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Research Alert: Akam: Raised Guidance Overshadows Modest Q1 Performance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AKAM delivered mixed Q1 results with revenue of $1.074B (+6% Y/Y) in line with expectations and non-GAAP EPS of $1.61 (down 5% Y/Y) beating consensus by $0.01. Growth was led by Cloud Infrastructure Services at $95M (+40% Y/Y) and Security at $590M (+11% Y/Y), while Delivery declined 7% Y/Y to $389M. The company secured a landmark $1.8B seven-year Cloud Infrastructure Services commitment from a leading U.S. frontier model provider, validating AKAM's positioning in AI infrastructure. Management raised 2026 revenue guidance to $4.445-4.550B (7-8% growth) from prior $4.400-4.550B, while maintaining 26% non-GAAP operating margin outlook. We expect the major AI infrastructure deal to drive sustained momentum in Cloud Infrastructure Services over the contract period. Operating margin compression to 26% (down 4pp Y/Y) reflects necessary growth investments in AI and cloud infrastructure that we believe position AKAM well for the evolving market landscape.

$AKAM

Research2d ago

Research Alert: Mchp: Solid Beat And Raise; Cyclical Recovery Gains Traction

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MCHP delivered standout Mar-Q results with revenue of $1.31B (+35% Y/Y, +10.6% Q/Q) beating $1.263B consensus, while non-GAAP EPS of $0.57 exceeded $0.50 expectation. The strong sequential growth demonstrates meaningful momentum as semiconductor recovery gains traction with broad-based improvement across product lines and end markets. We are encouraged by impressive operational leverage as non-GAAP gross margins expanded to 61.6% and operating margins reached 30.6%, reflecting cumulative benefits of MCHP's disciplined nine-point recovery plan execution. Jun-Q guidance indicates continued strong momentum with revenue midpoint of $1.46B (+35.3% Y/Y, +11.0% Q/Q) ahead of $1.35B expectation and EPS guidance of $0.67-$0.71 vs $0.59 consensus. We believe inventory normalization continues progressing at accelerated pace, with days declining from 201 to 185 and $320.9M reduction from December peak, while connectivity business shows particular strength in data center and AI applications supporting market share gains.

$MCHP

Research2d ago

Research Alert: CFRA Maintains Hold Rating On Sunrun Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We are maintaining our $15 price target, applying an improved multiple of 1x (previously 0.88x) to our 2027 sales-per-share estimate of $15.00, representing a discount to RUN's three- and five-year average of ~1.3x-3x. Our valuation reflects a conservative view of revenue quality concerns and execution risks as the company navigates towards a new business strategy emphasizing direct sales and storage-first offerings. We are lowering our 2026 and 2027 sales estimates by ~$800M and $430M, respectively, reflecting ongoing pressure from the strategic transition. However, we are raising our 2026 and 2027 EPS estimates to $0.94 and $1.01, respectively, from $0.15 and $0.45, to reflect the high-margin and increasingly prominent storage-first aspect of RUN's business. We see declining subscriber addition growth, elevated creation costs, and lower volume offsetting positive core revenue growth and net subscriber value expansion. In our view, the stock trades at a relatively fair price.

$RUN

Research2d ago

Research Alert: Dropbox Reports Solid Q1 Results, Supported By Growth In Its Core Business

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:DBX reported Q1 2026 revenue growth of 0.8% Y/Y to $629.5M, with core business excluding FormSwift accelerating to 2.0% Y/Y growth - the strongest pace in recent quarters. ARR increased 0.3% Y/Y to $2.560B while ARPU rose to $141.18 from $139.26, though paying users declined modestly to 18.09M. The strategic focus on Dash expansion and core FSS improvements appears to be yielding positive results, even as FormSwift wind-down creates revenue headwinds. Management expects modestly negative net new paying users in Q1 due to seasonality and FormSwift pressures, with flat growth for the remainder of the year and Dash monetization beginning in 2H. We believe the underlying business is stabilizing despite margin compression, with operating margin declining to 27.5% from 29.4% due to infrastructure investments. Strong cash generation capabilities remain intact, with operating cash flow surging 33% Y/Y to $204.5M and the balance sheet robust at $1.289B in cash.

$DBX

Research2d ago

Research Alert: Abnb: Q1 Revenue And Ebitda Beat Estimates; Full-year Revenue Outlook Raised

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Q1 revenue of $2.68B (+18% Y/Y) beat $2.62B consensus, while EBITDA of $519M (+24% Y/Y) exceeded $484M estimates with 100bps margin expansion to 19%. EPS of $0.26 missed $0.31 consensus due to one-time $70M deferred tax adjustment and elevated stock compensation, not operational weakness. The guidance raise to low-to-mid-teens revenue growth with 35%+ EBITDA margin signals improving fundamentals. Management sees take rate expansion from fee structure simplification to 15.5% single service fee and growing insurance adoption. Nights and Seats Booked grew 9% to 156.2M with underlying growth closer to 10% absent Middle East conflict drag, while app bookings surged 22%. Q2 guidance of $3.54B-$3.60B (+14%-16% Y/Y) implies modest deceleration but constructive setup remains. In our view, accelerating top-line growth, expanding take rates, and improving operating leverage support the premium multiple, with the EPS miss a non-recurring distraction.

