-- 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。2026年のEBITDA予想8億1,400万ドル（従来予想7億7,000万ドル、前年比11%増）にEV/EBITDA倍率14倍を適用し、12ヶ月目標株価を4ドル引き上げ、78ドルとします。2026年のEPS予想は4.62ドルから5.32ドルに、2027年のEPS予想は4.91ドルから5.72ドルにそれぞれ引き上げます。ETSYは第1四半期に好調な業績を上げ、GMSは前年同期比5.5%増、アクティブバイヤー数は前四半期比で緩やかな伸びを示しました。ただし、この業績は、為替変動（GMSを190ベーシスポイント押し上げ）や、関税および少額免税措置の撤廃による平均注文額の増加など、いくつかの一時的な追い風の影響を受けています。同社の第2四半期の業績見通しでは、GMS（流通総額）が前年同期比3～5%増となる見込みであり、短期的な勢いは維持されていることを示唆しています。重要な議論は、比較対象となる顧客基盤がより厳しくなる下半期に移ります。当社は、リピーターや常連客の動向が安定するなど、顧客指標の改善に支えられ、引き続き強気の見方を維持しています。これは、最近のアプリの機能強化（パーソナライゼーション、商品発見など）によるものと考えています。また、第3四半期までに完了すると予想される12億ドルのDepop売却に続き、大規模な自社株買いも実施されると予想しています。
Related Articles
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of Sofi 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 12-month target by $4 to $18, applying a P/E of 17.8x our 2028 EPS view vs. SOFI's 71.2x three-year historical forward P/E average. We keep our 2026 EPS estimate at $0.58, 2027's at $0.81, and 2028's at $1.01. We expect robust member and product growth, fueled by key initiatives like crypto and the SoFi Plus relaunch, to support sustained double-digit revenue expansion. The relaunched SoFi Plus introduces a paid subscription to fuel cross-selling, while the crypto initiative leverages its unique, bank-issued stablecoin to become a core infrastructure provider for digital assets.However, this outlook is reflected in a rich valuation that leaves minimal room for execution missteps. We remain neutral, as a sustained high-rate environment could stress consumers and impact credit performance, a key risk given the company's large personal loan portfolio. Management's decision to not raise full-year guidance, despite a strong quarter, balances strategic investments against macroeconomic uncertainties.
$SOFI
Research
Research Alert: CFRA Maintains Buy Rating On Shares Of Tenet Healthcare
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price to $200 from $260, 11.4x our 2026 EPS estimate (up to $17.56 from $17.33; 2027 estimate up to $18.00 from $17.85), a discount to the company's three-year historical forward average of 12.9x. We think THC's valuation balances recent deleveraging efforts and a stronger margin profile than in previous years against policy headwinds, including cuts to Medicaid coverage under the OBBBA legislation and the recent expiration of ACA enhanced premium tax credits, which increases risk of higher uncompensated care. Same-facility ACA exchange admissions fell 10% Y/Y in Q1, and THC guides for a 20% reduction in ACA exchange patient volumes for 2026 and anticipates a negative $250 million impact on adjusted EBITDA. While we expect THC to revisit annual guidance in Q2 earnings, at which point a clearer picture of the insurance coverage landscape is likely, we look favorably on the company maintaining its annual inpatient/outpatient volume guidance for now.
$THC
Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of Sanmina Corporation
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 price by $87 to $250, 19.3x our FY 27 EPS estimate. We increase our FY 26 EPS estimate by $1.16 to $11.23 and raise FY 27's by $1.28 to $12.95. SANM noted strong growth in revenue, particularly in the Communication Networks & Cloud AI Infrastructure segment, which saw significant year-over-year expansion. This growth was attributed to strong demand in areas such as accelerated compute, general-purpose compute, and storage, as well as contributions from both Core Sanmina and the ZT Systems business. Positive momentum was observed in other end markets like Industrial & Energy, where the business is expected to accelerate growth in the second half of the year, particularly in power generation, distribution, and semiconductor capital equipment. There was an emphasis on the company being well prepared for future growth, supported by a diversified customer base, expansion into new programs, and a global manufacturing footprint positioned for anticipated demand in 2027 and 2028.
$SANM