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Research Alert: CFRA Maintains Hold Opinion On Shares Of Host Hotels & Resorts, 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 by $2 to $23 on a forward P/FFO of 10.9x our 2026 FFO estimate, a premium to peers and HST's three-year forward average (8.9x) due to a stronger 2026 travel outlook and recently redeveloped properties driving higher revenue per average room (RevPAR) this year. We increase our 2026 FFO estimate by $0.05 to $2.11 and leave our 2027 view unchanged at $2.15. San Francisco showed remarkable recovery boosted by the Super Bowl and accelerating business travel as resorts in Florida/Phoenix saw stronger-than-normal Q1 performance. Weather-related disruptions in Hawaii and the East Coast negative impacted RevPAR by 120 bps in Q1, while the outlook for growth in 2H 2026 implies growth slowing to 1%-2% range. Productivity improvements have helped to offset some of the 5% Y/Y growth in wages, but this cost inflation is a risk we continue to monitor. We do not currently expect any acquisitions, with management setting a high IRR bar and favoring buybacks and special dividends currently.

$HST

Research Alert: CFRA Reiterates Hold Opinion On Shares Of Fortis Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target is unchanged at CAD80, valuing shares at a forward P/E of 21.5x our next-12-month EPS estimate of CAD3.72, a premium to its five-year average of 19.3x. We keep our 2026 EPS estimate at CAD3.62 and raise our 2027 EPS estimate by CAD0.03 to CAD3.88. Q1 results showed continued progress on load growth opportunities, with ITC advancing data center interconnection projects and TEP securing initial contractual milestones in Arizona while pursuing additional phases. We expect revenue to grow 7.8% in 2026, followed by 5.6% growth in 2027, supported by customer rate updates at Central Hudson (effective July 2025), FortisBC Energy (effective January 2026), UNS Gas (effective March 2026), and a pending decision at TEP (expected fall 2026), alongside ongoing rate base growth. From 2025-2028, we expect EPS to grow at a 5.3% CAGR while dividends grow at 4.6%, both lagging the peer median growth rates of 7.9% and 5.2%, respectively. Shares currently yield 3.3%, slightly ahead of the peer median 3.2%.

$FTS

Research Alert: CFRA Lifts Opinion On Shares Of Expedia Group To Hold From Sell

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 by $12 to $252, representing 13x our 2026 EPS estimate (unchanged multiple), a discount to EXPE's 21x five-year average forward multiple justified by consumer spending and competitive risks. We raise our 2026 EPS estimate to $19.41 from $18.51 and 2027's to $22.18 from $20.38. Our higher revised estimates reflect resilient Q1 gross bookings growth (+13% Y/Y) despite volatile trends in response to the conflict in Iran. Management reiterated its 2026 gross bookings outlook of 6%-8%, which appears conservative given potential benefits to travel brought by the World Cup in North America. The company also saw significant leverage over sales and marketing (-400 bps Y/Y). If EXPE were to achieve its gross bookings guidance and sustain operating leverage, we see a reasonable path to achieve low-double-digit EPS growth in 2026. We view shares trading below their five-year average offering a more balanced risk/reward. Thus, we lift our opinion to Hold from Sell.

$EXPE

Research Alert: We Keep Our Buy Rating On Shares Of Gilead Sciences, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target at $170 on a multiple of 17.0x our 2027 EPS estimate, above GILD's five-year historical forward P/E average of 10.2x, justified by its improving outlook, in our view. We adjust our 2026 view to a loss of 0.67 per share from an EPS of $8.79 to account for the acquired IPR&D charges related to the Arcellx, Ouro, and Tubulis transactions. We lower our 2027 EPS estimate to $9.98 from $10.19. GILD reported a strong Q1 2026, above expectations for both revenue and EPS. Total product sales rose 5% Y/Y to $6.9B, while sales excluding Veklury (Covid-19 treatment) grew 8% to $6.8B. This performance was supported by robust growth in the HIV franchise, particularly the exceptional launch of the PrEP drug Yeztugo, and strong sales from the oncology drug Trodelvy. We think GILD is making solid progress in its pipeline, which management describes as the strongest in its history, bolstered by the recent acquisitions of Arcellx and the pending acquisitions of Ouro Medicines and Tubulis.

