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Research Alert: CFRA Maintains Sell Recommendation On Shares Of U.s. Bancorp

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing Q1 earnings and accounting for a recently improved economic outlook, we increase our 12-month target price by $1 to $41, 7.3x our 2027 EPS estimate, a discount to the peer average of 10.4x given weaker growth prospects. We raise our 2026 EPS view by $0.17 to $5.08 and 2027's by $0.23 to $5.58. We believe other banks offer better risk-reward opportunities than USB. USB's net interest margin has plateaued at 2.77% in Q1, a disappointing outcome given the margin recovery that appeared underway in the second half of 2025. The bank still has significant ground to recover, as its pre-pandemic net interest margin averaged above 3%. We are also concerned about USB's limited capital returns to shareholders. Share buybacks remain modest, and the dividend has increased only 24% since 2019. On a positive note, USB is successfully improving efficiency. The bank delivered 440 bps of positive operating leverage in Q1, with further gains likely ahead given management's strong focus on cost discipline.

$USB

Research23d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Corning 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 $67 to $190, 60.7x our 2026 EPS estimate, comparable to its three-year historical average P/E at 65.7x. We increase our 2026 EPS estimate by $0.02 to $3.13 and raise 2027's by $0.06 to $3.91. Corning has experienced substantial growth since the roll-out of its Springboard plan, including sales growth of about 40% and earnings growth of almost 90%, as well as improvements in operating margin and return on invested capital (ROIC) into the mid-teens. There is strong demand in the optical communications space, especially related to AI-driven data center expansion, with Corning's new fiber products proving successful and surpassing market expectations. Corning sees a large opportunity in the conversion of copper to optics in data centers, which is happening faster than initially anticipated, driving further growth potential.

$GLW

Research23d ago

Research Alert: Alcoa's Q1 Misses Consensus, Pricing Strength Offsets Volume Disruptions

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AA reported Q1 2026 adj. EPS of $1.40 vs. $2.15 Y/Y, missing consensus by $0.15, while revenue of $3.19B declined 5.2% Y/Y (-7% Q/Q) and missed estimates by 2.3%. Adj. EBITDA increased 13% sequentially to $595M despite volume headwinds from the Middle East conflict and Cyclone Narelle, as realized aluminum prices improved 12% Q/Q to $4,209 per metric ton. We view results as constructive despite external disruptions, with AA demonstrating strong operational leverage to aluminum pricing and successful San Ciprian smelter restart completion in April. Management maintained full-year 2026 production guidance of 9.7M-9.9M metric tons for alumina and 2.4M-2.6M metric tons for aluminum. For Q2, we expect aluminum segment EBITDA to improve ~$55M from inventory repositioning and San Ciprian benefits, though partially offset by ~$15M alumina headwinds and $35M sequential increase in Section 232 tariff costs. AA's strong $1.4B cash position and $219M debt reduction show disciplined allocation.

$AA

Research23d ago

Research Alert: Netflix Posts Strong Q1 Results, Some Easing In Q2 Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:NFLX delivered strong Q1 2026 results with revenue of $12.25B (+16% Y/Y, +14% FX-neutral) and operating income of $3.96B (+18% Y/Y), driving operating margin expansion to 32.3% vs. 31.7% in the prior year. Diluted EPS of $1.23 significantly exceeded consensus of $0.77, benefiting from operational performance and a $2.8B termination fee from the abandoned Warner Bros. Discovery (WBD) acquisition. We believe walking away from the WBD deal removes significant execution risk and allows NFLX to focus on organic growth initiatives across content, technology, and monetization. Management guided for 2026 revenue of $50.7B-$51.7B (12%-14% Y/Y growth) with operating margins of 31.5% vs. 29.5% in 2025. Regional performance remained strong with UCAN growing 14%, EMEA 17%, LATAM 19%, and APAC 20%. We think NFLX has pricing power and advertising revenue should accelerate in 2026 after deployment of the Netflix Ads Suite across all 12 markets. We believe NFLX is extending its global competitive advantage in video streaming.

