-- 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。目標株価を2ドル引き上げ、37ドルとします。これは、過去3年間の平均である15.8倍に対し、将来のTEV/EBITDA倍率を13.4倍と想定したものです。このより保守的な目標株価は、WMGの堅調な業績と、デジタルストリーミングによる音楽業界の継続的な破壊的変化を反映したものです。2026年度（9月期）のEPS予想を0.25ドル引き上げ1.65ドルに、2027年度のEPS予想を0.05ドル引き上げ1.75ドルとします。売上高予測はそれぞれ73億ドルと76億3000万ドルです。WMGの重要な特徴は、音楽アーティストを代表する音楽卸売業者であり、音楽リスナー向けの小売販売業者ではない点です。WMGは、出版業界向けのロイヤリティ処理システムや、顧客向けのロイヤリティ明細書に注力し、デジタル供給とインフラストラクチャからの収益拡大を目指しています。AI Entertainmentは、同社の議決権の98%を保有しています。 WMGはTikTokとの契約を更新し、経済状況を改善した。WMGは、市場シェアの拡大、音楽の価値向上、そしてテクノロジーチームによる業務効率の改善を目指し、AIへの投資を進めている。
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Host Hotels & Resorts, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target by $2 to $23 on a forward P/FFO of 10.9x our 2026 FFO estimate, a premium to peers and HST's three-year forward average (8.9x) due to a stronger 2026 travel outlook and recently redeveloped properties driving higher revenue per average room (RevPAR) this year. We increase our 2026 FFO estimate by $0.05 to $2.11 and leave our 2027 view unchanged at $2.15. San Francisco showed remarkable recovery boosted by the Super Bowl and accelerating business travel as resorts in Florida/Phoenix saw stronger-than-normal Q1 performance. Weather-related disruptions in Hawaii and the East Coast negative impacted RevPAR by 120 bps in Q1, while the outlook for growth in 2H 2026 implies growth slowing to 1%-2% range. Productivity improvements have helped to offset some of the 5% Y/Y growth in wages, but this cost inflation is a risk we continue to monitor. We do not currently expect any acquisitions, with management setting a high IRR bar and favoring buybacks and special dividends currently.
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Research Alert: CFRA Reiterates Hold Opinion On Shares Of Fortis Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target is unchanged at CAD80, valuing shares at a forward P/E of 21.5x our next-12-month EPS estimate of CAD3.72, a premium to its five-year average of 19.3x. We keep our 2026 EPS estimate at CAD3.62 and raise our 2027 EPS estimate by CAD0.03 to CAD3.88. Q1 results showed continued progress on load growth opportunities, with ITC advancing data center interconnection projects and TEP securing initial contractual milestones in Arizona while pursuing additional phases. We expect revenue to grow 7.8% in 2026, followed by 5.6% growth in 2027, supported by customer rate updates at Central Hudson (effective July 2025), FortisBC Energy (effective January 2026), UNS Gas (effective March 2026), and a pending decision at TEP (expected fall 2026), alongside ongoing rate base growth. From 2025-2028, we expect EPS to grow at a 5.3% CAGR while dividends grow at 4.6%, both lagging the peer median growth rates of 7.9% and 5.2%, respectively. Shares currently yield 3.3%, slightly ahead of the peer median 3.2%.
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