$GILD

Research Alert: CFRA Maintains Hold Rating On Shares Of Warner Bros. Discovery, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our $30 target price uses a forward TEV/EBITDA of 11.8x our 2026 EBITDA estimate as a going concern. Due to merger costs in Q1 2026, we lower our 2026 estimate to a loss per share of -$1.00 from prior -$0.06 and reduce 2027's by $0.05 to $0.05. Our revenue projections are $37.0B in 2026 and $38.0B in 2027. Netflix declined to raise its offer for WBD, and WBD's Board of Directors determined that PSKY's offer was a "superior proposal." Thus, WBD will be moving forward with getting the necessary approvals from regulators after shareholder approvals. We think the path to getting antitrust approvals from the DoJ and the EU provides deal risk due to a lengthy approval process, but one that we think is more doable than NFLX acquiring WBD. So, PSKY's approved acquisition of WBD could either transform PSKY into a media powerhouse or burden it with unsustainable leverage and integration challenges. The timeline to close before October 1 and obtain the necessary regulatory approvals remains uncertain, in our view.

$WBD

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Warner Music Group

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $2 to $37 using a forward TEV/EBITDA of 13.4x versus the three-year historical average at 15.8x. Our more conservative target reflects positive execution by WMG but continued disruptive changes in the music industry from digital streaming. We raised our FY 26 (Sep.) EPS estimate by $0.25 to $1.65 and FY 27's by $0.05 to $1.75 on revenue projections of $7.3B and $7.63B, respectively. An important distinction about WMG is that it is a music wholesaler representing music artists and not a retail distributor for music listeners. WMG is focused on royalty processing systems for publishing or royalty statements for clients to drive more revenue from its digital supply and infrastructure. AI Entertainment owns 98% of the total combined voting power of the company. WMG renewed its deal with TikTok, resulting in improved economics. WMG is investing in AI to grow its market share, grow the value of music, and improve operational efficiency with its technology team.

$WMG

Research Alert: CFRA Keeps Buy Opinion On Shares Of American International Group

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 $4 to $88, valuing the shares at 11x our 2026 operating EPS estimate of $8.00 (raised today by $0.15) and at 10x our 2027 EPs estimate of $8.90, vs. the one-year average forward multiple of 11x and a peer average of 13x. AIG posted strong Q1 results with operating EPS of $2.11 vs. $1.17 in the prior year, topping our $1.95 estimate and the $1.88 consensus view on improved claim trends. General Insurance net premiums written surged 24% to $5.6B, while underwriting income more than tripled to $774M with the combined ratio improving 850 bps to 87.3% on lower catastrophe losses. Though we caution Q1 results are not likely an annual run-rate, we view AIG as undervalued and believe its ability to produce above-peer underwriting profitability will provide a catalyst for shares to close their valuation gap with peers.

$AIG

Research Alert: CFRA Maintains Buy Opinion On Shares Of Shake Shack Inc.

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 price by $42 to $87, based on 15x our 2027 EBITDA estimate (rolled forward from 23x our 2026 EBITDA estimate), a discount to shares' 21x three-year average. We lower our 2026 EPS estimate to $1.62 from $1.96 and keep 2027's at $2.22. Our 2026 EBITDA estimate moves lower to $220M from $243M and we raise our 2027 EBITDA estimate to $253M from $217M. Our lower 2026 estimates reflect Q1's step-up in G&A costs, pre-opening costs, and ongoing food cost pressure that led to EBITDA missing estimates by 19%. Our lower 2027 multiple is justified by these pressures persisting on a faster store opening pace. However, we are reiterating our Buy opinion. We think many of the investments were pulled forward in Q1, setting up for a return to margin expansion by H2 2026. Upside to its low-single digit guide on comp growth is possible, given success on marketing, potential World Cup benefits, efforts on new customer acquisition (digital gaining traction), and further LTO launches planned.

