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Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Gentex Corporation

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

We lower our 12-month target by $2 to $30, based on a 2027 P/E of 13.3x, a justified discount to GNTX's five-year average P/E of 16.7x. We maintain our EPS estimates of $2.00 for 2026 and $2.25 for 2027. Following GNTX's Q1 earnings release, we are lowering our price target but reiterating our Strong Buy opinion on the shares. It was a solid earnings release all around, with both sales and margins exceeding expectations and higher full-year revenue guidance. The investment thesis from our late January upgrade to Strong Buy appears intact, with gross margins rebounding nicely (+60 bps to 33.8% in Q1) and a risk/reward that appears compelling. While tepid volumes remain a concern (mirror shipments were -6%), GNTX's strong balance sheet and sub-industry leading gross margins are key distinguishing factors supporting our rating. GNTX's 12% Y/Y EPS growth in Q1 also underscores its easier near-term comps.

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Research Alert: CFRA Keeps Hold Opinion On Shares Of W.r. Berkley Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $3 to $72, valuing WRB shares at 15.5x our 2026 operating EPS of $4.65 and 14.3x our 2027 EPS of $5.05, compared to three-year (14x) and peer (12x) averages. WRB posted Q1 operating EPS (before investment gains or losses) of $1.30 vs $1.05 last year, exceeding our $1.09 estimate and the consensus $1.14 forecast. We applaud WRB's 6.2% rise in net written premiums in 2025, which will likely top the growth rate of many peers, but WRB's written premium growth has decelerated sharply (+1.3% Y/Y in Q1). WRB has a very facile underwriting model, and the firm can allocate underwriting capital to areas with the healthiest underwriting characteristics. Management had expressed optimism that the firm would be able to retain this competitive advantage, but Q1 written premium trends indicate that WRB's ability to produce an above-peer rate of top-line growth may prove very challenging. This could weigh on the shares, potentially imperiling their premium valuation versus peers.

$WRB
Oil & Energy

Weekly Crude Rally Builds, Brent Surges Over 17% on Supply Risks Amid Middle East Uncertainty

Global oil benchmarks posted massive weekly gains, as the market abandoned hopes for a swift resolution, pivoting toward a prolonged standoff that is squeezing global inventories at an alarming rate.West Texas Intermediate closed Friday at $94.88/bbl, up from $85.57/bbl the previous week, while Brent futures settled higher at $105.98/bbl, up from $91.78/bbl a week earlier.Brent rose over 17% and WTI gained over 13% on a weekly basis.The oil market experienced a volatile week, beginning with a relief rally and ending with a significant geopolitical risk premium as tensions in the Middle East intensified.SEB analysts said that Brent crude rose about $9/bbl this week, reflecting a stark shift in sentiment from "a deal is around the corner" to "this will take longer than expected."They warned that every week of delay beyond the May 1 deadline theoretically adds $5/bbl to the rest-of-year average.Optimism evaporated by midweek following the collapse of fresh peace talks and a series of maritime escalations.By Wednesday and Thursday, Iran's Islamic Revolutionary Guard Corps released footage of commandos seizing multiple foreign container ships, while the US military retaliated by interdicting a tanker suspected of smuggling Iranian crude in the Indian Ocean.However, reports of Iranian Foreign Minister Abbas Araghchi's visit to Pakistan on Friday briefly triggered a 1% slide in WTI prices."Embarking on timely tour of Islamabad, Muscat, and Moscow. Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments," Araghchi said in a social media post on X.However, Esmaeil Baqaei, Head of the Center for Public Diplomacy and Spokesperson for Iran's Ministry of Foreign Affairs, posted on X that the visit to Islamabad, Pakistan, was official. "FM Araghchi will be meeting with Pakistani high-level officials in concert with their ongoing mediation & good offices for ending American-imposed war of aggression and the restitution of peace in our region," Baqaei posted."No meeting is planned to take place between Iran and the US. Iran's observations would be conveyed to Pakistan," Baqaei said.Analysts said that the scale of the crisis is unprecedented, with global supply disruptions widening from 9.1 million barrels per day in March to 13.7 mmb/d in April.With global inventories drawing down by 100 million barrels per week, a mid-May reopening could floor Brent at $100/bbl, while a delay into June or July would drive prices meaningfully higher, analysts noted.J.P. Morgan analysts report that the world's spare capacity concentrated in Saudi Arabia and the UAE is effectively cut off, stripping the market of its traditional stabilization mechanism.Asian refiners face steep throughput drops as regional crude imports hit a 10-year low, according to a Reuters report.HFI Research strategists suggest the structural damage to the oil market means it "will never be the same again."On the supply front, US crude stockpiles rose by 1.9 mmbbls to 465.7 mmbbls in the week ended April 17, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 3% above the five-year average for this time of year, the EIA said.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended April 21, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.The data showed that money managers reported 220,477 long positions, down 5,673 from April 14, while short positions were down 4,830 to 77,076.The US oil rig count dropped by three from 410 the previous week to 407 in the week ending April 24, according to data from Baker Hughes (BKR) released Friday. The US had 475 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by one to 674 from 673 the previous week.

$BKR
Research

Research Alert: CFRA Keeps Sell Rating On Shares Of Dow Inc.

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 target price by $7 to $25 using an average of a forward P/E of 13.2x our 2027 EPS view of $1.67 ($22) and our DCF model ($28). Our forward P/E is below the historic average of approximately 16x on lower expected margins and demand in 2027 compared to historical levels. We raise our 2026 EPS estimate to $2.72 from -$0.28 and 2027's to $1.67 from $0.53. Our sales projections are $44.6 billion for 2026 and $45.3 billion for 2027. We believe Dow's stock presents unfavorable risk-reward after rising 59% thus far in 2026. While the Middle East conflict has temporarily boosted Dow's performance through supply shortages and logistics disruptions enabling higher prices, better margins, and stronger competitive positioning in North America, we expect these tailwinds to fade. More importantly, sustained energy price volatility would likely hurt margins in two ways: (1) rising feedstock costs would squeeze profitability and (2) weakened industrial and consumer demand would pressure volumes.

$DOW