。尽管预计加拿大灵活能源组合的停运天数将增加40%，但管理层仍维持2026年调整后营运资金（AFFO）为8.9亿加元至10亿加元，调整后息税折旧摊销前利润（EBITDA）为16亿加元至18亿加元的财务预期。公司宣布派发季度股息每股0.6910加元，增长6%，并将与阿灵顿谷的收费协议延长至2038年10月。我们认为，尽管停运天数增加，但公司仍维持2026财年的业绩预期，这表明一旦资本支出期结束，公司将拥有强劲的盈利潜力。
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Australia
Sysco Extends Q3 Momentum, Calms Restaurant Depot Concerns, UBS Says
Sysco's (SYY) momentum in fiscal Q3 remained intact as the company pushed back on concerns that its pending Jetro Restaurant Depot acquisition would require a costly overhaul, UBS Securities said Wednesday in a report.UBS said Sysco continued to post steady operational gains in the period, including its strongest US growth in case shipments to independent restaurants since Q3 2023. Questions around Restaurant Depot's condition may linger, though Sysco's third-party inspections of more than 160 stores helped ease investor concerns, the report said.International results also improved, and UBS expects that business to keep benefiting from supply-chain and private-label investments. Still, higher energy costs in Europe could pressure consumers if the Middle East conflict drags on, the report said.UBS maintained its buy rating on Sysco stock with a price target of $90.Price: $73.79, Change: $+0.42, Percent Change: +0.57%
$SYY
Research
Research Alert: CFRA Lowers Rating On Alexandria Real Estate Equities, Inc. To Sell From Hold
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target by $29 to $35, a forward P/FFO of 6.1x our 2027 FFO estimate, a discount to ARE's one-year average (7.6x) due to negative re-leasing rates, planned asset sales, and a slowdown in leasing. We see 2027 revenue 17.8% lower than 2025 based on property sales/declining rents. We lower our 2026 FFO estimate by $0.26 to $6.27 and 2027's by $0.41 to $5.74. We now believe management has no visibility into re-leasing and occupancy trends even for 2H 2026 given the larger-than-expected decline in Q1 (-15.8% vs -5.2% in Q4 2026). While management believes AI will not replace physical labs, it could compress timelines and slow re-leasing in the near term. Management perceives the lifting of the 15% NIH limitation on reimbursement of indirect costs as a big win, but we do not anticipate this creating new demand in the near term. We also note that there is 1.5M sqft of lease expirations in 2027 that management now believes will have downtime negatively impacting 2027 by $97 million.
$ARE
Australia
On Holding Likely to Post Q1 Sales Beat on Solid Trends, UBS Says
On Holding (ONON) is likely to post Q1 sales growth beat and raise its 2026 guidance on solid topline trends, UBS said in a Wednesday research report. The company is due to release Q1 results on May 12.The sentiment around the stock appears bearish amid the recent CEO change as well as high oil prices weighing much more on its margin guidance than expected, analysts wrote.Channel checks indicated that the company's Q1 digital trends were solid with total and unique global visits to its site rising 20% and 21%, respectively, while European Union spend likely grew 35%, according to the note.For Q1, UBS expects sales growth of 15.4%, but forex remains a material headwind, according to the note. For 2026, the brokerage said it expects the company to raise its sales growth guidance by 100 basis points.The brokerage maintained its buy rating on the stock and price target of $85 per share.Price: $34.95, Change: $-0.48, Percent Change: -1.35%
$ONON