-- 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：SGI第一季度营收为18.02亿美元，低于预期，这是自2025年第一季度以来连续第四个季度营收未达预期。尽管营收低于预期，但调整后每股收益为0.59美元，高于预期，这主要得益于各业务板块业绩的差异。Tempur Sealy北美业务板块的营业利润率显著提升710个基点至24.3%，而Mattress Firm则因促销支出而面临巨大压力，毛利率下降360个基点至4.9%。管理层重申了2026年全年调整后每股收益预期为3.00美元至3.40美元，表明公司对通过持续实现协同效应来达成年度目标充满信心。收购Leggett & Platt的最终协议旨在深化垂直整合并释放更多价值，但同时也带来了Mattress Firm整合完成过程中的执行风险。我们预计床上用品市场将持续波动，潜在的消费趋势表明，消费者在促销活动期间主要会表现出注重性价比的行为。
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Research Alert: CFRA Maintains Strong Buy Rating On Shares Of Trimble 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 price to $86, from 85, on a forward P/E of 21x our 2027 EPS projection of $4.08, below historical averages. We increase our 2026 EPS projection to $3.59 from $3.52, and lift our 2027 EPS estimate to $4.08 from $4.06. TRMB reported solid Q1 beats with revenue of $939.9M, up 12% Y/Y, led by AECO at 14% organic revenue and ARR growth, Field Systems posting 12% growth, and Transportation & Logistics growing 7% despite freight market headwinds. ARR reached a record $2.435B, up 13% organically, reinforcing business model durability. Non-GAAP operating margin improved 230 bps to 25.9%, while non-GAAP gross margins expanded 180 bps to 71.0%, and we see continued margin expansion as its subscription revenues scale. We note steady execution in its core business, while building AI momentum through new products and partnerships with AI labs. Management reaffirmed its 2027 targets, supporting our positive view, though macro risks warrant monitoring.
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Research
Lundin Mining Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$40.00
Stifel Canada on Thursday reiterated its buy rating on the shares of Lundin Mining (LUN.TO) and its C$40.00 price target following the company's first-quarter results."Lundin reported Q1/26 adjusted EPS of $0.31 vs. our $0.29 (consensus $0.32) and adjusted EBITDA of $627Mln vs. our $654Mln (consensus $642Mln) on copper production of 79.9Kt (in-line vs. our 80.1Kt; consensus 77.3Kt) at lower cash cost of $1.66/lb vs. our $1.99/lb (consensus $1.98/lb) and gold production of 31.5Koz. Cash cost benefited from higher by-product credits on stronger realized gold price. FY26 guidance was reaffirmed including 310-335Kt of copper and 134-149Koz of gold at copper cash cost of $1.90-2.10/lb and capex of $995Mln, including $395Mln for Vicuna ($52Mln spent in Q1/26). At Q1/26, LUN held cash of $565Mln (+$269Mln QoQ) and net cash of $249Mln (+$172Mln QoQ). As at May 6, 2026, net cash was $51Mln after funding for the JX/Los Helados (30.9%) and Caserones (5%) acquisition that closed on April 7. The Vicuna sanctioning decision is targeted as early as YE26," analyst Ralph Profiti wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $36.80, Change: $+0.46, Percent Change: +1.27%
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Oil & Energy
US Treasury Expands Iran Pressure Campaign With Iraq Oil, Militia Sanctions
The US Department of the Treasury's Office of Foreign Assets Control on Thursday unveiled sanctions targeting Iraq's deputy oil minister Ali Maarij Al-Bahadly and Iran-backed militias as Washington intensified pressure on Tehran, it said in a statement.The Treasury Department alleged that Al-Bahadly used his role in Iraq's oil ministry to divert oil revenue toward Iran-linked militias and sanctioned oil trader Salim Ahmed Said.Sanctions were imposed on three senior figures tied to Iran-aligned terrorist militias Asa'ib Ahl Al-Haq and Kata'ib Sayyid al-Shuhada over attacks targeting US personnel, diplomatic sites and businesses across Iraq.Treasury Secretary Scott Bessent alleged that Iran exploited Iraq's oil resources to finance terrorism."Treasury will not stand idly by as Iran's military exploits Iraqi oil to fund terrorism against the United States and our partners," he said.The Treasury Department said the actions were taken pursuant to Executive Order 13902, targeting key sectors of Iran's economy, including Iran's petroleum sector, and EO 13224, as amended, which targets terrorist groups, their supporters, and those who aid acts of terrorism.It added that Al-Bahadly helped Said secure export rights for Iraqi oil shipments and approved trucking operations worth millions of dollars daily from the Qayarah oil field to Khor Zubayr.OFAC designated Said in June 2025 for running a network of companies selling Iranian oil falsely declared as Iraqi oil to avoid sanctions, according to the statement.It alleged that Iraq-based VS Oil Terminal mixed Iranian crude with Iraqi oil before the shipments were exported to global markets, using "forged" Iraqi government paperwork to disguise the oil's origin.The Treasury Department sanctioned Asa'ib Ahl Al-Haq official Mustafa Hashim Lazim Al-Behadili, also known as Sayyid Awn, for running oil smuggling operations and coordinating Iranian oil shipments with the Islamic Revolutionary Guard Corps-Qods Force.Treasury designated four Iraqi companies tied to Al-Behadili, including Gulf Energy Oil Services, Gulf General Contracting, Iraq International Energy for the Import and Sale for Petroleum Products, and Gulf Energy for General Transport and Marine Services and Real Estate Consultancy.Treasury also sanctioned former Kata'ib Sayyid al-Shuhada deputy secretary general Ahmed Khudair Maksus Maksus and senior official Mohammed Issa Kadhim al-Shuwaili over weapons transfers involving Hizballah.The sanctions block all US-based property and financial interests tied to designated individuals and entities, while US persons generally cannot conduct transactions involving blocked assets without OFAC authorization.Treasury said US and foreign individuals, companies and financial institutions could face civil or criminal penalties for sanctions violations, while foreign banks risk secondary sanctions for facilitating significant transactions involving designated parties.The department said its Economic Fury campaign has already disrupted billions of dollars in expected Iranian oil revenue."Treasury is aggressively advancing Economic Fury and has disrupted billions in projected oil revenue, taken actions that have led to the freezing of nearly half a billion dollars in regime-linked cryptocurrency, and cracked down on Tehran's shadow banking networks," it said.It also warned foreign firms, airlines and banks that support Iranian trade networks could face sanctions, including institutions connected with China's independent teapot oil refineries.Any vessel or individual entity that helps transport Iranian oil through covert shipping or financial channels risks US sanctions, as Washington targets sanctions evasion schemes and digital asset networks.It added that the US-imposed maritime blockade "is directly targeting the regime's primary revenue stream, and any person or vessel facilitating the illicit flow of oil or other products risks exposure to US sanctions."