$SHAK

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Formula One Group

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 $110 applying a forward TEV/EBITDA of 25.5x compared to the three-year historical average at 30.7x and the five-year historical average at 32.8x. We are reducing our 2026 EPS estimate by $0.15 to $1.55 and keep our 2027 estimate at $2.15, on respective revenue projections of $4.7B (from $48.5B) and $5.2B (unchanged). Our 2026 estimates take into account that Formula 1 canceled races in Bahrain and Saudi Arabia and moved the Qatar Grand Prix to November for MotoGP, subject to market conditions with the Iran-U.S. war. We like that the company announced the return of the Turkish Grand Prix starting in 2027 in a new multi-year agreement. We are positive on the opportunities to expand MotoGP's commercial reach for sponsorship over time. In our opinion, the Formula 1 global brand will endure wartime conditions in the Mideast, and we expect to see FWON.K benefit from its growing appeal in these parts of the world. Clearly, a risk to the downside is an extended Iran-U.S. war.

$FWON.K

Research Alert: CFRA Maintains Buy Rating On Shares Of Mckesson 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 price target to $860 from $1,080, 19.4x our FY 27 EPS estimate (up $0.11 to $44.24; FY 28 estimate begins at $50.19), a above peers and MCK's three-year forward average of 18.6x, supported by a stronger margin profile and faster near-term EPS and dividend growth expectations within a favorable environment for pharma distributors, in our view. Looking ahead to FY 27, we expect broad-based growth across core pharma distribution, oncology and multispecialty, and Rx Technology, with more modest growth in Medical-Surgical, supporting overall sales growth near 7%, following 12% growth in FY 26. We attribute the sales growth slowdown to difficult comparisons as well as lower branded drug pricing as certain Inflation Reduction Act provisions take effect. Oncology and multispecialty should produce the strongest profitability growth during FY 27, in our view, followed by the Rx Technology business and core pharma distribution, driving overall adjusted EBIT growth near 9%.

$MCK

Research Alert: CFRA Maintains Strong Buy Rating On Shares Of Datadog Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target price from $161 to $231 on an EV/S of 16x our 2027 sales projection of $5.216B, above DDOG's three-year average. We increase our 2026 EPS forecast from $2.28 to $2.42 and trim our 2027 EPS estimate to $2.80 from $2.81. DDOG reported strong Q1 2026 results with revenue of $1.01B (up 32% Y/Y), accelerating from 29% in Q4 2025, with sequential revenue growth of 6% marking the strongest Q1 performance since 2022. DDOG is seeing broad-based demand beyond its AI-native installed base as customers increasingly consolidate solutions on its unified platform for greater cost efficiency and more effective results. Management also highlighted a growing opportunity to serve AI training workloads as they become more prevalent. Non-GAAP gross margin was 80.2%, and operating margin was 22%, flat Y/Y but down from 24% in Q4 2025, as the company ramps investments to pursue long-term growth opportunities.

$DDOG

Research Alert: Enb: Modest Earnings Beat In Q1

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ENB posted Q1 adjusted EPS of CAD0.98, beating consensus by CAD0.04, while adjusted EBITDA of CAD5.8B was flat Y/Y and operating cash flow declined 23% to CAD2.3B. Distributable cash flow of CAD3.9B rose 2% Y/Y, demonstrating resilient cash generation despite operational headwinds. The company's diversified portfolio showed mixed segment performance, with Gas Transmission and Gas Distribution & Storage segments posting EBITDA growth of CAD79M and CAD109M, respectively, offsetting Liquids Pipelines segment decline of CAD318M due to higher Mainline earnings sharing and lower Line 9 tolls. Management reaffirmed CY 2026 guidance for adjusted EBITDA of CAD20.2B-CAD20.8B and DCF per share of CAD5.70-CAD6.10, with 5% annual growth expected beyond 2026. Project backlog expanded to CAD40B, up CAD1B, supporting growth capex of CAD10B-CAD11B annually, while recent project sanctions include the Tres Palacios expansion and Vector Pipeline expansion.

