-- 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。Vulcan Materialsは、2026年第1四半期に好調な業績を達成しました。調整後EPSは1.35ドル（前年同期比+35%、市場予想+22.4%）、調整後EBITDAは4億4,700万ドル（同+8.8%、市場予想+7.9%）となりました。総売上高は7.4%増の17億5,600万ドル（市場予想+8.1%）となり、骨材販売量の5%増と価格上昇の4%が牽引しました。骨材戦略は、コスト圧力にもかかわらず、1トン当たりの現金粗利益が10.93ドルに改善するなど、単位収益性の向上に効果を発揮しました。経営陣は、健全な需要基盤と力強い事業遂行の勢いを理由に、2026年の調整後EBITDAガイダンスを24億ドル～26億ドルに据え置きました。ポートフォリオの最適化には、ヒューストンのアスファルト事業の売却と、カリフォルニア州の生コンクリート事業の売却（現在進行中）が含まれており、これは高収益の骨材事業機会に注力するという戦略に沿ったものです。当社は、負債対EBITDA比率が1.9倍、株主への還元額が2億1,700万ドルという同社の強固なバランスシートは、バランスの取れた資本配分を示していると確信しており、また、強固な財務上の柔軟性が継続的な価値創造を支えていると考えています。
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Research
Research Alert: CFRA Maintains Buy Opinion On Shares Of Visa Inc.
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 price by $20 to $440, valuing shares at 29.5x our FY 27 (Sep.) EPS, a modest premium to Visa's five-year historical average of 29.1x. We increase our FY 26 EPS estimate to $13.21 from $12.95 and raise FY 27's to $14.94 from $14.66. AI is benefiting Visa more than disrupting it. Value-added services continue their strong momentum, growing 27% in the March quarter, significantly faster than overall revenue growth of 17%. Additionally, cross-border volumes have held steady despite geopolitical tensions in Iran, while payments volume is accelerating. Competitive dynamics are also improving. Revenue growth has outpaced client incentive growth in three of the past four quarters, reversing the previous five years, when client incentives consistently grew faster than revenues. Looking ahead, Visa's positioning as a leader in agentic commerce suggests continued strength, led by rising transaction counts and expanding value-added service adoption.
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US Markets
Brent Approaches $120 Per Barrel as Trump Reportedly Rejects Iranian Proposal
Oil prices rallied Wednesday, with Brent approaching $120 per barrel after US President Donald Trump reportedly rejected an Iranian proposal to lift the naval blockade.Brent crude was last up 7.2% at $119.25 per barrel, having traded as high as $119.45 earlier in the day. West Texas Intermediate rose 7% to $106.91.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon."A senior Iranian security source told state media Press TV that the US naval blockade will soon be met with "practical and unprecedented action."The rhetoric comes amid stalled peace negotiations between Washington and Tehran, though their ceasefire agreement appears to be holding. A separate truce deal is in place between Israel and Lebanon.Pakistani mediators expect a revised proposal from Iran by Friday, CNN reported."Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.Besides the Iran war, markets are assessing the implication of the United Arab Emirates' decision to leave the Organization of the Petroleum Exporting Countries.The move marks a "major strategic shift (for the UAE), freeing it from production quotas that for years limited its ability to fully utilize expanding capacity," Hansen said.The UAE is set to increase oil production after walking away from oil cartel OPEC, ING Bank said in a report Wednesday."However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," ING said. "Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market."
Australia
Pentair Stock Decline on Potential Inventory Destocking 'Overdone,' RBC Says
Pentair (PNR) shares fell 10% following the company's Q1 earnings report on Tuesday but the sell off, tied to warnings of a potential inventory destocking, was "overdone," RBC Capital Markets said.During the company's earnings call, Pentair disclosed expectations for its Pool channel partners to execute an inventory reduction in Q2 and Q3, which stems from a lowered industry volume forecast, especially for high-end discretionary products, the RBC analysts said. Pentair explained that recent price actions had prompted distributors to stock up, the analysts said.The stock price decline was also driven by H2-weighted guidance and concerns over residential and consumer spending, according to the note.However, Pentair continues its strong execution on productivity initiatives, margin improvement, and new product introductions, fueling a streak of 16 consecutive quarters of margin expansion, the analysts noted. They said that they have not observed any execution issues or missteps.RBC maintained the company's stock rating at outperform and lowered the price target to $101 from $107.Price: $81.36, Change: $-1.50, Percent Change: -1.81%
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