$NFLX

Research23d ago

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

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price by $16 to $164, based on a 26.3x 2026 forward P/FFO multiple vs the three-year average of 21.2x. We raise our 2026 FFO view by $0.06 to $6.24 and leave 2027's unchanged at $6.63. Management noted the leasing pipeline is improving in core industrial properties, while PLD's new data center acceleration continues. The high growth of global data centers has even spurred further industrial property demand from data center suppliers during the quarter. Net-effective rent growth slowed in the quarter. Management attributed this largely to mix, with a greater amount of West Coast expirations; this area continues to see weaker growth than Sunbelt markets. Elevated oil prices create uncertainty for decision makers, in management's view, but it has seen no slowdown in leasing since the U.S.-Iran conflict started. PLD's 5.6GW data center pipeline requires $15B in investments, with margins in the 25%-45% range. We think this will drive margins structurally higher in the long term.

$PLD

Research23d ago

Research Alert: CFRA Keeps Buy Recommendation On Shares Of Citizens Financial Group, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing earnings, we increase our 12-month target price by $1 to $84, 13.1x our 2027 EPS estimate, above CFG's five-year forward average of 10.1x, given improving credit quality and momentum in its Private Bank. We increase our 2026 EPS view by $0.02 to $5.24 and 2027's by $0.11 to $6.41. CFG delivered another solid quarter, with its net interest margin expanding by 7 bps Q/Q to 3.14% and balance sheet growth exceeding peers. The balance sheet strength is particularly noteworthy because prior to launching its Private Bank, CFG had been trailing competitors in this area. Despite heightened geopolitical uncertainty, the Private Bank achieved record quarterly revenues of $157 million and contributed a record $0.11 to EPS, up sharply from $0.04 in the prior-year period. We expect CFG to perform well in this summer's stress tests due to more favorable testing parameters and the bank's reduced commercial real estate risk exposure. Shares yield a healthy 2.9%.

$CFG

Research23d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Keycorp

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 $1 to $24, 10.9x our 2027 EPS estimate, a premium to KEY's five-year forward P/E average of 10.7x given healthy investment banking expectations and a rising net interest margin. We raise our 2026 EPS by $0.03 to $1.87 and increase 2027's by $0.06 to $2.20. Our revenue projections are $8.1 billion and $8.6 billion, respectively. While macroeconomic conditions remain uncertain, KEY's credit quality is improving across both forward-looking and historical metrics. The regulatory outlook is also favorable, with KEY expecting the proposed Basel III revisions to boost its CET1 ratio by over 100 bps. This, combined with an above-average CET1 ratio of 11.4% in Q1, positions KEY well to increase share repurchases. However, despite net interest margin expansion (+5 bps Q/Q, +29 bps Y/Y), we remain doubtful about KEY's ability to sustain long-term growth. Notably, the bank's 1% sequential loan growth was offset by a 2% decline in deposits.

$KEY

Research23d ago

Research Alert: CFRA Initiates Coverage On Shares Of Atco Ltd. With A Hold View

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We initiate on shares of ACO with a 3-STARS (Hold) rating, which reflects our cautious stance on the Canadian Utilities (CU; ~70% of ACO's earnings) valuation, as well as our favor toward ACO's diversifying, faster growing, non-regulated businesses. While ACO has seen its multiple increase ~20% over the past 12 months (in line with CU), its absolute multiple trades ~4.5x lower than CU's, which we find favorable (13.9x vs. 18.3x). We believe ACO will benefit from CU's rate base growth in Alberta, with its exposure to energy infrastructure growth and data center promise. We expect the base revenue growth from CU to be 3%-5% plus 1%-3% from the Structures and Investment segments. Our 12-month price target of CAD76 is derived from a 14.5x earnings multiple applied to our FY 27 estimate. Our FY 26 adjusted EPS view is CAD4.81 and our FY 27 estimate is CAD5.24.

