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Research Alert: Pega: Q1 Results Miss, But Strength In Pega Cloud Offsets

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PEGA reported total revenue of $430M, missing consensus by $37.2M and declining 10% Y/Y, while non-GAAP EPS of $0.46 missed by $0.23 and fell 39% Y/Y. However, Pega Cloud revenue surged 36% Y/Y to $205M, now representing 47.7% of total revenue and validating the cloud transition thesis. Pega Cloud annual contract value (ACV) acceleration remains the standout metric, growing 29% Y/Y to $906.7M and accelerating from 23% growth in Q1, demonstrating continued strong demand for the company's AI workflow automation platform. Total ACV grew 12% Y/Y to $1.62B, with backlog increasing 16% Y/Y to $2.01B providing revenue visibility. We believe the robust cash flow generation of $206.5M in free cash flow and a solid balance sheet with $474M in cash provides financial flexibility for continued AI investment. Despite near-term profitability pressure, we expect the sustained Pega Cloud momentum and strong ACV growth to support the business transformation.

$PEGA

Research19d ago

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Msci Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 earnings and accounting for elevated geopolitical uncertainty, we reduce our 12-month target price by $30 to $760, 34.1x our 2027 EPS estimate, a discount to MSCI's five-year forward P/E average of 40.8x given a reduced outlook in sustainability and climate. We increase our 2026 EPS view by $0.24 to $19.68 and bump up 2027's by $0.35 to $22.27. We have consistently argued that MSCI has built a resilient business model capable of growing even when markets decline. This quarter proved our thesis; despite falling equity markets, cash inflows reached a record $103 billion in Q1. The stock appears undervalued. MSCI is trading near its lowest forward P/E ratio in seven years, even as revenue growth accelerates and margins expand. Against this backdrop, we view management's aggressive share buyback program positively and note the company has reduced shares outstanding by 6% Y/Y, nearly triple its historical average. Shares yield 1.4%.

$MSCI

Research19d ago

Research Alert: Chubb Limited First Quarter 2026 Results Top Expectations

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Chubb posted Q1 operating EPS of $6.82, up 85% from $3.68 a year ago, topping our $6.60 estimate and the $6.61 consensus view. Net earned premiums rose 12.1% (9.5% in constant dollars), exceeding our 5%-8% growth forecast, while the P&C combined ratio improved significantly to 84.0% from 95.7%, reflecting a quiet catastrophe quarter and underlying combined ratio improvement to 82.1% from 82.3%. We view the broad-based net written premium growth of nearly 11%, at the upper end of peer ranges, as supportive for the shares. Management characterized results as "excellent" but noted continued pricing softness in financial and property lines. We expect the April 22 investor call to focus on insurance market conditions and the war risk coverage initiative with the U.S. government. We believe CB's superior underwriting profitability, about 10 points better than industry averages, and robust premium growth should provide a catalyst for the shares.

$CB

Research19d ago

Research Alert: Manh: Solid Q1 Results And Raised Guidance Reflect Cloud Growth Momentum

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MANH delivered solid Q1 2026 results with revenue of $282.2M (+7.4% Y/Y), beating consensus by $8.5M, driven by strong cloud subscription growth of 24.2% to $117.1M and Services recovery of 3.8% to $125.7M. Non-GAAP EPS of $1.24 significantly exceeded Street expectations of $1.11, while operating cash flow of $84.0M (+11.6%) demonstrated strong cash generation. We view the continued cloud transformation momentum and Services segment recovery as positive indicators for the company's strategic shift toward cloud-native solutions despite persistent macro uncertainty. Management raised 2026 guidance with revenue expectations of $1.147B-$1.157B (+6% to +7%) and adjusted EPS of $5.29-$5.37, above consensus of $5.22. RPO growth rose 24% reaching $2.35B, providing excellent revenue visibility with management highlighting better-than-expected bookings. We believe the robust performance and raised guidance reflect strengthening demand for cloud solutions and improving execution across segments.

$MANH

Research19d ago

Research Alert: Ual: Strong Q1 Results Offset By Reduced 2026 Outlook On Fuel Costs

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:UAL reported Q1 2026 adjusted EPS of $1.19 (+31% Y/Y), beating the $1.08 consensus estimate, due to total revenue of $14.6B (+11% Y/Y), above the $14.4B consensus. Operating margins proved resilient at 4.2% (+35 bps Y/Y) despite a $360M fuel cost headwind, with strong pricing power evidenced by TRASM rising 6.9% Y/Y to 18.80 cents and PRASM advancing 7.4% Y/Y to 16.95 cents. UAL's premium revenue streams supported results with premium revenue growing 14% Y/Y, loyalty revenue up 13% Y/Y, and business revenue expanding 14% Y/Y. The company reduced 2026 adjusted EPS guidance to $7.00-$11.00 from $12.00-$14.00 and plans to reduce capacity by 5 percentage points for the remainder of 2026. Management expects a phased revenue recovery approach to recapture 40%-50% of fuel cost increases in Q2, 70%-80% in Q3, and 85%-100% in Q4. We think Q1 provided evidence of UAL's ability to pass through fuel costs while maintaining its long-term growth trajectory.