$ABNB

Research2d ago

Research Alert: Oln Q1: Q1 Loss Widens On Chlor Alkali Weakness; Q2 Recovery Expected

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Olin reported a net loss of $83.0M, or -$0.73 per share vs. net income of $1.4M, or $0.01 per share, in Q1 2025, with sales declining 3.7% to $1,583.0M and adjusted EBITDA falling to $86.2M from $185.6M. The Chlor Alkali segment posted a $44.5M loss vs. $78.3M earnings due to lower pricing/volumes and higher costs, while Winchester sales rose 21.3% to $470.5M, though segment earnings declined. We believe the company is navigating challenging market conditions through its Beyond250 cost reduction program and sequential EBITDA improvement from Q4 2025. Management provided Q2 2026 adjusted EBITDA guidance of $160M-$200M, reflecting expected sequential improvement from seasonally higher demand and pricing gains. We expect the Iran conflict to benefit North American operations through supply disruptions, while net debt/EBITDA increased to 5.1x from 3.5x, though the company maintained $1.3B liquidity and declared its 398th consecutive quarterly dividend of $0.20 per share.

$OLN

Research2d ago

Research Alert: CFRA Reiterates Strong Sell On Shares Of Polestar Automotive Holding Uk Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain a 12-month target of $5, based on our DCF analysis and implying a premium to tangible book value. After updating our estimates and adjusting for its recent equity and debt-to-equity transactions, our adjusted EPS estimates decline to -$12.30 from -$0.55 for 2026 and to -$9.30 from -$0.45 for 2027. PSNY posted Q1 net income of -$383M, down from -$166M in Q1 2025. Revenue was flat at $633M ($116M below consensus) as lower prices offset a 7% increase in total vehicle sales to 13,126 units. Adjusted EBITDA of -$235M was down from -$96M a year ago. In our view, risks surrounding PSNY remain high. Like other upstart EV manufacturers, we think the primary challenge it faces is achieving the size and scale to compete with larger automakers, noting the number of measures it has recently taken to secure additional liquidity and its significant cash burn. Moreover, we think it could be challenged to hit its 2026 vehicle sales guidance, namely a low double-digit increase over 2025 sales of 60,119 vehicles.

$PSNY

Research2d ago

Research Alert: CFRA Keeps Strong Buy View On Shares Of Kinaxis Inc. On Ebitda Margin Showing

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our Strong Buy (5-STARS) rating on KXS and increase our target price to CAD180 from CAD165. We maintain our earnings multiple of 28x and EBITDA multiple of 18x on FY 27 projections. We increase our FY 26 to $4.85 from $4.55 and our FY 27 to $5.02 from $4.77. Adjusted EBITDA margin expanded to 32% from 25% in the prior-year quarter, a 700-bp increase driven by gross margin expansion to 69% and operating expense leverage. Annual recurring revenue grew 20% to $447M, accelerating from 14% growth a year ago, as the company posted record Q1 new business bookings from large customer wins and existing account expansions. The combination of revenue growth acceleration and margin expansion drove profit to $29.4M (+85% Y/Y) with diluted EPS of $1.04 compared to $0.55 in Q1 2025. The cash flow story is unfolding as Q1 saw cash flows spent on buybacks total 63% of FY 25's total as shares begin to be more meaningfully reduced.

$KXS

Research2d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Doordash, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our price target by $2 to $240, based on 30x our 2027 EPS view, just below DASH's three-year average (~32x) given competitive threats from AI and Uber Eats, offset by the company's dominant market position and positive network effects. We raise our 2026 adjusted EPS view by $0.10 to $5.63 and 2027's by $0.06 to $7.99. We are encouraged by DASH's Q2 Marketplace GOV guidance (+36% Y/Y), an encouraging result following relatively soft guidance for Q1, especially given fears of a weakening consumer. International sales continue to scale solidly, with Deliveroo accelerating to 14% Y/Y growth in Q1 vs. 7% growth in Q4 (we expect continued improvement all year). Margin pressure remains (adjusted EBITDA margin -20 bps Y/Y to 2.4%) but should fade as platform integration activities finish up early next year. Adjusted EBITDA guidance (midpoint of $820M) was above expectations ($742M), despite the company expecting another $50M gas relief charge, which should persist amid the Strait of Hormuz closure.

