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Research Alert: National Grid Reports Solid Fy 26 Results Amid Increased Regulatory Clarity

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

National Grid (NG) posted solid FY 26 (Mar.) results with underlying operating profit +6% Y/Y to GBP5.7B, in line with consensus, and underlying EPS +8% at cc to GBP0.78. Record capital investment of GBP11.6B (+18%) led to 10.9% asset growth, with strong performance across U.K. Electricity Transmission and New York operations. We think secured regulatory momentum with RIIO-T3 approval is crucial for earnings transparency, and NG's role in net zero transition positions it well to capitalize on industry trends. NG extended its framework to FY 31 with an upgraded investment commitment of at least GBP70B (from GBP60B), targeting 10% asset growth CAGR and 8%-10% underlying EPS CAGR. We believe electricity infrastructure will play an increasingly important role in net zero, and NG's highly regulated business model shields it against price and volume risk. We see a rotation in European utilities from electric utilities into grids in 2026 due to a fundamental shift involving the upcoming EUR600B grids investment.

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Research Alert: CFRA Maintains Hold Rating On Shares Of Gitlab Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target price to $24 from $27, on a forward EV/S of 2.6x our FY 27 (Jan.) sales projection of $1.11 billion. We maintain our FY 27 EPS projection at $0.80 and our FY 28 EPS forecast at $1.04. Earlier this week, GTLB announced a global restructuring plan to optimize its operational footprint, flatten the organization, and reorganize its teams and processes for better efficiency. The company intends to shrink the number of R&D teams and the number of countries by up to 30% where it has small teams, while improving operational efficiency with greater use of AI and automation. Cost savings realized from this global restructuring initiative will be reinvested into accelerating its growth objectives. A transition of this scale adds execution risk to the business in the short term, in our view, although management reaffirmed its FY 27 outlook. The company will provide more details of the financial impact at its upcoming Q1 earnings call on June 2.

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Research Alert: Honda Reports Substantial Ev-related Losses For Fy 26 Amid Strategy Shift

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Honda reported a consolidated operating loss of JPY414.3B for FY 26 (Mar.), down sharply from the prior year's profit of JPY1,213.5B, primarily due to EV-related losses totaling JPY1,577.8B from strategy reassessment and asset impairments. Revenue edged up 0.5% to JPY21,796.6B, supported by higher motorcycle sales in Asia and South America that offset automobile declines from semiconductor shortages and tariff impacts. Excluding one-time EV charges, adjusted operating profit of JPY1,039.3B demonstrated underlying operational strength, with the motorcycle business achieving record sales volume and operating profit of JPY731.9B. For FY 27, management forecasts operating profit of JPY500.0B and expects the company to bottom out in FY 26-FY 27 before beginning recovery. Honda maintained its JPY70 dividend and robust cash position of JPY5,118.4B, while planning motorcycle capacity expansion in India targeting record 22.8M unit sales and shifting automobile focus toward hybrid vehicles in North America.

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