-- 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。12ヶ月目標株価を158ドル引き上げ、773ドルとします。これは、今後12ヶ月のEPS予想14.70ドルの52.6倍に相当します。また、2026年のEPS予想を0.93ドル引き上げ14.31ドルに、2027年のEPS予想を1.18ドル引き上げ16.74ドルとします。投資判断を「ホールド」に変更したのは、第1四半期決算発表で株価が15.8%急騰した後、十分な上昇余地を見込める水準のバリュエーションを正当化することが困難であるとの判断を部分的に反映したものです。今回の目標株価773ドルにおけるバリュエーションの両辺は、以前の目標株価615ドル（EPS13.38ドルの46.0倍で算出）における両辺よりも大幅に高くなっています。株価収益率を14.3%、EPSを9.9%引き上げても、現在の水準では上昇余地はわずか4%程度にとどまります。PWRのファンダメンタルズは、記録的な受注残高と堅実な事業遂行により依然として堅調ですが、リスク／リターンプロファイルは中立にシフトしています。これは、データセンタープロジェクトの遅延／中止（業界の推定では、2026年のプロジェクトの30%～50%がリスクにさらされている）、固定価格契約のコスト超過リスクの増加、顧客からの異議申し立てのある変更指示の回収の困難化といった懸念が高まっているためです。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of Cincinnati Financial Corp.
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 by $7 to $185, valuing CINF shares (currently yielding 2%) at 20x our 2027 operating EPS estimate of $9.15 (raised by $0.10) and at 21.5x our 2026 EPS estimate of $8.60 (raised by $0.10), versus its five-year average forward multiple of 21x and peer average. CINF posted Q1 operating EPS of $2.10 versus a $0.24 operating loss per share a year ago, matching our estimate and topping the $1.94 consensus view, amid 12% higher operating revenues due to 11% premium growth and 14% higher net investment income, with written premium growth of 7% likely at the upper end of peer averages. We believe CINF's competitive strengths include its facile underwriting style and ability to allocate underwriting capital to areas with the most promising fundamentals, positioning it well despite increasingly competitive market conditions. CINF's ability to consistently produce above-peer growth and underwriting profitability will support the shares' premium valuation versus peers, in our view.
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Linde Plc
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 by $48 to $537, using a P/E of 27.1x, equal to LIN's average forward P/E over the last three years. We raise our 2026 EPS estimate by $0.05 to $18.03 and 2027 by $0.26 to $19.81. LIN reported Q1 adj. EPS of $4.33, beating consensus by $0.06, with 30% operating margins and 24% ROC demonstrating the resilience of its business model. Management raised the low end of full-year guidance to $17.60-$17.90 (7%-9% growth), citing confidence despite geopolitical headwinds. The $7.1B project backlog should reach $8B+ by year-end, driven by Electronics projects supporting AI chip manufacturing. Americas volumes grew 2% Y/Y with double-digit hardgoods growth, though EMEA remains challenged by weak industrial activity. Commercial space is emerging as a significant growth driver, with aerospace sales up double-digits. Helium supply tightness presents upside opportunity beyond guidance. We think shares are fully valued at 25.6x our 2027 EPS estimate, limiting upside potential in the near term.
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