-- 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。2026年の予想PERを10.7倍（過去5年間の平均11.5倍、同業他社の平均を下回る）とし、目標株価を25ドル引き下げて45ドルとします。2026年のEPS予想を0.50ドル引き下げて4.20ドル、2027年のEPS予想を0.25ドル引き下げて5.15ドルとします。売上高予想はそれぞれ42億ドルと50億ドルです。CGの業績と見通しは、オルタナティブ資産運用（ALT）業界の大手同業他社に比べて遅れていると考えています。2026年第1四半期のCGの業績は、分配可能利益を含む複数の指標において期待外れでした。この四半期は、主に未実現パフォーマンス配分の取り消しを反映して、6億1,700万ドルの大きな投資損失が発生しました。これは主に、特定の公開投資の市場価格下落による同社の7番目の米国バイアウトファンドの減価償却によるものですが、国際エネルギーファンドの上昇によって部分的に相殺されました。純累積パフォーマンス収益は、2025年第4四半期の29億ドルから26億ドルに減少し、この四半期におけるキャリーの反転により、四半期ベースで9%の減少となりました。
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Research Alert: Dxc Sees Deteriorating Bookings, Provides Disappointing Fy 27 Outlook
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:DXC's Q4 FY 26 (Mar-Q) revenue of $3.13B declined 1.2% Y/Y (-6.6% organically), missing Street expectations of $3.15B, with DXY's FY 26 organic decline showing a continued downward acceleration to 4.8% from 4.6% in FY 25. Non-GAAP EPS of $0.77 beat consensus of $0.70 but declined by 8.3% Y/Y. Q4 bookings of $3.3B fell 13.5% Y/Y, offsetting the positive milestone of DXC's book-to-bill (1.07x) exceeding 1.0x for the first time since Q4 FY 25. We expect continued pressure as deteriorating bookings performance raises concerns about future revenue visibility. Management's FY 27 guidance suggests ongoing headwinds, with revenue expected to decline 3%-5% organically, non-GAAP EPS guided to $2.65 at the midpoint (well below expectations of $3.06), and FCF of $600M (-16% Y/Y) missing expectations for $662M. While the company emphasizes AI initiatives including its OASIS platform, we believe the extended timeline for meaningful contribution (10% of revenue by Q2 FY 29) provides limited support.
$DXC
Research
Research Alert: Net: Soft Guidance Offsets Q1 Beats; Announces Workforce Restructuring
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:NET delivered strong Q1 2026 results, with revenue of $639.8M (+34% Y/Y), beating consensus by $17.2M, while non-GAAP EPS of $0.25 improved 56% from $0.16 in the prior year, exceeding estimates by $0.02. Non-GAAP gross margins compressed to 72.8% from 77.1% Y/Y due to infrastructure investments for AI workloads, though operating leverage remained strong, with margins of 11.4% declining only 30 bps. Management announced a significant AI-first transformation, planning to reduce its workforce by ~1,100 people, with $140M-$150M in restructuring charges. For Q2 2026, NET expects revenue of $664M-$665M (~30% growth) with non-GAAP EPS of $0.27, while full-year guidance calls for $2,805M-$2,813M in revenue (~29% growth), below the Street's projections of $2,797M after incorporating the beat, and EPS of $1.19-1.20. Free cash flow surged 59% to $84.1M (13% of revenue), reflecting strong fundamentals, while the balance sheet remains robust with $4.16B in cash and securities.
$NET
Research
Research Alert: Draftkings Beats Estimates; Maintains Full-year Guidance
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:DKNG delivered solid Q1 results with revenue up 17% to $1.646B and positive GAAP net income of $21.1M vs. a $33.9M loss in the prior year, while adjusted EBITDA surged 64% to $167.9M. Sportsbook revenue jumped 24% to $1.095B with net revenue margin expanding 140 basis points to 7.8%, demonstrating enhanced pricing power and favorable sports outcomes. We are impressed with continued momentum in the company's profitability push but worry about stagnant monthly active user growth and execution in prediction markets. Management maintained 2026 guidance for revenue of $6.5B-$6.9B and adjusted EBITDA of $700M-$900M, emphasizing plans to invest aggressively in Sports Predictions. MUPs declined 4% to 4.2M due to the Texas lottery exit but increased 2% excluding lottery operations, while average revenue per MUP jumped 21% to $131. The company ended with $999.4M in cash and shares trade at 16x consensus 2026 EBITDA estimates.
$DKNG