$UAL

Research19d ago

Research Alert: Manh: Solid Q1 Results And Raised Guidance Reflect Cloud Growth Momentum

$MANH

Research19d ago

Research Alert: Cof: Q1 Earnings Miss As The Net Interest Margin Disappoints

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:COF reported mixed Q1 2026 results, with operating EPS of $4.42 vs. $4.06 prior year missing consensus by $0.15, marking the second consecutive earnings miss. Revenue of $15.2B also missed estimates by $134M, with results not directly comparable due to the Discover Financial acquisition completed May 18, 2025. Net interest margin compressed 39 bps to 7.87% amid the competitive deposit pricing environment, though it remains well above pre-Discover levels, while total net revenue declined 2% sequentially. The provision for credit losses decreased modestly to $4.1B, while 30+ day delinquency rates improved 35 bps to 3.24%, suggesting potential credit quality improvement ahead. Period-end loans declined 1% to $448B, reflecting continued selective credit tightening, while deposits grew 3% to $489B, providing stable funding. The CET1 ratio of 14.4% remains well above regulatory requirements, providing ample flexibility for future growth and capital returns.

$COF

Research19d ago

Research Alert: Intuitive Surgical Q1: Robust Growth In Revenue, Eps, And Procedures Volumes

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Intuitive Surgical delivered robust Q1 2026 results with non-GAAP EPS of $2.50, beating the $2.11 consensus estimate (+38% Y/Y). Revenue surged to $2.77B (+23% Y/Y), above the $2.6B consensus view, driven by worldwide procedures growing 17% Y/Y with da Vinci procedures up 16% and Ion procedures accelerating 39%. System placements reached 431 da Vinci systems versus 367 in Q1 2025, while da Vinci 5 placements surged to 232 systems from 147, showing strong adoption of the next-generation platform. Management guided worldwide da Vinci procedure growth of 13.5%-15.5% with non-GAAP gross margins expected at 67.5%-68.5%, incorporating an estimated 1.0% revenue impact from current tariffs. The installed base reached 11,395 da Vinci systems (+12% Y/Y), while non-GAAP gross margin expanded to 67.8% from 66.4% and operating income grew 40% Y/Y, demonstrating strong operational leverage with a robust balance sheet of $7.98B in cash.

$ISRG

Research19d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Unitedhealth 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 price target to $385 from $335, 21.1x our 2026 EPS estimate (up to $18.25 from $17.86; 2027 estimate up $0.02 to $20.12), a small premium to UNH's five-year historical forward average of 20.3x, justified by our expectations of steady earnings improvement in the near term from the company's turnaround efforts. UNH's share repurchase activity (at least $2B anticipated by the end of Q2) supported a Q1 EPS beat, and management signaled further buybacks ahead, as the share price remains over 40% below all-time highs in late 2024 despite an over 35% rally since March 27. We expect medical cost trends will remain elevated in the near term despite some improvement in comparable results (MCR of 83.9% vs. 84.8% in Q1 2025). Though consolidated operating margin dipped to ~8.1% from 8.3% in the prior-year quarter, we note an encouraging 40 bps of margin expansion for the UnitedHealthcare (insurance) segment to 6.6% in Q1.

$UNH

Research19d ago

Research Alert: Ibkr Q1: Eps In Line As Client Activity Surge Drives Revenue Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:IBKR reported in-line Q1 adjusted EPS of $0.60 vs. $0.47 in the prior year, with net revenues of $1.67B exceeding by 17%. Strong performance was led by commission revenue growth of 19% and net interest income of +17%, supported by trading volume increases across stocks (+25%), futures (+20%), and options (+16%). We believe the firm's revenue diversification strategy and client-centric technological platform continue to drive impressive financial performance and accelerated client acquisition. Management's confidence is reflected in the quarterly dividend increase from $0.0800 to $0.0875 per share. Total accounts reached 4.75M (+31%) while customer equity surged 38% to $789.4B, demonstrating successful new client onboarding and increased engagement. Operational efficiency remains a competitive advantage with adjusted pre-tax profit margin expanding to 77% vs. 73% in the prior year, underscoring the scalability of IBKR's business model and disciplined cost management while investing in growth initiatives.

