-- 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：我们12个月的目标价为179美元，基于19.0倍的企业价值/息税折旧摊销前利润（EV/EBITDA），该倍数基于我们对2027年息税折旧摊销前利润的预估。这一目标价高于ATI过去12个月的平均预期EV/EBITDA 17.4倍，但低于同行的平均预期EV/EBITDA 27.2倍。我们将2026年每股收益（EPS）上调0.03美元至4.46美元，2027年每股收益上调0.11美元至5.51美元。我们将ATI的评级从“强力买入”下调至“买入”，主要原因是其市盈率偏高，而非基本面恶化。ATI在优先发展高价值航空航天、国防和特种能源市场的战略方面执行良好。 ATI上调了2026年全年业绩预期，调整后EBITDA预计为10.1亿美元至10.6亿美元（中值上调3500万美元），同比增长20%。高达41亿美元的创纪录积压订单以及不断延长的交货周期（镍合金超过1年，高端钛接近2年）为公司提供了强劲的业绩可见性。管理层预计合并EBITDA利润率将超过20%，在有利的产品组合和长期合同定价的推动下，利润率有望提升40%。ATI在产能受限市场中的差异化优势也支撑了我们对该公司前景的乐观预期。
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Research Alert: CFRA Maintains Sell Opinion On Shares Of Sirius Xm Holdings Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $5 to $22, applying an EV/revenue multiple of 2.0x to our 2026 estimate, a discount to its three-year historical average multiple of 2.5x. We trim our 2026 EPS estimate by $0.01 to $3.09 and raise 2027's by $0.14 to $3.45. There was mention of a softer auto sales environment, which created headwinds for trial starts and impacted subscriber acquisition, particularly following last year's tariff-driven pull forward in vehicle sales. Conversion rates for self-pay subscribers saw slight declines, especially as younger car purchasers entered the trial funnel, and used car conversion rates remained lower than new car rates. Subscriber trends are expected to be modestly lower Y/Y, with management cautioning about ongoing pressures and declining to change subscriber guidance for the year due to uncertainties in auto sales and companion subscription take rates.
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US Treasury Lifts Q2 Borrowing Estimate
The US Treasury said Monday that it expects to borrow $189 billion in Q2, a larger borrowing estimate than the $109 billion it announced in its previous statement.The reason for the increase in the borrowing estimate was lower projected net cash flows that were partially offset by a higher-than-expected cash balance at the start of the quarter. The Treasury still assumes a $900 billion end-of-quarter balance.Borrowing is seen at $671 billion in Q3, with an estimated cash balance of $950 billion at the end of September.The Treasury borrowed $577 billion in Q1, ending March with an $893 billion cash balance at the end of the quarter. The Treasury had previously expected to borrow $574 billion with an end-of-March cash balance of $850 billion.The slightly higher amount of Q1 borrowing was due to a higher-than-assumed end-of-quarter cash balance that were partially offset by higher net cash flows, the Treasury said.