-- 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ヶ月目標株価を1ドル引き上げ、24ドルとします。これは、2027年のEPS予想の10.9倍に相当し、健全な投資銀行業務の見通しと純金利マージンの上昇を考慮すると、KEYの過去5年間の予想PER平均10.7倍を上回る水準です。2026年のEPS予想を0.03ドル引き上げ1.87ドルに、2027年のEPS予想を0.06ドル引き上げ2.20ドルとします。売上高予想はそれぞれ81億ドルと86億ドルです。マクロ経済情勢は依然として不確実ですが、KEYの信用力は、将来予測指標と過去の指標の両方において改善しています。規制見通しも良好で、KEYは提案されているバーゼルIIIの改訂により、CET1比率が100ベーシスポイント以上上昇すると見込んでいます。これは、第1四半期のCET1比率が平均を上回る11.4%であったことと相まって、KEYが自社株買いを増やすのに有利な立場にあることを示しています。しかし、純金利マージンは拡大したものの（前期比+5bps、前年同期比+29bps）、KEYが長期的な成長を維持できるかどうかについては依然として疑問が残ります。特に、同行の融資残高は前期比1%増加したものの、預金残高は2%減少しました。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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