$IBKR

Research19d ago

Research Alert: CFRA Keeps Hold Rating On Shares Of Tractor Supply Company

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 by $9 to $44 applying a forward P/E of 20.5x compared to the three-year historical average at 23.7x and five-year at 25.2x on normalized earnings. With lower demand, we have reduced our revenue projections in 2026 to $16.4B (prior $16.3B) and 2027 to $17.0B ($17.4B). We think TSCO faces material operating headwinds from declining transaction counts, structural challenges in the Companion Animal category (100-bp drag on comps), and persistent tariff pressures that are compressing margins despite cost management efforts. Working capital efficiency has deteriorated with inventory turns declining to 2.92x from 3.00x while operating cash flow fell 58% in Q1 2026, raising concerns about the sustainability of aggressive capital returns amidst modest comparable sales growth. However, the company maintains a solid balance sheet, strong new store productivity (65%-70% range), and resilient performance in core C.U.E. categories, providing a basis for recovery if consumer demand stabilizes.

$TSCO

Research19d ago

Research Alert: CFRA Lowers Rating On Shares Of Idexx Laboratories, Inc. To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our target to $620, 37.8x our 2027 EPS estimate, below IDXX's historical forward P/E averages. We reduce our 2026 EPS view to $14.67 from $14.73 and keep our 2027 view at $16.42. We think the company is entering a transitional period marked by leadership change while the uncertainty in the current economic environment may constrain veterinary visits and pet owners' spend. In January 2026, the company announced that Michael Erickson, who has been with IDXX since 2011, will assume the role of President and CEO on May 12, 2026, succeeding the long-tenured CEO Jay Mazelsky, who will move to Executive Chair before retiring in May 2027. While pet owners continue to prioritize their companion animals' health, with pet-care costs rising above inflation in recent years, we think the focus may shift to essential visits only if inflationary pressures persist. The company will host its Q1 analyst call on May 12, when we expect to hear more on the near-term outlook and pet-care cost trends impacting IDXX.

$IDXX

Research19d ago

Research Alert: CFRA Keeps Hold Rating On Shares Of Equifax 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 by $5 to $210, 21.9x our 2027 EPS estimate vs its three-year historical forward P/E average of 32.0x. We raise our 2026 EPS view to $8.54 from $8.48 and keep 2027's at $9.60. EFX maintained its full-year guidance despite a strong Q1 beat, a conservative move, reflecting new macroeconomic uncertainties. While reported revenue guidance was raised by $25M and EPS by $0.04 for FX, the underlying local currency growth outlook is now tempered. The recent U.S.-Iran conflict has pushed interest rates higher and clouded the U.S. mortgage market outlook. Critically, this macro headwind is compounded by regulatory gridlock. CFRA's Washington Analysis suggests the key VantageScore catalyst, a significant profit opportunity, is stuck in political mud surrounding the FHFA director, creating a major investor overhang. While Q1's results demonstrated strong operational resilience, the stalled catalyst and volatile macro environment increase the stock's risk profile, justifying our lower target multiple.

$EFX

Research19d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Synchrony Financial

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 $103, applying a forward P/E of 9.6x our 2027 EPS estimate, below the peer average of 10.4x given SYF's lower FICO score customer base. We decrease our 2026 adjusted EPS estimate to $9.55 from $9.57 and increase 2027's to $10.70 from $10.58. Despite recovering from March lows, shares remain down 8% YTD, creating an attractive entry point for a stock we believe should be positive for the year. SYF's fundamentals are improving across all key metrics: credit quality is strengthening, purchase volume growth is accelerating, and loans have returned to growth for the first time in five quarters. The active account base is most encouraging, as it appears poised to grow in 2026 after declining throughout 2025. Given that the share price has not yet reflected this improved financial position, we view management's aggressive capital return strategy favorably. The company has reduced shares outstanding by 11.5% Y/Y and raised its quarterly dividend by 13% to $0.34 per share.

$SYF

Research19d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Northern Trust Corp.

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 $9 to $171, using a wider equity risk premium and forward P/E of 15.5x, a premium to the three-year historical average on operating earnings of 14.9x and five-year average of 15.1x. We raise our 2026 EPS estimate by $1.50 to $11.00 and 2027's by $1.40 to $11.75 on projected revenues of $8.8B (prior $8.6B) and $9.3B (8.9B), respectively. Shares have a dividend yield of 2.0%, and their 1.24 beta means they have slightly higher price volatility than the equity market. We think the bank's key metrics to drive shareholder value are organic revenue growth and wider margins. NTRS did not provide earnings guidance for Q2 2026 or full-year 2026. The bank raised its full-year NII outlook to mid-single-digit Y/Y growth. We like that AUM continues to grow with elevated equity markets and new inflows in both Asset Servicing and Wealth Management segments. Pretax margins continue to widen to 32% in Q1 2026 from 27.1% a year ago. NTRS bought back $359M and paid $151M in dividends in Q1 2026.