$ACO.X

Research23d ago

Research Alert: CFRA Lifts View To Buy From Hold On Shares Of The Bank Of New York Mellon 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 price by $15 to $145, applying a forward P/E of 15.6x our 2026 earnings estimate compared to the three-year historical average at 15.4x. We have a reasonable stand on valuation given we see low- to mid-digit total net revenue growth ahead. Assuming wider margins with AI efficiencies, we increase our 2026 EPS estimate by $0.90 to $9.30 and 2027's by $0.40 to $9.65 compared to the current consensus at $8.41 and $9.46, respectively. As the leading custody bank, we see elevated equity markets driving higher transaction fees, asset servicing fees, and issuer services fees in 2026. One of the benefits of higher volumes is driving wider operating margins, even with moderate Y/Y revenue growth. In Q1 2026, BK returned $1.4B of capital to shareholders, including $376M of dividends and $983M of share repurchases. Our financial outlook supports dividend growth and share repurchases. The timing of dividend increases follows the Fed June bank stress tests.

$BK

Research23d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Lumentum Holdings 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 $210 to $1,000, applying an EV/EBITDA multiple of 39.1x to our FY 27 estimate, a premium to its five-year historical average of 31.9x. We increase our FY 26 EPS estimate by $0.19 to $7.79 and raise FY 27's by $1.44 to $15.84. LITE has developed a long-standing partnership with NVIDIA Corporation, resulting in a $2B investment and a multibillion-dollar purchase commitment, which highlights confidence in LITE's technology and future prospects. The current AI cycle is continually intensifying, leading to exponential increases in demand for optics vendors like LITE. This has required the company to rapidly expand capacity and retool its operations to meet hyperscaler time scales and volumes, pushing the company to scale faster and more aggressively than before. LITE has expanded its manufacturing capacity, quadrupling supply in its existing indium phosphide fabs over the past 12 to 18 months, and plans to further increase capacity by 20% over the next two quarters.

$LITE

Research23d ago

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

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 12-month price target of $185, based on a 2027 P/E of 20.1x, a justified discount to PEP's five-year mean forward P/E of 22.4x. We maintain our adjusted EPS estimates of $8.65 for 2026 and $9.20 for 2027. Following PEP's stronger-than-expected Q1 earnings and reiteration of its 2026 EPS guidance, we remain at Buy. While the fundamental demand backdrop remains challenging, we think the reported uptick in food volumes (+4%) was a big positive, driven by EMEA (+9%) and the Asia Pacific regions (+9%). We view the challenges facing PEP as discounted at current levels, noting the stock's three consecutive down years (2023-2025), which highlights its strong earnings track record and management's history of conservative guidance. In our view, PEP is a beaten-down blue-chip name in an out-of-favor sector, offering significant value at current levels. Furthermore, we think pressure applied by activist shareholder Elliott Management is likely to drive enhanced operational focus.

$PEP

Research23d ago

Research Alert: CFRA Lifts View To Buy From Hold On Shares Of The Bank Of New York Mellon Corp.

$BK

Research23d ago

Research Alert: CFRA Keeps Strong Buy Rating On Shares Of The Charles Schwab Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We hold our target price at $125, 18.2x our 2027 EPS estimate, a premium to the peer average (16.6x) given SCHW's healthy earnings power. We increase our 2026 EPS view by $0.08 to $5.81 and 2027's by $0.27 to $6.85. Following Q1 earnings, we believe investors are reacting negatively to the top-line miss. Yet, we remain constructive on SCHW's strategic framework and its ability to drive long-term value. Management's key messages from the call reinforce our thesis, highlighting that its "Through Clients' Eyes" strategy is delivering record client growth, its platform is proving uniquely capable in volatile markets, and its pace of innovation is accelerating. This rapid innovation, particularly in digital assets, AI-powered tools, and the new Schwab Investor Teen Account, supports our long-held view that SCHW is building a competitive moat with younger generations. By capturing these clients early with relevant technology and a mission-driven approach, SCHW is positioning itself as the primary financial partner.

