-- 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： ET公布的第一季度每股收益为0.35美元，低于市场普遍预期的0.37美元，相差0.02美元，主要原因是利息支出增加，而非运营疲软。尽管收益未达预期，但调整后EBITDA增长20%至49.4亿美元，可分配现金流增长17%至27亿美元，这主要得益于各业务板块的强劲销量增长。该合伙企业实现了多项销量纪录，包括NGL终端吞吐量（+19%）、NGL出口量（+19%）和原油运输量（+8%），其中NGL业务板块贡献了11.6亿美元的EBITDA（+19%）。管理层将2026年调整后EBITDA预期从174.5亿美元至178.5亿美元上调至182亿美元至186亿美元，中值增加5.5亿美元。预计增长资本支出将达到 55 亿至 59 亿美元，数据中心和发电等新兴需求驱动因素将支持未来的增长，其中包括已批准的 6 亿美元 Springerville 侧线项目以及为新的发电厂负荷提供服务的协议，这些协议将提供约 3 亿立方英尺/天的天然气供应。
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Australia
Cerence Files Patent Infringement Lawsuit Against Amazon
Cerence (CRNC) filed a lawsuit against Amazon.com (AMZN) in the US District Court for the Eastern District of Texas, alleging infringement of multiple patents related to automatic speech recognition and related technologies, according to a Monday court filing.The complaint claims a range of Amazon devices, including Echo smart speakers, Echo Show displays and Fire TV and Fire tablet products, infringe five Cerence patents. Cerence is seeking damages, enhanced damages for alleged willful infringement and other relief including an injunction.Amazon.com did not immediately respond to' request for a comment.Price: $10.07, Change: $-0.29, Percent Change: -2.80%
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Research
Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Aptiv Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month price target to $80 from $110, based on a 2027 P/E of 12.0x, a justified discount to APTV's 10-year forward P/E multiple of 23.6x. After adjusting our estimates for the recent Versigent spin-off, we lower our adjusted EPS estimates to $6.25 from $8.60 for '26 and to $6.65 from $9.30 for '27. We are maintaining our Strong Buy opinion on the shares, as the remaining company is a higher-margin business following the spin-off of the former Electrical Distribution Systems (EDS) segment. EDS generated much lower margins than the rest of Aptiv (an adjusted operating margin of 7.6% vs. 12.1% for the consolidated company in 2025). While APTV maintained prior full-year guidance, we think the guidance will prove conservative after a much better-than-expected Q1, and the stock remains one of our top picks in the auto parts and equipment sub-industry. We continue to like APTV's history of conservative guidance, strong execution, solid new business backlog, and aggressive share repurchases.
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Mining & Metals
TSX Edges up 16 Points at Midday With Most Sectors Higher, Info Tech Falls
The Toronto Stock Exchange is up 15 points at midday with most sectors higher.The best performers are miners and healthcare, both up 2%, followed by energy, up 1.3%.Offsetting gains is info tech, which is down 3.9%. Shopify (SHOP.TO) which reported its first-quarter earnings this morning, is down 12.5% to $151.60, with 2.4 million shares being traded. The company's second-quarter profit outlook missed expectations as it projected operating expenses of between 35% and 36% of revenue.In other news, focus was on the release of Canadian trade data for March, which CIBC described as "surging and glittering". The bank noted a $1.8 billion goods trade surplus compared with a $5.1 billion deficit in the prior month and consensus expectations for a $2.5 billion shortfall. Total exports surged by 8.5%, driven almost exclusively by metals and energy. Excluding those two areas, exports were up by a much more modest 1.1%. Auto exports rebounded further from January's low (+4.5%) but remained roughly 20% down on a year-over-year basis. Adding in services trade, which was fairly balanced in March, Canada's total trade balance with the world moved from a deficit of $5.0 billion in February to a $1.7 billion surplus.CIBC said: "While a trade surplus in March was unexpected, it was mainly driven by price fluctuations rather than any signs that real economic activity was stronger than anticipated. Combined with signs last week that higher gasoline prices may already be having a negative impact on consumer spending, we continue to expect only modest GDP growth this year and little evidence that slack within the economy is being absorbed. That should see the Bank of Canada look through a near-term spike in headline inflation, keeping interest rates on hold this year."
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