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Research Alert: CFRA Maintains Buy Rating On Shares Of Cencora

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

We cut our target by $86 to $300, a 16.9x multiple of our FY 26 (Sep.) EPS estimate of $17.73 (up from $17.55; our FY 27 estimate is raised to $19.67 from $19.58), between COR's three- and five-year historical forward averages of 17.4x and 15.8x, respectively. Shares declined significantly following a Q2 revenue miss (3.3% below consensus), impacted by customer losses and manufacturer list price reductions, causing a cut to annual sales growth guidance to 5% from 8%. Positively, the International Healthcare segment's revenue grew 13% (7% in constant currency) and operating income increased 14% (13% in constant currency), supported by a rebound in the global specialty logistics business, which achieved its second straight quarter of operating income growth. We look favorably on COR raising FY 26 adjusted operating income growth guidance (13% midpoint vs. 12.5%) as well as adjusted EPS guidance ($17.65-$17.90 from $17.45-$17.75 previously), supported by the resumption of share repurchases ($1B by year-end).

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Research Alert: CFRA Keeps Buy Opinion On Adss Of Sony Group Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target price at JPY4,200, at 9.3x FY 27 (Mar.) EV/EBITDA, comparable to the five-year mean, balancing earnings risk from higher memory costs with projected resilience of gaming software/fee, music, and image sensors. In our view, Sony could benefit from its software and fee-based revenue (e.g., digital game sales, PlayStation platform commissions, and music royalties), which helps stabilize profits against the more cyclical game console sales. This revenue mix also mitigates U.S. tariff and memory cost risks, as these primarily affect hardware sales/margins. In Gaming, we expect Sony to focus on monetizing its large PlayStation user base through game sales, in-game purchases, and PlayStation Plus subscriptions, rather than aggressively growing console sales, helping limit margin pressure despite rising memory costs, even though Sony has indicated its sufficient memory supply for FY 27. We keep our FY 27 EPADS forecast at JPY212.95 and initiate FY 28's at JPY232.47.

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Research Alert: Sony Group: Solid Fy 26 Operating Income; Gaming Segment To Lead Fy 27 Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Sony's FY 26 (Mar.) EPADS from continuing operations fell 2.4% Y/Y to JPY171.44, slightly below our expectation, with softer margins and one-off charges offsetting solid contributions from Imaging & Sensing Solutions (I&SS) and Music. Continuing operations operating income rose 13% Y/Y, with margin up 1.0%-pt to 11.6%, helped by gains from the Financial Services spin-off. Revenue increased 3.7% Y/Y. For FY 27, Sony guided for operating income of JPY1.60T (+11% Y/Y) and a 13.0% margin, with growth supported by Game & Network Services (G&NS), Pictures, and I&SS, partly offset by normalization in Music. Sony kept its FY 24-FY 27 operating income CAGR target of 16% but flagged memory pricing and macroeconomic uncertainty. FY 27 guidance calls for G&NS operating income of +30% Y/Y (on higher first-party software sales and the absence of impairment losses) and I&SS of +12% Y/Y (on restructuring benefits, lower R&D expenses, and stronger digital camera sensor sales), with a further margin expansion.

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Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Wheaton Precious Metals

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