$SCHW

Research23d ago

Research Alert: CFRA Keeps Buy Rating On Shares Of Abbott Laboratories

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 $125, 20.0x our 2027 EPS estimate. This is a discount to ABT's historical forward average despite strategic portfolio enhancement via the Exact Sciences (EXAS) deal and the strong innovation pipeline, in our view. We adjust our 2026 EPS view to $5.56 from $5.76 to include the dilution related to EXAS acquisition, and keep our 2027 EPS view at $6.26. ABT delivered significant pipeline milestones in Q1, highlighted by the earlier-than-planned approval and launch of two PFA catheters (Volt in the U.S. and Duo in Europe), completion of patient enrollment in the Catalyst left atrial appendage device trial, and positive trial results demonstrating Libre's benefits for Type 2 diabetes patients on basal insulin therapy. We also remain bullish on the integration of EXAS, which closed slightly earlier than anticipated in late March. The deal positions ABT as a leader in the ~$60B U.S. cancer screening & precision-oncology diagnostics market, which is one of health care's fastest-growing segments.

$ABT

Research23d ago

Update: Seaport Global Securities Downgrades Shift4 Payments to Neutral From Buy

(Updated to include Seaport's commentary)Seaport Global Securities downgraded Shift4 Payments (FOUR) to neutral from buy, expecting softer discretionary spend and Global Blue headwinds ahead.The firm's guidance now looks weaker than it had previously anticipated, with Global Blue the main callout, analyst Jeff Cantwell wrote in a Thursday note, adding that it no longer sees a path to a $1 billion exit run-rate in adjusted EBITDA next year.Shift4 Payments has an average rating of overweight and mean price target of $64.14, according to analysts polled by FactSet.(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: $48.88, Change: $+0.87, Percent Change: +1.80%

$FOUR

Research23d ago

Research Alert: Lyv Faces Uncertainty With Antitrust Court Decision On Ticketmaster

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:LYV received a U.S. court jury's verdict late yesterday awarding $1.72/ticket in damages (est. $700M) after determining LYV monopolized ticketing services, concert ticketing, and concert venue markets. Our legal analyst at Washington Analysis, CFRA's policy business, sees 20% odds of a company breakup. We see the DOJ accepting the efficacy of the terms of settlement it reached with LYV, although we may see LYV appeal the jury's decision. There could be a post-trial motion to cut back the verdict by Judge Subramanian, as indicated from significant issues raised by LYV that argued the states' lawsuits failed to establish factual support on harm to competition and damages to the public. LYV's motion to exclude the states' damages expert is already briefed and Judge Subramanian could decide it soon. Washington Analysis says that state attorney generals may have strong incentives to settle, creating another news cycle about how they took it to LYV and delivered ticket savings to consumers. We keep our Hold view.

$LYV

Research23d ago

Pembina Pipeline Maintained at Buy at TPH Ahead of Q1 Results; Price Target at C$65.00

Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Pembina Pipeline (PPL.TO, PBA) with a C$65.00 price target ahead of the oil and gas infrastructure and processing company's first-quarter results."Lowering Q1 Adj. EBITDA by C$71MM to C$222MM versus consensus at C$253MM. The biggest drivers of the revision were (1) the timing of the PAA NGL acquisition closing and (2) adjusting our Marketing expectations in H1'26 to more accurately reflect the AEF outage and turnaround. On fee-based results for Q1, volumes improved by ~6% across KEY's G&P assets (based on data through February 2026), driving TPHe realized margin to C$119MM. However, this gain will be offset by lost AEF processing fees realized by the Liquids Infrastructure segment, resulting in net fee-based results roughly in line with Q4. On Marketing, the AEF outage came at an unfortunate time given the severe volatility in commodity prices. We currently expect realized margin of C$10MM, down from C$89MM in Q4, driven by the AEF outage and losses on hedges, which should reverse in subsequent quarters as the company sells through inventory (more of a timing issue). Despite these sizable H1'26 revisions, our FY'26 estimate only moved down C$12MM to C$1,732MM (vs. Street C$1,671MM). Our higher H2'26 outlook is predicated on the NGL acquisition closing at the end of May, stronger outright NGL pricing in H2, a robust summer iso-octane premium environment, and a more favorable frac spread. We maintain our Buy rating with a C$65/share price target," analyst AJ O'Donnell wrote.(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: $58.99, Change: $-0.36, Percent Change: -0.61%

