-- 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57美元，较上年下调2美元，相当于我们2026年每股收益预期5.22美元的11倍，高于10年平均市盈率7.8倍，这反映了二手房市场供应紧张，以及TMHC将三级入门级住房的占比从目前的20%-25%调整至15%。我们认为TMHC的估值未能反映运营和竞争风险。我们预计2026年收入将下降，主要原因是销量下滑和毛利率下降300个基点，尽管按需定制住房模式有所转变，但竞争重叠限制了定价权。虽然近期激励措施的缩减令人鼓舞，但我们仍然担心，随着有利的抵押贷款利率比较逐渐消失，这一趋势可能会在2026年下半年减弱。主要风险在于，入门级市场的疲软可能促使规模更大的同行积极开拓升级型住房市场，这将直接挑战TMHC的核心战略，并在其社区数量关键扩张期间考验其激励机制的承受能力。我们将2026年每股收益预期从5.89美元下调至5.22美元，并将2027年每股收益预期从6.73美元下调至6.26美元。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
$OTIS
Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
$URI