Morgan Stanley on Tuesday downgraded Danish consumer reviews company Trustpilot Group (TRST.L) to equal weight from overweight, while raising its price target to 275 pounds sterling from 265 pounds.
(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Sea Limited's (Sea) Q1 2026 EPADS of USD0.67 (+3.1% Y/Y) met our expectation. Total revenue grew 47% Y/Y, driven by strong momentum across all core segments. While the adjusted EBITDA margin eased 5ppt Y/Y amid continued investments across Shopee and Monee, overall adjusted EBITDA still increased 9% Y/Y. Shopee's revenue rose 45% Y/Y, accelerating from Q4 2025's 36% growth, supported by GMV growth of 30% Y/Y and improved monetization, with transaction-based fees and advertising revenue up 61% Y/Y. Shopee's adjusted EBITDA declined 16% Y/Y due to investments in logistics and user experience. Management reiterated confidence in achieving around 25% GMV growth in 2026 while maintaining Shopee's adjusted EBITDA at no lower than 2025 levels. Monee's revenue grew 58% Y/Y, supported by 71% growth in loans outstanding, while asset quality remained stable with the NPL ratio steady Q/Q at 1.1%. Garena's revenue and bookings increased 41% and 20% Y/Y, respectively, while adjusted EBITDA rose 25% Y/Y.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:On Holding reported net sales of CHF831.9M vs. CHF727M, CHF10M above estimates, marking 14.5% reported growth (26.4% constant currency). Adjusted EPS surged 68.2% to CHF0.37 vs. CHF0.22 in the prior year and CHF0.10 above consensus, while gross margin expanded 430 bps to 64.2% despite U.S. tariff headwinds. We view the post-earnings share weakness as a buying opportunity and believe On remains the top name in footwear given its execution and brand strength. The company raised full-year gross margin guidance to at least 64.5% while reiterating constant currency growth of at least 23%. Geographic performance was broad-based, led by Asia-Pacific's 44.4% growth, while both DTC and Wholesale channels showed healthy momentum. The continued margin expansion demonstrates On's pricing power and operational leverage, with apparel emerging as a key growth driver at 45.1% growth. We expect the company to maintain its premium positioning while expanding globally under its new co-CEO leadership structure.