-- AlphaValue/Baader Europe週一將瑞士製藥商龍沙集團（LONN.SW）的評級從“增持”上調至“買入”，並將目標價從644瑞士法郎上調至646瑞士法郎。 （報道北美、亞洲和歐洲主要銀行及研究機構的股票、商品和經濟研究。研究機構可透過以下連結聯絡我們：https://www..com/contact-us）
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US Markets
Oil Prices Rise Amid US-Iran Stalemate
Crude oil prices rose Monday as US-Iran talks appeared to have stalled, even as Tehran reportedly offered a new proposal for reopening the Strait of Hormuz.West Texas Intermediate crude futures were last up 2.4% at $96.64 per barrel. Brent advanced 3.2% to $108.73.Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad.Iran has submitted a proposal to reopen the Strait of Hormuz and delay talks on uranium enrichment, Axios reported, citing a US official and two other sources.Uranium enrichment and Iran's control of the crucial waterway have been key sticking points during talks between between Washington and Tehran.A Pakistan-brokered ceasefire between the US and Iran paused American and Israeli strikes on Tehran, but there's no framework yet for a long-lasting peace deal."Oil is trading stronger this morning after attempts to get US-Iran peace talks back on track broke down, erasing hopes for a resumption of energy flows through the Strait of Hormuz anytime soon," ING Bank Head of Commodities Strategy said in a note on Monday. "The lack of progress means the market is tightening every day, requiring oil prices to reprice at higher levels."
Research
Research Alert: Microsoft And Openai Restructure Deal; Much-needed For Long-term Sustainability
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OpenAI and Microsoft announced significant changes to their partnership agreement, allowing OpenAI to cap revenue share payments to Microsoft and serve customers across any cloud provider, including Amazon and Google. OpenAI will continue paying Microsoft a 20% revenue share through 2030 subject to a total cap, while MSFT will no longer pay a revenue share to OpenAI. Despite the loss of exclusivity, the company retains its license to OpenAI's intellectual property and remains OpenAI's primary cloud provider with right of first refusal for hosting new workloads. The restructuring is expected to improve MSFT's margins on AI services like Copilot by eliminating revenue payments to OpenAI. We believe this more balanced partnership structure enhances long-term sustainability, while MSFT's 27% stake in OpenAI and continued IP access ensure it remains strategically positioned to benefit from OpenAI's success despite increased competition from Amazon and Google in hosting OpenAI workloads.
$MSFT
Research
Research Alert: CFRA Keeps Sell View On Shares Of Nvr, Inc.
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 $5,519 (lowered from $6,100), is 14.5x our 2027 EPS view of $380.20. Our multiple is in line with the 10-year mean, which we think captures NVR's low overlapping competitive footprint and a hesitant U.S. consumer due to high housing prices. We lowered our 2026 EPS view to $344.92 (from $405.94) and 2027's to $380.20 (from $420.72). After a miss on performance in Q1, we think revenue expectations for 2026 have been somewhat adjusted. As a larger player, NVR should continue to maintain its market share, though in a deteriorating environment, this could prove costly. We model average selling price pressures through 2026 and investment in its SG&A pressuring margins. Although it is not our base case, in a deteriorating environment, we could see NVR increase its debt load. On a valuation basis, shares currently trade at a 30% premium to peers vs. its historical 70% premium, which we view as warranted, given consumer uncertainty, rather than as a buying opportunity.
$NVR