-- 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。2027年のPERを7.0倍と想定し、TAPの過去5年間の平均予想PER11.4倍を妥当なディスカウントとして、12ヶ月目標株価を5ドル引き下げ、35ドルとします。2026年の調整後EPS予想を0.20ドル引き上げ4.90ドルに、2027年の調整後EPS予想を0.10ドル引き上げ5.10ドルとします。TAPの第1四半期決算発表を受け、目標株価を引き下げ、引き続き「売り」の投資判断を維持します。TAPの第1四半期調整後EPSは0.62ドルで、市場予想の0.50ドル（24%増）を大きく上回りました。予想を上回ったのは、売上高と利益率が予想を上回ったためで、純売上高は金融取引量が2.9%減少したにもかかわらず2.0%増の23億5000万ドル（市場予想を2500万ドル上回る）となり、粗利益率は130ベーシスポイント拡大して38.2%（市場予想を350ベーシスポイント上回る）となった。TAPの第1四半期の収益は予想を大きく上回ったものの、通期ガイダンスを引き上げなかったことから、残りの期間は以前の予想よりも弱くなるのではないかという懸念が生じ、為替変動によるプラスの影響は第1四半期ほど好調ではない可能性が高い。当社は触媒となる要因を特定するのに苦労しており、需要環境は引き続き厳しい状況にあると見ています。
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