-- 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ヶ月後の目標株価を45ドル引き下げ、235ドルとします。これは、2026年のEPS予想（10.15ドルから9.17ドルに下方修正。2027年のEPS予想も10.68ドルから9.97ドルに下方修正）の25.6倍を反映したものです。これは、BIOの過去3年間のフォワード平均である29.5倍を下回る水準です。米国国立衛生研究所（NIH）の予算は、大幅な削減ではなく、議会によって2026年度の予算が小幅に増額されました。これにより、2025年に懸念されていた研究予算の削減は緩和されました。しかし、BIOおよび同業他社は、学術機関が調整を行うため、大学および初期段階のバイオテクノロジー企業からの研究支出の伸びは、当面は鈍化する可能性があると予測しています。 2026年の見通しでは、継続的な圧力が予想されており、BIOは第1四半期の決算報告で、中東における米イラン紛争に起因する逆風、例えば診断薬の売上低迷や輸送費・燃料費の高騰などを理由に、売上高と利益率の予想を引き下げた。
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Research Alert: CFRA Maintains Hold Rating On Shares Of Moderna, Inc. After Q1 Earnings
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing Q1 results, we up our target to $48 from $39, based on our NPV analysis. We widen our 2026 LPS view to -$7.95 from -$7.16 and keep our 2027 LPS view at -$4.82. MRNA reported a strong Q1, exceeding revenue expectations and demonstrating significant Y/Y growth. During the analyst call, management highlighted key regulatory approvals in Europe for its respiratory vaccine portfolio and oncology pipeline advancements, which we find encouraging. Despite a GAAP net loss widened by a one-time litigation settlement, underlying financial discipline and cost reduction efforts are noteworthy. Yet, revenue guidance for Q2 is relatively low at $50M-$100M (CFRA: $92M), which points to a 65%-30% Y/Y deceleration (CFRA: 35%) but also signals a significant swing Q/Q after the company recorded $153M in sales in Q1. While we think the progress in the oncology pipeline with the partnership with Merck & Co. (MRK 112 ****) is promising and progressing well, we continue to view MRNA as a wait and see story.
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Research Alert: CFRA Maintains Hold Rating On Shares Of Ge Healthcare Technologies Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target to $65 from $87, based on 11.8x our 2027 EPS estimate of $5.51, a sharp discount to the stock's average forward P/E of 18.1x. We cut our 2026 adjusted EPS estimate to $4.86 from $4.96, which stands at the lower end of the reduced guidance range of $4.80-$5.00 (vs. previous $4.95-$5.15). GEHC achieved Q1 organic revenue growth of 2.9% Y/Y, which was at the high end of its expectations. Yet profitability metrics were disappointing with adjusted EPS of $0.99 missing expectations, and the adjusted EBIT margin declining 150 bps Y/Y. This was primarily due to a discrete supplier issue in the PDx business and an unexpected increase in inflationary costs. As a result, GEHC lowered its profit and cash flow outlook, which we view as a prudent move. Strategically, we think GEHC is advancing a strong innovation pipeline, has completed the acquisition of Intelerad, and has announced a reorganization to combine its Imaging and AVS segments into a new segment, which has the potential to accelerate growth.
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Research Alert: CFRA Maintains Hold Rating On Shares Of Lennox International Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target to $569 from $559, 21.4x our 2027 EPS estimate (down to $26.57 from $26.62; our 2026 estimate down to $24.14 from $24.51), near LII's three- and five-year historical forward averages of 21.9x and 20.6x, respectively. We think LII faces material near-term operational challenges from residential market softness, escalating tariff-driven cost inflation (~5% vs. prior ~2.5% guidance), and margin compression in its Home Comfort Solutions segment (390-bp decline to 13.3% in Q1). However, these concerns are substantially mitigated by the Building Climate Solutions segment's exceptional performance (38% revenue growth, 300-bp margin expansion to 19.7% in Q1), significantly improved operating cash flow ($16.1M vs. -$35.8M Y/Y) due to inventory normalization. We note an antitrust class action lawsuit, filed in March, alleging price-fixing among HVAC equipment manufacturers since January 2020, posing an additional risk to LII's financial and reputational standing.
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