-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。バイオジェンは2026年第1四半期に好調な業績を上げ、非GAAPベースの1株当たり利益（EPS）は3.57ドル（前年同期比18%増）となり、市場予想の2.95ドルを大幅に上回りました。売上高は24億7,800万ドル（前年同期比2%増）で、市場予想の22億ドルを上回りました。成長製品は引き続き好調で、売上高は8億5,100万ドル（前年同期比12%増）となり、総売上高の3分の1を占めるようになりました。LEQEMBIとの共同研究による売上高は前年同期比80%増の6,000万ドル、多発性硬化症（MS）関連事業は予想を上回る堅調さを示し、売上高は7億7,900万ドル（前年同期比4%減）となりました。成長製品の継続的な成長加速は、MSへの依存からの脱却に向けたポートフォリオの多様化が成功していることを示すものと見ています。経営陣は、買収に伴う知的財産研究開発費を主に反映し、2026年の非GAAPベースのEPSガイダンスを15.25ドル～16.25ドルから14.25ドル～15.25ドルに下方修正しました。2026年第2四半期に完了予定の56億ドル規模のアペリス買収により、SYFOVREとEMPAVELIが成長ポートフォリオに加わり、2027年には収益増に貢献すると見込んでいます。これらの資産からの収益合計は、少なくとも今後2年間は10%台半ばから後半の成長率で推移すると予想しています。
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Research
Research Alert: CFRA Maintains Buy Opinion On Shares Of Visa Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by $20 to $440, valuing shares at 29.5x our FY 27 (Sep.) EPS, a modest premium to Visa's five-year historical average of 29.1x. We increase our FY 26 EPS estimate to $13.21 from $12.95 and raise FY 27's to $14.94 from $14.66. AI is benefiting Visa more than disrupting it. Value-added services continue their strong momentum, growing 27% in the March quarter, significantly faster than overall revenue growth of 17%. Additionally, cross-border volumes have held steady despite geopolitical tensions in Iran, while payments volume is accelerating. Competitive dynamics are also improving. Revenue growth has outpaced client incentive growth in three of the past four quarters, reversing the previous five years, when client incentives consistently grew faster than revenues. Looking ahead, Visa's positioning as a leader in agentic commerce suggests continued strength, led by rising transaction counts and expanding value-added service adoption.
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US Markets
Brent Approaches $120 Per Barrel as Trump Reportedly Rejects Iranian Proposal
Oil prices rallied Wednesday, with Brent approaching $120 per barrel after US President Donald Trump reportedly rejected an Iranian proposal to lift the naval blockade.Brent crude was last up 7.2% at $119.25 per barrel, having traded as high as $119.45 earlier in the day. West Texas Intermediate rose 7% to $106.91.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon."A senior Iranian security source told state media Press TV that the US naval blockade will soon be met with "practical and unprecedented action."The rhetoric comes amid stalled peace negotiations between Washington and Tehran, though their ceasefire agreement appears to be holding. A separate truce deal is in place between Israel and Lebanon.Pakistani mediators expect a revised proposal from Iran by Friday, CNN reported."Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.Besides the Iran war, markets are assessing the implication of the United Arab Emirates' decision to leave the Organization of the Petroleum Exporting Countries.The move marks a "major strategic shift (for the UAE), freeing it from production quotas that for years limited its ability to fully utilize expanding capacity," Hansen said.The UAE is set to increase oil production after walking away from oil cartel OPEC, ING Bank said in a report Wednesday."However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," ING said. "Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market."
Australia
Pentair Stock Decline on Potential Inventory Destocking 'Overdone,' RBC Says
Pentair (PNR) shares fell 10% following the company's Q1 earnings report on Tuesday but the sell off, tied to warnings of a potential inventory destocking, was "overdone," RBC Capital Markets said.During the company's earnings call, Pentair disclosed expectations for its Pool channel partners to execute an inventory reduction in Q2 and Q3, which stems from a lowered industry volume forecast, especially for high-end discretionary products, the RBC analysts said. Pentair explained that recent price actions had prompted distributors to stock up, the analysts said.The stock price decline was also driven by H2-weighted guidance and concerns over residential and consumer spending, according to the note.However, Pentair continues its strong execution on productivity initiatives, margin improvement, and new product introductions, fueling a streak of 16 consecutive quarters of margin expansion, the analysts noted. They said that they have not observed any execution issues or missteps.RBC maintained the company's stock rating at outperform and lowered the price target to $101 from $107.Price: $81.36, Change: $-1.50, Percent Change: -1.81%
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