-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：我们将目标股价上调15美元至252美元，市盈率为29倍（基于我们2027年的每股收益预期），高于三年平均水平（约25倍），因为人工智能的广泛应用抵消了客户集中度风险。我们将2026年每股收益预期上调1.08美元至6.98美元，2027年每股收益预期上调1.30美元至8.70美元。2026年第一季度业绩表现依然强劲，但第二季度业绩指引（销售额同比增长87%）仅接近预期，未能显著超出预期，令市场看涨者感到担忧。我们一直警告称，鉴于主要客户的订单波动较大，近期的强势可能会逆转。随着今天的抛售，我们认为估值开始回归理性，因为投资者预计2026年下半年环比跌幅将更加明显。TER也正式赢得了一些商用GPU业务，但其早期业绩（预计2026年营收为5000万美元）略显逊色，且市场份额的进一步增长也无法保证，这在一定程度上抑制了TER的短期上涨空间。与此同时，我们仍然认为，内存短缺给2026年下半年和2027年的行业活动带来了风险，而这些风险尚未被充分反映在股价中。
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Research Alert: CFRA Maintains Buy Rating On Shares Of Cognizant Technology Solutions Corp
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our price target by $14 to $77, 13.5x our 2026 EPS view, below CTSH's three-year average (~25x) as bookings momentum is more than offset by macroeconomic uncertainty and rising concerns about AI competition. We lift our 2026 EPS estimate by $0.06 to $5.72 and raise 2027's by $0.05 to $6.18. CTSH's 2026 organic sales growth forecast is sitting at ~3.8%, which we think will act as a growth floor for multiple years as large deals steadily ramp in the coming quarters. Bookings performance continues to strengthen, accelerating to 11% growth in Q1 on a TTM basis, with large deal TCV up 70% Y/Y. We think both results signal CTSH's above-market ability to capture demand in a tough environment. Still, we note it has been increasingly difficult to shake the bearish narrative of AI as an existential threat, and we reduce our multiple accordingly, as Q1 results offered mixed answers to this question, with bookings strength offset by a maintained sales guidance (5.25%) despite help from recent acquisitions.
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Research Alert: CFRA Keeps Buy Opinion On Shares Of Alliancebernstein Holding L.p.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $3 to $43. We value AB shares at 10.8x our 2027 EPS estimate of $4.00 (lowered by $0.20) and 11.8x our 2026 EPS estimate of $3.65 (trimmed by $0.15). This compares with the one-year average forward multiple of 11.4x and a disparate peer average of 16x. AB shares represent partnership interests and currently yield 8.8%. We keep our 2026 revenue growth forecast of 3% to 7%. Q1 adjusted revenues rose 3.9% to $871M, in line with our forecast. AB noted its institutional pipeline totaled $27.5B at the end of Q1. The pipeline is set to benefit from strategic initiatives, including the planned expansion into Asia insurance markets. AUM grew 6.9% to $838.6B. However, net outflows deteriorated to $7.1B (from $2.4B of inflows a year ago), masking $6.7B of inflows into fixed income, alternatives, and multi-asset investments. Driven by restructuring actions, GAAP operating margins expanded 430 bps to 26.1%. We see additional operating margin expansion in 2026.
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Dominion Energy, Inc.
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