FINWIRES · TerminalLIVE
FINWIRES

Research Alert: American Homes 4 Rent Reports Mixed Results In Q1 2026

By

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

AMH delivered Q4 2025 FFO of $0.47 per share, in line with consensus, while revenue of $455M missed estimates despite 4.2% growth driven by higher rental rates. Average occupancy declined 30 bps to 95.0% and blended lease rates of +2.8% decelerated from 3.6% in Q3, signaling weakening pricing power in a challenging rental market. Management significantly lowered 2026 core NOI growth guidance to just 1.0%-3.0%, down from beginning 2025 expectations, citing economic uncertainties. The trust maintains a strong balance sheet with $5.2B total debt, no maturities until 2028, and 8.5-year average maturity. AMH plans $500M-$600M in property acquisitions and $150M-$250M in development for 2026, while executing $115M in share repurchases. We view the disappointing guidance and slowing lease growth as signs of mounting operational headwinds, though the unencumbered balance sheet and disciplined capital allocation provide some stability in the near term.

Related Articles

Research

Research Alert: CFRA Maintained Buy Rating On Suncor Energy Inc. As Free Funds Flows Grows 53%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 4-STARS (Buy) rating and boost our target price to CAD103. This reflects a 8.0x EBITDA multiple and 18.0x earnings multiple based on our 2027 projections. We increased the EBITDA multiple in tandem with the industry multiple to reflect superior operational execution. The story is largely unchanged since the 2026 Investor Day, as Q1 proved to be another strong quarter of cash flow generation and value return. Upstream production reached 875.2k bbl/d, up 2.6% Y/Y. Refining throughput reached 497.8k bbl/d at 97% utilization, while refined product sales increased 13% to 680.9k bbl/d. Free funds flow grew 53% to CAD2.91B. The company returned CAD1.54B to shareholders through CAD825M in share repurchases and over CAD700M in dividends. We maintained our 2026 and 2027 EPS forecasts of CAD6.97 and CAD5.39, respectively.

$SU
Research

Research Alert: Su Maintained Buy As Free Funds Flows Grows 53%: Tp $75

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 4-STARS (Buy) rating and boost our target price to CAD103. This reflects a 8.0x EBITDA multiple and 18.0x earnings multiple based on our 2027 projections. We increased the EBITDA multiple in tandem with the industry multiple to reflect superior operational execution. The story is largely unchanged since the 2026 Investor Day, as Q1 proved to be another strong quarter of cash flow generation and value return. Upstream production reached 875.2k bbl/d, up 2.6% Y/Y. Refining throughput reached 497.8k bbl/d at 97% utilization, while refined product sales increased 13% to 680.9k bbl/d. Free funds flow grew 53% to CAD2.91B. The company returned CAD1.54B to shareholders through CAD825M in share repurchases and over CAD700M in dividends. We maintained our 2026 and 2027 EPS forecasts of CAD6.97 and CAD5.39, respectively.

$SU
Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Ballard Power System Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target price from CAD4.20 to CAD6.40, applying a price-to-sales multiple of 13x our 2026 sales-per-share view (CAD0.49 using a USD/CAD exchange rate of 0.73x). We adjust our 2026 loss per share (LPS) estimate to -USD0.19 from -USD0.23 and our 2027 LPS view to -USD0.11 from -USD0.15. BLDP reported Q1 2026 revenue of USD19.4M, up 26% Y/Y, driven by strong growth in rail (up 4,472% to USD5.1M) and stationary power (up 775% to USD5.2M), though Bus revenue declined 46% to USD6.8M due to delivery timing and EU funding delays. Q1 results showed encouraging metrics, and we see potential upside from major design wins with Wrightbus and Solaris for next-generation hydrogen bus platforms and a multiyear 50 MW agreement with New Flyer. However, its declining backlog remains a concern. The 12-month order book declined 2% to USD52.8M, while the total backlog fell 5% to USD112.9M. We applaud improving gross margin trends, reflecting successful execution of its cost reduction initiatives.

$BLDP