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Price: $32.53, Change: $+1.12, Percent Change: +3.57%
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Research Alert: Crwv: Rising Backlog Provides Top-line Visibility; Revenue Beats
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CRWV posted Mar-Q revenue of $2,078M (+112% Y/Y), beating the $1,969M consensus, driven by robust AI compute demand and capacity expansion. Operating losses widened to $144M from $27M in the prior year, while net losses doubled to $740M from $315M, primarily due to interest expense surging 103% to $536M. The quarter marked record bookings with revenue backlog reaching $99.4B, including a new $21B Meta commitment and expanded relationships with Anthropic, Cohere, and others, validating CRWV's aggressive infrastructure strategy. No guidance was provided, with details expected on the earnings call. We believe the $2B NVIDIA Corporation (NVDA 212 *****) investment and $8.5B DDTL facility strengthen CRWV's financial position, while surpassing 1 GW of active power demonstrates execution capability. However, we expect continued profitability challenges as adjusted EBITDA margin compressed to 56% from 62% and operating expenses surged 120% to $2,222M, reflecting the capital-intensive nature of this hyper-growth phase.
$CRWV
Research
Research Alert: CFRA Maintains Sell Rating On Shares Of Canadian Natural Resources Limited
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 2-STARS (Sell) rating and reduce our TP to USD41 from USD45. This combines relative valuation and DCF analyses. We apply 6.8x EV to projected 2027 EBITDA, which is in line with current levels, yielding $40. Our DCF model yields a value of $43. We continue to believe there is downside risk to crude pricing via a peaceful truce or demand degradation. While CNQ is capitalizing on the 'sugar rush' of crude pricing through its aggressive buybacks, we look through to normalized prices in FY 27. Q1 adjusted EPS was up CAD0.01 Y/Y on 3% growth in production to 1,643k boepd and lower realized crude and SCO pricing (-5-6%). YTD, CNQ has repurchased +CAD600M in shares, with CAD300M coming in April alone. We lift our FY 26 EPS estimate to CAD5.90 (from CAD3.70) and FY 27's to CAD4.36 (from CAD4.10).
$CNQ
Research
Research Alert: Gild Q1: Strong Hiv And Oncology Growth, Cut Eps Guidance Disappoints
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GILD delivered strong Q1 2026 results above expectations, with total revenues of $7.0B (+4% Y/Y) and non-GAAP EPS of $2.03 (+12% Y/Y), demonstrating robust momentum across its core HIV franchise. Product sales excluding Veklury grew 8% Y/Y to $6.8B, indicating solid underlying business performance despite the anticipated 52% decline in Veklury sales to $144M. The HIV franchise continued as GILD's primary growth engine with Q1 sales of $5.0B (+10% Y/Y), led by Biktarvy's $3.4B (+7% Y/Y) and Descovy's strong 38% Y/Y growth to $807M, while the successful Yeztugo launch contributed $166M. GILD raised full-year 2026 product sales guidance to $30.0B-$30.4B but sharply lowered its EPS guidance due to $11.5B acquired IPR&D charges from strategic acquisitions. We believe the company's strategic investments in pipeline expansion through the Arcellx, Ouro, and Tubulis transactions position GILD well for long-term growth despite near-term EPS headwinds from acquisition-related charges.
$GILD