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Research Alert: CFRA Maintains Hold Opinion On Shares Of Exelon 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 target by $2 to $48, 16.8x our next-12-month EPS estimate of $2.88, slightly above its five-year average of 16.4x. We lower our 2026 EPS view by $0.08 to $2.85 and lower 2027 EPS by $0.06 to $3.04. In our opinion, EXC now faces significant regulatory headwinds in Pennsylvania and Maryland. PECO's withdrawal of its rate case in April 2026 amid affordability concerns and Governor scrutiny creates uncertainty around timing and terms of future Pennsylvania filings, while Maryland's Utility RELIEF Act (awaiting Governor signature) prohibits forecast test years until April 2027 and constrains ratemaking tools for BGE, Pepco, and DPL. Despite these headwinds, EXC maintained its long-term (2025-2029) EPS growth guidance range of 5%-7% and expects to deliver near the top end of that range. From 2025 to 2028, we project EPS growth at a 5.6% CAGR, slightly below the midpoint of the range and below our expectations for peers, while we anticipate dividend growth close to a 5.1% CAGR, closer to peers.

$EXC

Research53d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Exelon Corporation

$EXC

Research53d ago

Research Alert: CFRA Keeps Hold Rating On Shares Of Block, 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 $10 to $81, 16.7x our 2027 earnings estimate, vs. XYZ's three-year historical forward P/E average of 25.4x. We raise our 2026 EPS view to $3.85 from $3.62 and 2027's to $4.85 from $4.35. Following a strong first quarter, XYZ significantly raised its full-year 2026 guidance, and is now projecting 19% gross profit growth and over 60% growth in adjusted EPS. This confidence is fueled by accelerating momentum across its core businesses, including explosive growth in Cash App's lending products and renewed strength in Square's target verticals. Crucially, the quarter provided the first tangible proof of its AI-centric strategy, with management citing a 2.5x increase in engineer productivity and dramatically accelerated project timelines. While the 82% surge in lending originations introduces heightened credit risk, this is currently being managed by a disciplined underwriting model where loss rates on mature customer cohorts are proving to be healthy and predictable.

$XYZ

Research53d ago

Research Alert: Oln Maintained At Hold On Q2 Ebitda Improvement: Tp $32

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our Hold rating (3-STARS) and increase our target price to $32. This is derived using an EV/EBITDA multiple of 7.5x and our 2027 EBITDA estimate of $872 million. Olin reported a net loss of ($83.0M), or ($0.73) per share, in Q1 2026 as the Chlor Alkali Products and Vinyls segment swung to a loss on lower pricing, reduced volumes following the Blue Water Alliance exit, and $36.1M in legacy litigation charges. The company delivered sequential adjusted EBITDA improvement from Q4 2025, supported by its Beyond250 cost reduction program. Epoxy returned to profitability with growth in European operations, while Winchester revenue increased 21% on higher military sales, although margins compressed from commodity cost inflation. Management guided Q2 2026 adjusted EBITDA to $160M-$200M, reflecting expected seasonal demand improvement and pricing gains across Chemicals businesses along with continued Winchester demand momentum. We cut our 2026 EPS estimate by $0.62 to $-0.43 and keep 2027's as $1.25.

$OLN

Research53d ago

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

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our price target by $71 to $383, 24x our 2027 EPS view ($15.95), above MKSI's three-year average (~15x) on a strengthening NAND upgrade market and continued AI tailwinds that are improving visibility throughout the industry. We lift our 2026 EPS view by $2.17 to $12.05 and raise 2027's by $3.49 to $15.95. Q2's guide was very impressive, with sales and EPS midpoints beating the Street by 11%/22%, as AI demand is officially accelerating equipment demand for MKSI to a material degree. The Semi segment is expected to see 25%+ Y/Y growth in Q2 (vs. 13% in Q1) with the E&P segment likely to grow by over 30% (vs. 27%), marking an impressive acceleration that we see picking up steam as MKSI's facilities continue to ramp and industrywide supply chain hiccups subside. Memory shortages are likely to hurt consumer device volumes and weigh on E&P growth to some degree, but this should be more than offset by strong AI momentum across DRAM, logic, and NAND, where memory makers are finally planning capacity adds.

