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Research
Research Alert: Aal: Q1 Loss Narrows On Strong Revenue Growth; Fuel Remains Key Headwind
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AAL reported Q1 adjusted loss of $0.40 per share vs. -$0.50 in the prior year and better than consensus' -$0.46. Total revenue of $13.9B, up 10.8%, beat $13.7B consensus driven by strong unit revenue growth of 7.6%. Atlantic flights were up 16.7%. We view this as strong top-line performance with the company's strategic priorities gaining traction, particularly premium revenue generation and loyalty program engagement where AAdvantage enrollments rose 25%. Full-year EPS guidance of -$0.40 to $1.10 (midpoint $0.35) exceeded the -$0.12 consensus with Q2 revenue growth expected at 13.5%-16.5%. Premium seats are expanding twice as fast as Main Cabin capacity through new deliveries, supporting higher-margin revenue streams. Total debt declined to $34.7B, the lowest since mid-2015, providing strategic flexibility. We believe management's focus on premium revenue and cost discipline positions AAL well for sustained improvement as fuel pressures moderate.
$AAL
Research
Research Alert: CFRA Lowers Rating To Buy From Strong Buy On Shares Of Blackstone Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target at $185 on a forward P/E of 29.8x our 2026 distributable earnings (DE) estimate and 2027's forward P/E at 24.2x. These valuation metrics compare to the three-year historical average at 27.8x and five-year at 25.2x. Our downgrade is a result of our tempered enthusiasm on negative brand issues within the private credit market. We were too optimistic on the DE outlook. We reduce our 2026 DE estimate by $0.50 to $6.20 (consensus $6.13) and lower 2027's by $0.30 to $7.60. Our 2026 revenue projection is $16.0B (prior $16.3B), with 2027's at $19.2B ($19.8B). Our premium valuation to the historic average reflects our view that BX and the ALT industry will show momentum into 2027 within the private market investment cycle. In 2026, we think this translates into increased incentive fees and monetization in Private Equity as well as higher management and advisory fees across all business segments. Private Credit & Insurance showed solid results and attractive fundraising from institutions.
$BX
Commodities
Weekly RIN Prices Surge Higher, EcoEngineers Says
The Renewable Identification Numbers weekly markets traded higher for the April 15-22 period, according to EcoEngineers Carbon Market Snapshot.The current year D4 2026 biomass-based diesel RINs were trading at $1.89 per RIN on Tuesday, up from $1.81/RIN a week ago.D5 2026 advanced biofuel RINs were trading around $1.89/RIN, compared with $1.77/RIN a week ago.D6 2026 corn-based ethanol RIN prices finished trading on Thursday at $1.84/RIN, below $1.74/RIN a week ago.