-- 週三，全球油價跌破每桶100美元大關，交易員拋售持倉，同時，旨在達成和平框架的外交努力也在加速推進。 布蘭特原油期貨合約下跌5.8%，至每桶103.45美元，盤中一度觸及每桶96美元的低點。西德州中質原油期貨下跌5.6%，至每桶96.51美元。 分析師指出，和平備忘錄草案的消息以及川普總統暫停海軍護航行動，使市場關注點從供應短缺轉向了區域能源流動可能恢復。 此前有報導稱，華盛頓和德黑蘭據稱已進入一項旨在停止敵對行動的14點框架的最後階段。 分析師表示，儘管美國海軍仍維持對伊朗港口的封鎖，但交易員已開始將中東地區被封鎖的石油供應最終恢復的預期計入價格。 荷蘭國際集團(ING)分析師表示：“儘管波斯灣局勢近期有所升級，但由於美伊停火協議似乎仍在維持，油價再次承壓。” 川普聲稱與德黑蘭達成和解取得了重大進展，但並未提供太多具體細節，儘管他確認美國海軍將繼續封鎖伊朗港口。 雖然德黑蘭方面尚未做出正式回應，但澳新銀行(ANZ)分析師指出，儘管外交局勢緊張，但由於地區停火協議似乎仍在維持，原油價格回吐了近期漲幅。 隨著全球原油庫存面臨越來越大的壓力，投資人目前正密切關注即將發布的美國能源資訊署(EIA)庫存報告，以評估持續供應短缺的嚴重程度。
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Mining & Metals
Stifel Canada on Cargojet's "Solid" Q1
Cargojet (CJT.TO) reported solid first-quarter results despite the macro volatility, underpinned by resilient domestic network performance and growth in new charter business in South/Central America, notes Stifel Canada.Analyst Daryl Young, who is maintaining a buy rating and $120.00 price target on the company's shares, notes that, at first look, Cargojet's adjusted EBITDA of $81.9 million was 4.9% above consensus.Management provided a constructive outlook, with the domestic network performing well through April, while the new charter customers/routes are expected to smooth traditional seasonality across the year.Revenue associated with the grounding of the MD-11 jets last November is expected to continue through the third quarter of this year. The international aircraft, crew, maintenance and insurance (ACMI) business remains slow, but appears to have found a new run-rate for the north/south routes (east/west routes will still take time to recover), Young adds."Overall, we continue to think that CJT is doing a good job managing through the current depressed environment, with its fundamental results and share price poised to see upside as tariff/trade overhangs eventually fade."Price: $82.17, Change: $+4.47, Percent Change: +5.75%
$CJT.TO
Research
Research Alert: CFRA Maintains Hold Opinion On Lucid Group Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target to $6 from $10. Following a weaker-than-expected Q1 earnings release, we are maintaining a Hold opinion on LCID shares. We revise our adjusted EPS estimates to -$12.00 from -$12.70 for '26 and to -$11.10 from -$11.45 for '27. LCID posted Q1 adjusted EPS of -$2.82 vs. -$2.04, well short of the -$2.30 consensus. Revenue rose 20% to $282.5M ($76.0M below consensus) in Q1, led by higher prices, as total vehicle sales fell 1% to 3,093 units. In the release, LCID did not provide any update regarding prior 2026 vehicle production guidance of 25K-27K units (an implied increase over the 17,840 units produced in 2025). In our view, LCID's accelerating cash burn and rising inventories suggest ongoing risks. The company's ability to achieve sustainable growth while managing its substantial cash requirements remains the critical challenge as it seeks to establish a viable position in the competitive luxury EV market; however, a $1.5B capital raise last month helps extend its liquidity runway.
$LCID
Mining & Metals
RBC Lowers Colliers International Group's Price Target to US$155.00 From US$160.00, Maintains Outperform Rating
RBC Capital Markets maintained its outperform rating on the shares of Colliers International Group (CIGI.TO, CIGI) and lowered its price target to US$155.00 from US$160.00 after the company reported its first-quarter financial results.RBC characterized Q1 as "top-line strong but bottom-line wobbly.""Overall AEBITDA margin declined 67 bps to 9.5%, caused by: 1) CIGI has been investing in recruiting and IT investments to enable AI efficiencies within CRE, 2) Outsourcing had slower growth, 3) Lower utilization in residential development and telecom end markets in Engineering, 4) Higher than expected tax rate in Europe, 5) Integration under Harrison Street platform in IM, which has been well articulated in the past," stated RBC.While 2026 guidance was maintained, it relies on a strong H2, said RBC. CM and leasing appear on track to deliver "strong revenue growth", 25% expected for CM and 8% for leasing in 2026, which RBC expects to more fully flow through to EBITDA in H2, as it did last year. Europe and APAC "could be slowing somewhat" from the Iran war but NA "remains strong notwithstanding rate rise," it further stated."Given macro uncertainties and lingering AI impact overhang where one is 'guilty until proven innocent', CIGI's price action today suggests that the market has no patience for wobbly quarters nor backend-loaded guidance," said RBC in a note dated May 5, 2026.RBC continues to believe that for "patient investors", CIGI offers "good value" even under RBC's "more conservative" 2026 estimates at 13x AEPS and 10.5x AEBITDA."Our new PT of (US)$155 (-3%) is based on forward AEBITDA multiple of 12.5x, reflecting 11x for CRE, 12x for Engineering and 15x for IM. Maintain OP," added RBC.Price: $137.23, Change: $+5.09, Percent Change: +3.85%
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