-- 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：我们将CCI的12个月目标价上调2美元至73美元，并采用25.7倍的EV/EBITDA倍数对2026年的业绩进行估值，略高于其一年历史平均倍数25.2倍。目前CCI的市盈率为18.7倍（基于我们2026年的FFO估值），而其三年平均市盈率为18.3倍，原因是整体增长放缓，预计2026年盈利能力将下降。我们将2026年的FFO估值下调0.35美元至3.90美元，并将2027年的FFO估值下调0.58美元至4.46美元。管理层正专注于即将到来的2027年频谱拍卖，并通过所有法律和政府渠道维护DISH协议的价值。我们认为DISH的法律纠纷至少要到2027年才能解决，而且短期内法律费用将居高不下。从长远来看，我们注意到2028年将迎来一次规模较大的租户续约，我们认为目前大型运营商的谈判能力比CCI更强。我们越来越担心未来的股息支付率可能超过调整后营运资金（AFFO）的90%，这将大大减少再投资或应对运营失误的空间。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
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