$DASH

Research2d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Tyson Foods, 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 remains $76, a 15x multiple of projected FY 27 EPS of $5.09 (raised by $0.02). We also lift our FY 26 (Sep.) EPS est. by $0.09 to $4.11. This multiple is slightly above TSN's long-term average of 14x, reflecting favorable secular tailwinds, including a continued shift in consumer preferences toward protein and improved earnings growth potential as the Beef segment recovers, likely in FY 27. Operationally, TSN is executing well, particularly in Chicken, where margins continue to widen, up 290 bps year over year in FQ2. Beef remains pressured by historically tight cattle supplies, with the U.S. herd at its lowest level since 1951, though we expect margins to improve following recent restructuring actions, including rightsizing production to improve capacity utilization. TSN's balance sheet is solid, noting its leverage ratio (net debt/adjusted EBITDA) has now improved to 2.2x vs. 3.9x two years ago. This provides a decent degree of financial flexibility in our view.

$TSN

Research2d ago

Research Alert: CFRA Lowers Rating On Shares Of Zoetis 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 lower our target to $96 from $150, 12.9x our 2027 EPS estimate, a discount to ZTS's 10-year historical forward P/E average. We cut our 2026 EPS view to $6.92 from $7.03. We keep our 2027 EPS forecast at $7.43. Shares of ZTS are down more than 21% today after the company missed estimates, recording flat organic growth Y/Y, while guidance for the full 2026 for both revenue ($9.680B-$9.960B, 2%-5% organic operational growth) and adjusted EPS ($6.85-$7.00) was cut above expectations, which, in our view, signals that the challenging first quarter environment is likely to persist. The Q1 performance showed significant segment divergence: International business grew 10% organically, while the U.S. segment declined 8%. The Livestock division showed robust 12% organic growth, contrasting with a 4% operational decline in Companion Animal. The U.S. segment saw an 8% revenue decline, with companion animal down 11% due to pet owner price sensitivity, aggressive competitor pricing, and lack of market expansion.

$ZTS

Research2d ago

Research Alert: CFRA Lowers Opinion On Shares Of Papa John's International 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 lower our 12-month target by $4 to $35, 19x our 2026 EPS estimate (down from 20x), a discount to its 26x five-year average justified by competitive headwinds in the pizza quick service restaurant (QSR) industry. We lower our 2026 EPS estimate to $1.83 from $1.94 and 2027's to $2.35 from $2.37. Following Q1 results that included a disappointing performance in North America comp growth (-6.4%), we are lowering our opinion to Hold from Buy. Our previous thesis rested upon the potential for PZZA to translate improvements in its loyalty program, menu, and sales channels into more sustainable comp growth. However, momentum seen in 1H 2025 has faded. In our view, the company's plan to close 300 North American store locations highlights competitive pressures from pizza QSR peers. As a result, PZZA's margin and free cash flow profile have deteriorated more than we thought. Our new Hold opinion contemplates comp momentum in international markets, which is offsetting North American underperformance.

$PZZA

Research2d ago

Research Alert: CFRA Maintains Buy Rating On Shares Of Applovin Corporation.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target price from $595 to $627 on an EV/EBITDA multiple of 30x our 2026 adjusted EBITDA estimate of $7.05B, above its three-year average. We raise our 2026 forecast from $15.69 to $16.04 and our 2027 view from $20.24 to $21.49. APP reported solid Q1 2026 results, with revenue of $1.84B up 59% Y/Y and 11% sequentially, exceeding guidance, while adjusted EBITDA of $1.56B rose 66% Y/Y, with margins expanding 400 bps to 85%. Q2 guidance of $1.915B-$1.945B implies 52%-55% Y/Y growth, with management maintaining 84%-85% EBITDA margins. New model releases and enhancements, Gen AI video creation tools, and early revenue ramps in its consumer vertical support our view of sustained 50% plus growth this year. Sales from its Consumer segment grew 25% more in March compared to January, while achieving a record month in April. Its gaming vertical remains strong, with hybrid monetization gaining traction.

$APP

Research2d ago

Research Alert: CFRA Maintains Sell Rating On Solaredge Technologies, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our $32 price target, based on a P/E of 33x our 2027 EPS, with the multiple even with the three-and five-year historical average, balancing SEDG's continued turnaround towards profitability and AI data center optionality, against the structural residential market headwinds and margin ceiling risks. We are widening our 2026 loss per share estimate to -$0.67 from -$0.45 due to weaker-than-expected Q1 results and pressures following the Section 25D tax credit elimination, while maintaining our 2027 estimate of $0.97. We expect SEDG to benefit from continued European market recovery (Nexis platform rollout), rising battery attachment rates, and Section 45-X manufacturing tax credits support. We remain cautious on the given pricing pressure in Europe where SEDG has been unable to raise ASPs without risking channel inventory build-up, ongoing tariff headwinds imposing margin drag on growing battery sales, and the structural shift toward lower-margin TPO and C&I channels.