$NTRS

Research19d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Rio Tinto 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 price to USD112 from USD110, implying an EV/EBITDA of 7.43x our 2026 estimate. This premium valuation is supported by growth from key projects and Rio Tinto's (RIO) strategic focus on copper and aluminum, aligning it with long-term decarbonization trends. RIO's solid Q1 2026 results reinforce our long-term view. RIO demonstrated portfolio resilience by increasing copper equivalent production by 9% Y/Y despite weather disruptions. Key growth projects are advancing as planned; the Oyu Tolgoi ramp-up is boosting copper output, and the Simandou iron ore project realized its first sales in April. This progress, along with achieving its USD650 million productivity target, confirms strong execution. A robust price environment for copper and aluminum provides a significant tailwind, offsetting a more stable iron ore market and validating RIO's diversification strategy. We forecast 2026 EPS of USD7.74 and 2027 EPS at USD8.17, supported by a strong metals outlook.

$RIO

Research19d ago

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Alaska Air Group 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 by $6 to $53, 7.5x our 2027 EPS estimate (rolled forward from 10.5x our 2026 EPS view), a discount to the 10-year mean of 11.5x reflecting heightened earnings risk due to fuel cost volatility and geopolitical uncertainty. We lower our 2026 EPS to -$0.76 from $5.60 and 2027's to $7.02 from $8.00, primarily reflecting a $600M fuel cost headwind in Q2. Despite our estimate cuts, we maintain our Buy rating as we believe shares are trading at attractive levels, representing a 40% discount to their 10-year average forward multiple. We view this as a fuel-driven cyclical headwind rather than a structural deterioration in ALK's competitive position. Additionally, corporate travel (+19% Y/Y in Q1) and premium revenue (+9% Y/Y in Q1) suggest underlying demand remains healthy. While near-term earnings visibility is limited due to fuel volatility, we believe ALK's strategic positioning, operational execution (Hawaiian integration), and valuation discount create an attractive entry point.

$ALK

Research19d ago

CIBC Confirms Neutral Rating and Target of $288 on Intact Financial Ahead of Q1 Results

CIBC Capital Markets maintained its neutral rating and price target of $288 on the shares of Intact Financial (IFC.TO) ahead of the insurer's first-quarter financial results.The bank expects strong margins, but some pressure on revenue growth in Q1, "similar to last quarter." CIBC reduced its Q1 earnings per share estimate to $4.21 from $4.54 on winter weather, but left its full-year 2026 EPS estimate unchanged."In our opinion, a better industry outlook or an acquisition is needed to get the share price moving," said analyst Paul Holden. "We are forecasting still-strong premium growth of 9% for Q1 and a weather-impacted combined ratio (CR) of 98.5%."The bank also believes prior-year developments could continue to be a source of upside, but thinks the magnitude of potential upside is lower to start 2026 compared with 2025.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $261.94, Change: $+0.56, Percent Change: +0.21%

$IFC.TO

Research19d ago

Research Alert: CFRA Keeps Buy Rating On Shares Of Danaher Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our target at $258, 27.6x our 2027 EPS estimate, a discount to DHR's five-year historical forward P/E average. We slightly raise our 2026 EPS view to $8.57 from $8.53 to reflect the Q1 beat. We keep our 2027 EPS forecast at $9.35. In our view, Danaher's Q1 results demonstrated solid execution, with adjusted EPS of $2.06 beating consensus by 6%. Bioprocessing showed encouraging momentum with 7% core growth and equipment orders up 30% Y/Y, the first positive order growth in nearly two years, which we see as a positive leading indicator. While respiratory sales revenue were lighter than expected, strength in Life Sciences and Bioprocessing offset this headwind. China trends improved across Biotech and Life Sciences segments. The large $9.9 billion pending Masimo acquisition announced in February remains on track for a 2H 2026 close, and should significantly expand DHR's diagnostics and medical technology portfolio. We expect the deal to be EPS accretive in year one.

$DHR

Research19d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Zions Bancorporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 earnings, we raise our 12-month target price by $2 to $82, 12.2x our 2027 EPS estimate, a premium to the peer average of 10.0x given solid balance sheet growth prospects. We increase our 2026 EPS estimate by $0.22 to $6.44 and raise 2027's by $0.19 to $6.74. Our 2026 and 2027 revenue projections are $3.5 billion and $3.7 billion, respectively. ZION has demonstrated strong market share gains in recent quarters, standing out as one of the few banks to achieve both loan and deposit growth for two consecutive quarters. While the company has been conservative with share buybacks, reducing shares outstanding by only 1% over three years, we anticipate more aggressive repurchases ahead. This shift is supported by three factors: credit concerns from 2025 have largely subsided, ZION maintains a robust capital position with a CET1 ratio of 11.5% that exceeds peer averages despite already strong credit metrics, and the regulatory environment is improving.

$ZION

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