-- 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。当社は、株式リスクプレミアムを縮小し、予想P/FFOを15.5倍（集合住宅REITの平均値と同水準）とすることで、目標株価を15ドル引き下げ、250ドルとします。2026年のFFO予想は16.15ドルで据え置き、2027年のFFO予想は0.05ドル引き下げ、16.45ドルとします。これは、それぞれの売上高予測を19.4億ドルと19.8億ドルとしています。賃貸収入は、過去の成長水準にはまだ回復していません。業界全体で、主要な営業費用の上昇率が売上高の伸びを上回っており、これがキャッシュNOIの前年比成長率の伸びを緩やかなものにしています。ESSとその同業他社の価格決定力が弱まっていることから、こうした市場環境は今後も続くと予想されます。特にESSは、西海岸にポートフォリオを集中させており、テクノロジーセクターにおける大規模な人員削減の影響を受けやすい状況にあります。我々の見解では、ここ数週間で発表された主要な発表に伴うテールリスクはまだ顕在化していない。ESSはカリフォルニア州の厳しい住宅規制を遵守するという課題を抱えており、そのため同信託はこれまで国内の他の地域における同業他社に比べて業績が劣っていた。
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Research Alert: CFRA Raises Opinion On Shares Of Penske Automotive Group To Hold From Sell
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 $25 to $170, based on a 2027 P/E of 11.8x, a premium to the stock's 10-year forward P/E of 9.8x. We lower our EPS estimates to $13.40 from $13.85 for 2026 and to $14.35 from $15.00 for 2027. However, we are raising our price target and our rating to Hold from Sell. This morning, PAG posted Q1 adjusted EPS of $3.05 vs. $3.59 (-15%), ahead of the $2.88 consensus. The beat was driven by a stronger-than-expected top line, as revenue fell 1.1% to $7.86B ($150M ahead of consensus) and gross margin contracted 10 bps to 16.5% (10 bps short of consensus). While we continue to view the stock's valuation as full and prefer other names in the auto dealership space, currency has provided a significant earnings tailwind for PAG given its significant international exposure, allowing it to exceed Street expectations. Additionally, the company continues to return cash to shareholders in the form of buybacks and dividends, helping support EPS amid demand-related headwinds.
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