-- 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：鉴于EXR的净营业收入增长前景疲软且债务水平较高，我们将12个月目标价下调5美元至125美元，市盈率（P/FFO）为15.5倍，低于同业自助仓储公司（16.7倍）。我们将2026年FFO预期下调0.20美元至8.04美元，并将2027年FFO预期下调0.21美元至8.31美元。尽管第一季度同店业绩好于预期，但管理层并未上调业绩指引，我们认为这是由于宏观经济因素影响了新客户需求增长（主要是油价上涨和通货膨胀）。这些趋势在阳光地带市场（与所有自助仓储房地产投资信托基金类似）更为明显，因为过去18个月的供应过剩严重限制了租金增长。我们认为，即使宏观经济环境因2025年下半年同比基数走强而有所改善，2026年下半年同店物业业绩仍将疲软。此外，我们还发现，PSA与Welltower Inc (WELL)的合作可能会对EXR第三方管理平台的价值主张产生负面影响，这构成新的风险。
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Research Alert: CFRA Retains Buy Rating On Shares Of Merck & Co. Inc. Following Q1 Earnings
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target price at $135, 13.4x our 2027 EPS estimate, a discount to MRK's 10-year historical forward P/E average. We maintain our 2026 EPS estimate at $5.14 and our 2027 EPS view at $10.06. MRK reported a solid Q1 for 2026, characterized by top-line revenue growth and significant progress in its pipeline and portfolio transformation. Total revenues reached $16.3 billion (+5% Y/Y) due to continued strength in the Oncology and Animal Health divisions, alongside growing contributions from new product launches. The company is actively executing a successful strategy of diversifying its growth drivers beyond its flagship drug, KEYTRUDA, through both internal and external development.We think the Terns acquisition, expected to close during Q2, will further strengthen MRK's hematology pipeline with TERN-701 for chronic myeloid leukemia asset, demonstrating continued external innovation efforts in the company's strategic transformation journey.
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Capstone Keeps Outperform, Target Eased To C$14 From $15 at National Bk Which Cites "Modest Target Reduction Accounting for Sulphuric Acid Cost Pressures"
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Update: WTI Closes Lower, Off Overnight Highs Despite Little Sign of Progress to End the Iran War
West Texas Intermediate (WTI) crude oil closed lower on Thursday, falling off four-year highs touched overnight during Asian trade on a report the U.S. may end the ceasefire with Iran as the largest-ever supply shock hits hardest for the continent that relies on Persian Gulf supplies now trapped behind the closed Strait of Hormuz.WTI crude oil for June delivery closed down US$1.81 to settle at US$105.07 per barrel after touching US$110.93 overnight, while June Brent oil was last seen down US$4.12 to US$113.91, after it reached US$126.34 overnight, the highest since 2022.WTI has now climbed 59% since the war began on Feb. 28, when Iran blocked the Strait of Hormuz, a key chokepoint for roughly 20% of global oil supply, following attacks by the United States and Israel. The United States is now blockading Iranian ports and Iran has demanded that they should be lifted before peace talks can resume, which the U.S. is refusing to do, continuing the largest-ever supply shock.The shortage is hitting hardest in Asia, which buys 80% of Persian Gulf exports, with countries bidding up spot prices and increasingly looking to tap China's strategic stockpiles to avoid shortages."There continue to be reports of fuel shortages in rural communities in several (Asian) countries whilst fuel distribution appears to be a bit of hap hazard. We continue to see more and more essentially government to government deals with China allowing some exports to friendly countries and Thailand considering providing more support to neighboring countries," Vikas Dwivedi, Global Energy Strategist at Macquarie Group, wrote.Still, there is little sign of any negotiations to end the war and reopen the blocked Strait. Talks scheduled between the United States and Iran expected to be held last weekend in Pakistan failed to take place after the U.S. refused an Iranian demand to lift a blockade of Iranian ports. The Wall Street Journal reported U.S. President Trump is asking other countries to join a coalition to reopen the Strait in what the American government is calling the "Maritime Freedom Construct" as it looks for its embassies to press allies to join, while Trump warned of an extended blockade of the Strait until Iran agreed to end its nuclear program.
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