FINWIRES · TerminalLIVE
FINWIRES

Research Alert: CFRA Reiterates Sell Opinion On Shares Of O-i Glass, Inc.

By

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

We decrease our 12-month target by $6.50 to $7.50, on an EV/EBITDA of 5.5x our 2026 EBITDA estimate, below O-I's one-year average of 5.6x. We decrease our 2026 EPS by $0.58 to $1.25 and 2027 by $0.40 to $1.95. O-I's Fit to Win program achieved $35M in net savings during Q1 and is 50% of the way to its goal of $750M in benefits, a highlight of the quarter. O-I secured 15 new accounts in the quarter that should drive 2H 2026 volume 1.5% higher. We note that volumes were down 8% Y/Y; this trend improved in March, with volumes down only 2%. Management noted that the European segment was the primary driver of poor results, with a $68M decrease from the prior year attributable to softer demand and intense competition in the Southern European wine market. Inflation risks from conflicts in the Middle East are a major risk, potentially adding $75M-$100M in costs if prices remain elevated. We currently see 2027 EBITDA as flat vs. 2025 ($1.23B), but this view could improve if energy prices decrease in 2H 2026.

Related Articles

Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Illumina

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target to $161 from $140, 31x our 2026 EPS estimate (up to $5.18 from $5.13; 2027 estimate up to $5.89 from $5.81), a premium to ILMN's one-year historical forward average of 24x. We were encouraged by ex-China organic sales rising ~3.5% Y/Y in Q1, while adjusted operating margin rose 150 bps Y/Y to 21.9%. We look positively on recent Congressional action to modestly increase the National Institutes of Health (NIH) budget (~1%) rather than the dramatic cuts initially feared by investors, though ILMN's guidance implies continued pressure in academic end markets in 2026. Excluding China, sequencing consumables within research and applied was down 12% Y/Y in Q1, though clinical consumables sales rose 20% Y/Y. Positively, ILMN placed over 80 NovaSeq X instruments (up 20 Y/Y) during the quarter, indicating strong momentum.

$ILMN
Research

Research Alert: CFRA Maintains Hold Recommendation On Vale S.a.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our unchanged 12-month target price of USD18 is driven by an EV/EBITDA of 5.0x applied to our 2027 EBITDA estimate, above VALE's three-year average forward EV/EBITDA of 3.9x but below peers' average of 6.5x. We decrease our 2026 earnings per ADS estimate by BRL0.49 to BRL10.28 and our 2027 forecast by BRL0.45 to BRL10.52. Vale demonstrated robust operational performance in Q1 2026, with production records across multiple assets supporting 3% iron ore volume growth and double-digit gains in copper and nickel. However, cost pressures from BRL appreciation and higher oil prices pushed C1 costs to $23.6/t (+12% Y/Y), leading management to guide toward the upper end of 2026 cost guidance. Vale Base Metals is delivering significant value, with EBITDA more than doubling Y/Y. With expanded net debt at $17.8B and trending toward the midpoint of the $10B-$20B target range, management expressed confidence in distributing significant dividends and continuing buybacks through 2026 under current commodity prices.

$VALE
Research

Research Alert: CFRA Maintains Sell Rating On Shares Of Teradyne, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our target by $15 to $252, 29x our 2027 EPS view, above TER's three-year average (~25x), as broadening AI upside offsets customer concentration risks. We raise our 2026 EPS by $1.08 to $6.98 and 2027's by $1.30 to $8.70. Q1 2026 was another great quarter, but Q2 guidance (sales +87% Y/Y) spooked the bulls by coming in only near expectations rather than significantly outperforming. We have long cautioned of a potential reversal of recent strength given major customers' order lumpiness, and with today's selloff, we think valuation is starting to come back down to earth as investors pencil in a more pronounced sequential decline in 2H 2026. TER has also officially won some merchant GPU business, but its early results ($50M of revenue expected in 2026) are a bit underwhelming and further share gains are not a guarantee, dampening some of TER's near-term upside. In the meantime, we still think the memory shortage adds risks to industry activity in 2H 2026 and 2027 that are not appropriately priced in.

$TER