$PBA$PPL.TO

Research23d ago

Research Alert: Wipro: Fy 26 Net Profit In Line, Earnings Supported By Margins

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:WIPRO's FY 26 net profit rose 1% Y/Y to INR132B, supported by IT services operating margin expansion to 17.2% (+0.2%-pts) despite revenue declining 2% in constant currency. Q4 FY 26 showed sequential improvement with net profit up 12% Q/Q to INR35B and revenue increasing 3% Q/Q to INR242B, reflecting improved execution. Large deal bookings surged 45% Y/Y to USD7.8B, led by AI-led transformation deals, though revenue conversion remains delayed due to longer implementation cycles. Management guided Q1 FY 27 IT services revenue to -2% to 0% Q/Q in constant currency, indicating continued soft demand. We believe the divergence between strong bookings growth and revenue performance reflects delayed conversion rather than pipeline weakness, suggesting improving revenue visibility. In our view, sustained earnings improvement will depend on faster conversion of large deals and recovery in discretionary spending, while AI adoption may support margins but could reduce revenue intensity.

$WIT

Research23d ago

Research Alert: Trv Posts Mixed Q1 Results Amid Improved Loss Costs And Top Line Erosion

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:The Travelers Companies Inc. (TRV) posted Q1 2026 operating EPS of $7.71 versus $1.91 a year ago, significantly topping our $5.42 estimate and the $7.08 consensus view, aided by catastrophe losses falling over 45% to $761M (pretax) from $2.27B. The Q1 combined ratio improved to 88.6% from 102.5%, while $413M in favorable prior-year loss development reflected across-the-board improvement in all segments. We view TRV's $1.5B technology investments and January partnership with Anthropic to expand AI capabilities positively, as the insurance industry typically lags in tech adoption. TRV noted these AI investments are positioned to generate productivity gains and competitive advantages. However, Q1 operating revenue growth was flat versus our 3%-6% forecast, while written premiums fell nearly 2%. We believe the erosion in top-line results removes a catalyst from the shares, as investors focus on production trends to gauge property-casualty market health after several years of strong pricing.

$TRV

Research23d ago

Research Alert: Schw Q1: Margin Expansion Powers Eps Beat, Revenue Slightly Below Estimates

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:The Charles Schwab Corporation (SCHW) posted a Q1 earnings beat of $1.43 vs. $1.39 consensus and $1.04 in the prior year, with quarterly net revenues of $6.48B (+16%) reaching a company record. Revenue growth was broad-based, with net interest revenue +16%, asset management and administration fees +15%, and trading revenue +20%. We think these results demonstrate the strength of SCHW's diversified business model amid market uncertainty. Asset gathering was strong, with 1.3M new brokerage accounts and $140B of core net new assets in Q1. Client engagement reached record levels, with daily average trading volume hitting 9.9M trades (+34%), while total client assets stood at $11.77T (+19% Y/Y). Net interest margin expanded to 2.88% from 2.53% in the prior year due to higher yields and improved funding. The firm's strong capital position enabled $2.4B in share repurchases and a 19% dividend increase to $0.32 per share. We believe SCHW's diversified model and deepening client relationships support continued growth.

$SCHW

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