-- 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。目標株価を100米ドル（従来108米ドル）に引き下げ、2026年EPADS予想は据え置きながら、PERを12.5倍とします。従来のPER13.5倍から若干引き下げたのは、一時的な信用リスクおよび地政学的リスク引当金によって生じる不確実性を考慮し、短期的なリスクプレミアムを引き上げたことによるものです。当社は引き続き4つ星（買い）の推奨を維持し、第1四半期決算に対する市場のネガティブな反応を好機と捉えています。当社は、市場が大規模な個別引当金に関する見出し上の「ノイズ」を理由に株価を過大評価し、調整後RoTEが18.7%、ウェルス事業の著しい勢い（純新規資金390億米ドル）、NIIガイダンスの約460億米ドルへの上方修正、自社株買い再開へのより明確な道筋によって裏付けられた事業の根底にある強さを見落としていたと考えています。2026年のEPS予測は1.60米ドルに据え置きますが、2027年のEPS予測を1.80米ドルに引き上げ、事業の根本的な収益力が今後も成長し続けるという当社の確信を強調します。
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