$ENB

Research Alert: Enb: Modest Earnings Beat In Q1

$ENB

Research Alert: CFRA Maintains Hold Opinion On Shares Of Wec Energy Group, 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 by $2 to $124, based on 21.8x our next-12-month EPS estimate of $5.67, near multi-utilities peers and above WEC's three-year (20.1x) and five-year (21.2x) forward averages. We lift our 2026 EPS view by $0.01 to $5.60 and trim 2027 EPS by $0.02 to $6.00. WEC posted solid Q1 results, with adjusted EPS up 7.9% Y/Y, beating consensus by 6.5%, while revenue grew 9.0% to $3.43B (+0.5% vs. consensus) due to higher rates and modest volume growth. 2026 guidance was reaffirmed and long-term guidance remained unchanged. WEC anticipates electric sales growth to accelerate around 2027, with support from new data centers, manufacturing facilities, and other large load customers. On a compound annual basis from 2025 to 2028, we anticipate EPS and dividend growth at roughly 7.3% and 6.8% CAGRs, respectively, both highly competitive with peers. We remain at Hold, as we think WEC's valuation incorporates its competitive near-term EPS and dividend growth potential, leaving less near-term upside.

$WEC

Research Alert: CFRA Raises Opinion On Shares Of Arrow Electronics Inc. To Hold From Sell

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 $210 from $132, implying a 2027 P/E of 11.0x, a justified premium to the stock's five-year average forward P/E multiple of 9.0x. We increase our adjusted EPS estimates to $17.55 from $13.48 for 2026 and to $19.10 from $14.64 for 2027. ARW posted Q1 adjusted EPS of $5.22 vs. $1.80 (+190%), well ahead of the $2.85 consensus. ARW's sales increased 39% Y/Y to $9.47B ($1.17B ahead of consensus) and operating margin expanded 150 bps to 3.8%. ARW's Q2 revenue and adjusted EPS guidance of $9.15B-$9.75B and $4.32-$4.52, respectively, was well ahead of the consensus forecasts of $8.84B and $3.64, respectively. While valuation and slowing growth remain concerns, the magnitude of upward estimates revisions and the company's overall positive momentum make it difficult to continue to justify a Sell rating. Both segments are firing on all cylinders after posting 39% revenue growth in Q1 with Global Components at ~70% of total revenue and Enterprise Computing Solutions at ~30%.

$ARW

SSR Mining Target Raised To C$67 From $59, Keeps Outperform at National Bank On "The Making of a Fortress Balance Sheet"

$SSRM.TO

Research Alert: CFRA Lifts Opinion On Shares Of Cf Industries Holdings Inc. To Hold From Sell

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 by $21 to $122, based on an EV/EBITDA of 7x our 2027 EBITDA estimate (rolled forward from 7.9x our 2026 EBITDA estimate). We raise our 2026 EPS view to $13.31 from $9.13 and 2027's to $9.20 from $7.33. Consensus EBITDA estimates for 2026 were revised 70% higher to $4.25B, up from $2.5B in March, implying 40% Y/Y growth driven by significant price increases across ammonia, urea, UAN, and AN due to conflicts in Iran and Ukraine. Our Hold rating reflects this favorable set up that is now priced into shares. CF trades at 5x 2026 EBITDA, well below its 10-year median of 8.7x, suggesting the market views current earnings as a cyclical peak. The multiple expands to 8x on lower 2027 estimates, indicating investors are already discounting normalization. Our 31% Y/Y EPS decline for 2027 anticipates margin pressure as elevated prices could introduce demand destruction and trigger global capacity additions. Our 7x target multiple balances today's trough valuation against cycle-end risks.

$CF