$MKSI

Research53d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Equitable Holdings, Inc.

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 $48, valuing EQH shares at 6.8x our '26 operating EPS estimate of $7.10 (lowered today by $0.85) and at 5.5x our '27 EPS estimate of $8.75 (cut by $0.15), versus their one-year average forward multiple of 7x and a peer average of 9x. Q1 2026 EPS of $1.62 versus $1.30 a year ago beat the $1.61 consensus view but lagged our $1.85 estimate. Operating revenues declined 3%, versus our forecast of 3% to 8% growth, led by a 33% drop in policy fee revenues and 21% decline in premiums despite higher investment income and asset management fees. We view positively EQH's announced merger with Corebridge Financial (CRBG 28 NR) in an all-stock transaction closing by year-end 2026, where EQH shareholders will own 49% of the combined entity and receive 1.55516 shares per EQH share. Despite some merger-related uncertainty, we view the shares, currently trading at 6x our '26 EPS estimate (a discount to peer and historical averages) and yielding 2.5%, as undervalued.

$EQH

Research53d ago

Research Alert: Igm Maintained At Sell On Valuation Concerns Amid Energy Crisis

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our Sell rating and increase the TP to CAD66 (CAD58). We raise our earnings multiple to 12.0x (above the upper band of the long-term average) based on market strength and capital allocation. We also raise our FY 26 adjusted EPS to CAD5.03 (+0.17) and FY 27 adjusted EPS to CAD5.50 (+0.44). While we appreciate the asset-light model driving double-digit growth and increased share buybacks, as well as its strategic investments, the driving forces are equity markets and the Canadian investor. With weaker macroeconomic data and inflationary effects, we could see fewer inflows, leading to a reversion to the mean for the multiple. Markets continue to make all-time highs in an energy crisis, and we are more comfortable with a contrarian view, with valuations where they are. Historically, IGM has traded at a forward EPS of 10.5x, while it currently trades at 13.6x. The 70% share price move in one year is appearing stretched considering its premium valuation and lowest dividend yield since the GFC (3.3%).

$IGM

Research53d ago

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Us Foods Holding Corp.

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 to by $11 to $109, based on 21x our 2027 EPS (unchanged), a premium to shares' 19x ten-year average forward multiple, justified by an improved operating margin profile. We lower our 2026 EPS to $4.55 from $4.78 and 2027's to $5.17 from $5.71, reflecting pressure on distribution costs (+3.9% in Q1) from fuel expenses and ongoing softness in chain restaurant case volumes (-2.3% in Q1). Following Q1 results, we reiterate our Buy opinion. Softer case volumes (+1.4%), below the 1.8% consensus estimate, were primarily fueled by 1.1% organic case growth, a sign that demand remains intact. The company highlighted momentum accelerated heading into Q2. Additionally, independent restaurant volumes (+4.6%) accelerated for the fourth consecutive quarter, highlighting traction with higher-margin customers. Technologies like Menu IQ, along with the expansion of small-truck deliveries, represent inroads to the independent restaurant industry and support our view of expanding EBITDA margins in 2026 and 2027.

$USFD

Research54d ago

Research Alert: CFRA Keeps Buy Rating On Shares Of Paycom Software, 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 by $19 to $150, 12.3x our 2027 EPS estimate, significantly below PAYC's three-year historical forward P/E average of 24.9x. We lift our 2026 EPS view by $0.53 to $10.73 and 2027's EPS view by $0.95 to $12.23. PAYC conservative 2026 guidance, which projects a revenue growth slowdown to 6%-7%, is a primary concern as it contrasts sharply with the company's current performance. This strength is evidenced by an expanding 48.2% adjusted EBITDA margin, robust 17% Y/Y growth in operating cash flow, and high 91% client retention, all fueled by the demonstrable ROI its AI-powered platform delivers to clients. Underscoring this internal confidence, management executed a massive $1.06B share repurchase in Q1, taking on $675M in debt to capitalize on what it views as a significant undervaluation. This aggressive, debt-funded capital return increases financial leverage but signals a profound belief in the company's long-term value proposition, despite the cautious near-term growth outlook.

$PAYC

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

Research54d ago

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

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