FINWIRES · TerminalLIVE
FINWIRES

Alamos Gold Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$80.00

By

Stifel Canada on Thursday maintained its buy rating on the shares of Alamos Gold (AGI.TO, AGI) and its C$80.00 price target after the company reported first-quarter results.

"Alamos reported Q1/26 adjusted EPS of $0.55 vs. our $0.53 (in-line vs. consensus of $0.55) and adjusted EBITDA of $383.2Mln vs. our $401Mln (consensus $413Mln) on Q1/26 gold production of 123.9Koz (within the guidance range of 120-135Koz). Q1/26 cash cost of $1,230/oz and AISC of $1,862/oz were above the top end of H1/26 guidance ($1,200/z and $1,725/oz, respectively) as previously signaled by management with an expected decrease of ~5% QoQ and further improvements in H2/26. Q1/26 FCF of $101.7Mln implies FCF/GEO ex-WC of $1,260/GEO (+$130/GEO or +11.5% QoQ vs. +$722/oz or +17.4% increase in gold price). Alamos exits Q1/26 with $659.5Mln of cash (+$36Mln QoQ) and net cash of $459.5Mln after eliminating ~1/3 of legacy Argonaut hedges (15Koz at $1,821/oz) for $42.7Mln. FY26 guidance reaffirmed, including Q2/26 production +17-25% QoQ with all three operations contributing and stronger H2/26 gold production expected," analyst Ralph Profiti wrote.

Price: $54.36, Change: $-1.57, Percent Change: -2.81%

What else is happening in Research?

Research

Research Alert: CFRA Lowers Opinion On Adss Of Deutsche Bank To Sell From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our rating to Sell (from Hold) and cut our 12-month target price to USD28 (from USD37). This is based on applying a reduced target P/E multiple of 7.1x (from 9.1x) to our unchanged 2026 EPS forecast. The multiple contraction reflects the invalidation of our previous thesis that the bank had moved beyond its historical risk profile following its Q1 2026 results. A sharp increase in credit provisions challenges the de-risking narrative, a decline in the CET1 capital ratio weakens the capital return story, and faltering performance in core divisions confirms the bank's vulnerability to a deteriorating macroeconomic backdrop. The market's negative reaction underscores a loss of confidence in the quality of the bank's earnings and its ability to navigate mounting headwinds. The risk-reward profile, which we previously saw as balanced, is now clearly skewed to the negative.

$DB
Research

Research Alert: CFRA Keeps Hold Rating On Shares Of Automatic Data Processing, 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 price by $50 to $235, valuing shares at 20.1x our next-12-month EPS estimate, a discount to ADP's five-year average forward P/E of 28.5x. We increase our FY 26 EPS estimate by $0.06 to $11.05 and keep FY 27's at $11.94 on respective revenue forecasts of $21.87B (+6%) and $23.03B (+5%). Management's raised guidance across multiple metrics reflects growing confidence in the business model's resilience and the client funds strategy's trajectory. The company increased full-year FY 26 revenue growth expectations to 6%-7% (from approximately 6%) and adjusted diluted EPS growth to 10%-11% (from 9%-10%). Additionally, management raised adjusted EBIT margin expansion guidance to 70 bps-80 bps (from 50 bps-70 bps) and improved U.S. pays per control expectations to approximately 1% (from flat), suggesting continued cautious optimism about employment trends while maintaining focus on the client funds investment strategy as the primary value driver.

$ADP
Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Mondelez International

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $63, raised $1, reflects a 19x multiple of projected 2027 EPS, in line with MDLZ's historical forward P/E average. We raise our 2026 EPS estimate by $0.06 to $3.08, but cut 2027's by $0.11 to $3.32. We continue to see headwinds related to chocolate and biscuits divisions, though favorable forex has been helping to a degree. MDLZ highlighted plans to stimulate growth with more promotional activity, which could boost revenues (we see an acceleration in revenues in 2027), but may come with the trade-off of narrower margins. We note that cost-saving efforts can also contribute to staving off some of the margin pressure. MDLZ is largely hedged on its cocoa input costs for 2026 but less so in 2027. Thus, if the substantial rise in cocoa pricing in 2025 does not reemerge, it should help the bottom line in 2027 as cost pressures should ease. Share buybacks have also contributed to EPS, and we note that Q1 2026 share count was down 1.5% from one year earlier.

$MDLZ