$SEDG

Research2d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Qiagen

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 of USD36, implying a 2026 P/E of 14.7x. This is at a discount to its historical average (20x-22x) to reflect the headwinds on its key growth contributor QuantiFERON, along with increased geopolitical and management uncertainties. This is partly cushioned by growth opportunities from other key products and improving shareholder returns. Qiagen published its full Q1 2026 results, which were in line with the preliminary results released in April. Q1 2026 net sales fell 1% CER dragged by QuantiFERON sales declining 5% CER due to reduced immigration testing demand in the U.S. and Middle East. In April, Qiagen downgraded 2026 guidance to 1%-2% CER sales growth from at least 5% and adjusted EPS to at least USD2.43 CER from USD2.50, and expect stronger trends in H2 supported by acquisition benefits and sequential QuantiFERON improvement. Our EPS estimates remained unchanged given the full Q1 results were in line with the preliminary figures.

$QGEN

Research2d ago

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Amcor Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We retain our 12-month target of $50, valuing AMCR at an EV/EBITDA of 9.3x our FY 26 EBITDA estimate. Our FY 26 and FY 27 EPS estimates are unchanged at $4.05 and $4.45, respectively. Amcor reported resilient Q3 FY2026 results, demonstrating strong execution and accelerated synergy realization from the Berry Global acquisition amid a challenging macroeconomic environment. The company posted an adjusted EPS of $0.96, a 6% increase Y/Y, and reaffirmed its full-year adjusted EPS guidance of $3.98 to $4.03. A key theme of this quarter, in our view, was the company's proactive management of supply chain disruptions and cost inflation stemming from the Middle East conflict. While management stated it does not expect a material impact on Q4 earnings, the company has strategically increased inventory levels to ensure supply continuity for customers. This decision, however, led to a downward revision of the full-year free cash flow guidance to a range of $1.5B to $1.6B, from the previous $1.8B to $1.9B.

$AMCR

Research2d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Atco Ltd.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our target of CAD76. This remains derived from a 14.5x earnings multiple applied to our FY 27 estimate. Our FY 26 adjusted EPS was revised down to CAD4.54 (-0.27) and our FY 27 estimate is maintained at CAD5.24. While the quarter lacked any fundamental takeaways and low single digit growth in adjusted EPS (3%), Structures won over $300M in new contract wins spanning diverse end markets from data centers to mining operations. The Yellowhead Pipeline Project, with an anticipated $2.9B price tag, progressed through the regulatory approval process with an AUC hearing scheduled for May 2026 and facility application decision expected in the third quarter. Valuations remain fair, trading near the long term average versus peers and historical averages.

$ACO.X

Research2d ago

Research Alert: CFRA Maintains Sell Opinion On Shares Of Canadian Utilities Limited

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our target price of CAD45. This remains derived from a 17.0x earnings multiple applied to our FY 27 EPS estimate. We slightly lower our FY 26 adjusted EPS to CAD2.36 from CAD2.45 and maintain our FY 27 estimate at CAD2.65. Valuations remain elevated on a relative and absolute basis, trading above the long term upper band on both acounts. Alberta power infrastructure is certainly a quality geographic and thematic niche, however history has shown this valuation does not last long and we don't see a path for EPS growth to drive it down sharply. Past performance is not necessarily indicative of future results, but we don't see a prudent justification for more multiple expansion.

$CU

Research2d ago

Cascades Target Eased To C$13 From $14, Keeps Sector Perform at National Bk Which Notes Q1 In Line With Reduced Outlook, Soft Q2 Outlook Before Recovery, Asset Sales Done By Q3

Price: $10.72, Change: $-0.23, Percent Change: -2.10%

$CAS.TO

Research2d ago

Research Alert: CFRA Lowers Shares Of The Carlyle Group Inc. To Sell From Buy

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 $25 to $45, using a forward 2026 P/E of 10.7x vs. the five-year historical average of 11.5x and below peer average. We reduce our 2026 EPS estimate by $0.50 to $4.20 and 2027's by $0.25 to $5.15 on revenue projections of $4.2B and $5.0B, respectively. We believe CG's performance and outlook is not keeping pace with larger peers in the alternative asset management (ALT) industry. We were disappointed by CG's Q1 2026 results on several metrics, including distributable earnings. The quarter saw significant investment losses of $617M, primarily reflecting the reversal of unrealized performance allocations. This was largely attributable to depreciation in the firm's seventh U.S. buyout fund, due to market price decreases of certain public investments, though partially offset by appreciation in international energy funds. Net accrued performance revenues declined to $2.6B from $2.9B in Q4 2025, representing a 9% quarterly decrease due to these carry reversals in the quarter.

$CG

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