-- 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：ENB公布第一季度调整后每股收益为0.98加元，超出市场预期0.04加元；调整后EBITDA为58亿加元，与去年同期持平；经营现金流下降23%至23亿加元。可分配现金流为39亿加元，同比增长2%，表明尽管面临运营逆风，公司仍保持了稳健的现金流。公司多元化的业务组合表现不一，其中天然气输送和天然气分销及储存业务的EBITDA分别增长7900万加元和1.09亿加元，抵消了液体管道业务3.18亿加元的下滑，后者下滑主要归因于主干线收益分成增加和9号线收费降低。管理层重申了2026财年调整后EBITDA为202亿加元至208亿加元，每股DCF为5.70加元至6.10加元的预期，并预计2026年以后年均增长5%。项目积压订单增加10亿加元至400亿加元，支持每年100亿加元至110亿加元的增长资本支出，近期获批的项目包括Tres Palacios扩建项目和Vector管道扩建项目。
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Research Alert: CFRA Keeps Buy Rating On Shares Of Paycom Software, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $19 to $150, 12.3x our 2027 EPS estimate, significantly below PAYC's three-year historical forward P/E average of 24.9x. We lift our 2026 EPS view by $0.53 to $10.73 and 2027's EPS view by $0.95 to $12.23. PAYC conservative 2026 guidance, which projects a revenue growth slowdown to 6%-7%, is a primary concern as it contrasts sharply with the company's current performance. This strength is evidenced by an expanding 48.2% adjusted EBITDA margin, robust 17% Y/Y growth in operating cash flow, and high 91% client retention, all fueled by the demonstrable ROI its AI-powered platform delivers to clients. Underscoring this internal confidence, management executed a massive $1.06B share repurchase in Q1, taking on $675M in debt to capitalize on what it views as a significant undervaluation. This aggressive, debt-funded capital return increases financial leverage but signals a profound belief in the company's long-term value proposition, despite the cautious near-term growth outlook.
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Host Hotels & Resorts, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target by $2 to $23 on a forward P/FFO of 10.9x our 2026 FFO estimate, a premium to peers and HST's three-year forward average (8.9x) due to a stronger 2026 travel outlook and recently redeveloped properties driving higher revenue per average room (RevPAR) this year. We increase our 2026 FFO estimate by $0.05 to $2.11 and leave our 2027 view unchanged at $2.15. San Francisco showed remarkable recovery boosted by the Super Bowl and accelerating business travel as resorts in Florida/Phoenix saw stronger-than-normal Q1 performance. Weather-related disruptions in Hawaii and the East Coast negative impacted RevPAR by 120 bps in Q1, while the outlook for growth in 2H 2026 implies growth slowing to 1%-2% range. Productivity improvements have helped to offset some of the 5% Y/Y growth in wages, but this cost inflation is a risk we continue to monitor. We do not currently expect any acquisitions, with management setting a high IRR bar and favoring buybacks and special dividends currently.
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Research Alert: CFRA Reiterates Hold Opinion On Shares Of Fortis Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target is unchanged at CAD80, valuing shares at a forward P/E of 21.5x our next-12-month EPS estimate of CAD3.72, a premium to its five-year average of 19.3x. We keep our 2026 EPS estimate at CAD3.62 and raise our 2027 EPS estimate by CAD0.03 to CAD3.88. Q1 results showed continued progress on load growth opportunities, with ITC advancing data center interconnection projects and TEP securing initial contractual milestones in Arizona while pursuing additional phases. We expect revenue to grow 7.8% in 2026, followed by 5.6% growth in 2027, supported by customer rate updates at Central Hudson (effective July 2025), FortisBC Energy (effective January 2026), UNS Gas (effective March 2026), and a pending decision at TEP (expected fall 2026), alongside ongoing rate base growth. From 2025-2028, we expect EPS to grow at a 5.3% CAGR while dividends grow at 4.6%, both lagging the peer median growth rates of 7.9% and 5.2%, respectively. Shares currently yield 3.3%, slightly ahead of the peer median 3.2%.
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