-- 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：基于9.2倍的EV/EBITDA（企业价值/息税折旧摊销前利润），我们将12个月目标价上调3美元至12美元，与同行9.3倍的估值水平一致。我们将2026年亏损预期收窄0.17美元至0.25美元，并将2027年每股收益预期下调0.05美元至0.10美元。尽管HUN正在采取积极的定价策略以抵消中东冲突造成的原料价格上涨，但我们对需求的可持续性仍持谨慎态度。管理层指出，第二季度的订单模式反映了季节性因素、价格上涨前的预购以及供应中断等因素，这些因素可能不会持续到2026年下半年。HUN面临着结构性挑战，包括欧洲天然气成本远高于美国，这对其成本优势构成压力。尽管聚氨酯业务的开工率已提升至80%以上，管理层也设定了15%左右的EBITDA利润率目标，但我们认为，要实现正常的盈利能力，需要持续的需求复苏，而鉴于通胀担忧和喜忧参半的房地产市场指标，需求复苏仍存在不确定性。第一季度自由现金流为-9100万美元，较去年同期的-1.07亿美元有所改善，但仍为负值。
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Update: Gold Rises As Treasury Yields Ease
(Updates prices.)Gold traded higher midafternoon on Tuesday, rising off a five-week low as treasury yields weakened.Gold for June delivery was last seen up US$35.60 to US$4,568.90 per ounce.The price of the metal has remained mostly rangebound for a month as the war on Iran has prompted some safe-haven demand for the metal, even as the higher oil prices that followed the start of the war on Iran is hiking inflation. The threat of higher interest rates because of rising prices is pushing up bond yields, bearish for the metal since it pays no interest."The benchmark US 10-year yield rose some seven basis points on the day Monday, closing just below 4.44% and therefore at the highest daily close since last July as traders eye the big round 4.50% level.," Saxo Bank wrote.However yields moderated early on Tuesday, with the U.S. two-year note last seen paying 3.944%, down 1.8 basis points, while the yield on the 10-year note was down 2.2 points to 4.42%. The dollar was higher, with the ICE dollar index last seen up 0.04 points to 98.42.
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Research
Research Alert: CFRA Maintains Buy Opinion On Shares Of First Quantum Minerals
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 price by CAD5 to CAD40, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, a discount to FM's three-year average forward EV/EBITDA of 10.6x but close to peers, with an average of 8.3x. We lower our 2026 EPS estimate by $0.33 to $0.53 and 2027 by $0.22 to $1.95. FM faces near-term cost pressures from Middle East tensions, with fuel representing 15% of total costs and potential upward pressure of $0.25/lb on C1 guidance (fuel +$0.20, Kwacha +$0.10, partially offset by gold -$0.05). However, the company's fundamentals remain strong with authorization to process Cobre Panama stockpiles (30-40kt copper expected in 2026), Kansanshi S3 operating 25% above design, and record nickel production at Enterprise. FM strengthened its balance sheet with a $1.5B 10-year bond at 6.375% and extended maturities to 2036. The Taca Taca project (291kt/year copper over first 10 years, 19.3% IRR) provides significant long-term growth optionality once the balance sheet is positioned to support development.
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Market Chatter: Apple to Let Users Choose Third-Party AI Models With iOS 27
Apple (AAPL) will let users select from multiple third-party artificial intelligence models for tasks across its iOS 27 software, Bloomberg reported Tuesday, citing people with knowledge of the matter.Users will be able to select rival AI models for tasks like generating and editing text and images when the change becomes available for iOS 27, iPadOS 27 and macOS 27, slated for this fall, the report said, citing the people.Apple didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $283.22, Change: $+6.34, Percent Change: +2.29%
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