-- 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6.50米ドルから7.00米ドルに引き上げます。これは、2026年の株価売上高倍率（P/S）が1.0倍（過去5年間の平均2.7倍を下回る）となることを意味します。これは、今後2年間の売上高の年平均成長率（CAGR）が29%（過去5年間のCAGRは2025年までで40%）と予測していることを背景としています。NIOの売上高は、2026年と2027年にそれぞれ33%と25%増加すると予測しています。これは、今後発売される新型モデル（ONVO L80、ES9、5人乗りES7など）への需要に牽引され、車両納入台数が2026年と2027年にそれぞれ40%と30%増加すると想定した場合です。非GAAPベースの純損失は、製品構成の改善と規模の経済性の向上により縮小すると予想しています。しかしながら、価格競争の激化、政策上の逆風、およびコスト上昇により、収益性の改善は遅れる可能性が高く、損益分岐点に達するのは2028年以降になる見込みです。配送量の増加と利益率の軌道改善は心強いものの、同社が明確な収益性への道筋を示すまでは、より建設的な見方をするには不十分です。当社は、2026年の非GAAPベースのLPADS予測を0.42人民元（従来は0.51人民元）に修正し、2027年のLPADSを0.09人民元とします。
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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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Equities
Petro Rabigh Emerges From Loss in Q1; Revenue Grows
Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, said Sunday it swung back to profit in the first quarter of 2026, while revenue increased year over year.Net profit attributable to shareholders of the issuer for the three months ended March 31 was 1.47 billion Saudi riyals, compared with the attributable loss of 691 million riyals earlier. EPS moved to 0.88 riyal from a loss per share of 0.41 riyal.The Tadawul-listed oil refining and petrochemical company's revenue was 14.85 billion riyals, compared with 11.21 billion riyals a year ago.
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Research
Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
$HIG