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KeyBanc Downgrades Trade Desk to Sector Weight From Overweight

Trade Desk (TTD) has an average rating of overweight and mean price target of $28.63, 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)

$TTD

Research55d ago

William Blair Downgrades Trade Desk to Market Perform From Outperform

$TTD

Research55d ago

Oppenheimer Downgrades Trade Desk to Market Perform From Outperform

$TTD

Research55d ago

Goldman Sachs Downgrades EPAM Systems to Neutral From Buy, Adjusts Price Target to $110 From $215

EPAM Systems (EPAM) has an average rating of overweight and mean price target of $157.69, 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)

$EPAM

Research55d ago

UBS Upgrades Tapestry to Buy From Neutral, Adjusts Price Target to $187 From $142

Tapestry (TPR) has an average rating of overweight and mean price target of $169.71, 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)

$TPR

Research55d ago

Research Alert: Toyota Reports Decline In Fy 26 Profit As Tariffs Weigh

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Toyota Motor posted 5.5% revenue growth to JPY50.7T in FY 26 (Mar.) with 2.5% higher vehicle sales to 9.6M units, but operating income fell 21.5% to JPY3.77T as a JPY1.38T U.S. tariff impact overwhelmed volume gains. North America swung to a JPY192.5B loss while Japan profit contracted 26.3%, though financial services provided a bright spot with 24.6% income growth to JPY851.7B. The company forecasts another steep profit decline for FY 27 to JPY3.0T operating income on JPY51.0T revenue, as JPY670B in new Middle East headwinds cannot be fully absorbed. Despite compressed earnings, Toyota raised the FY 26 dividend to JPY95 per share and plans JPY100 for FY 27, with flexible share repurchases without pre-set limits. CFO Miyazaki acknowledged three consecutive years of declining operating profit and emphasized accelerating business transformation into a mobility company through production reorganization, cost reduction, and expanding value-chain revenues, targeting ultimately a 20% ROE.

$TM

Research55d ago

Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Axon Enterprise, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target price by $92 to $693, or 65.0x our 2027 EPS estimate, a discount relative to AXON's average forward P/E of 92.7x (during the trailing-12-month period). We trim our EPS estimates for 2026 by $0.16 to $7.78 and 2027's by $0.12 to $10.66. AXON's fundamental strength remains compelling as the company extends its competitive moat through an integrated ecosystem that combines hardware, cloud software, and AI capabilities. With 30%+ revenue growth for nine consecutive quarters, AXON is capitalizing on a $159 billion TAM while penetrating less than 15% of its core U.S. market. Multiple growth drivers are accelerating simultaneously: AI Era Plan bookings surged 140% Y/Y with near-universal adoption among large agencies; Dedrone counter-drone revenue jumped 300% Y/Y; and international revenue doubled, reaching 20% of total sales. Axon's 125% net revenue retention and $14.3 billion in future contracted bookings (+44% Y/Y) underscore strong visibility.

$AXON

Research55d ago

Research Alert: CFRA Maintains Sell Rating On Shares Of Nutrien

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price is $60 (raised from $56), valuing NTR at 4.2x our 2026 EBITDA estimate of $6.86 billion, below its three-year average forward EV/EBITDA of 6.9x and a discount to peers. We raise our 2026 EPS view by $0.77 to $5.83 and our 2027 EPS by $0.59 to $5.28. We think NTR's current performance benefits from temporary factors, including supply disruptions and unprecedented government support for financially distressed farmers. However, we expect these tailwinds to normalize over the medium term as new global capacity comes online and agricultural support programs moderate. Following Q1 results, NTR expressed a constructive view for potash and nitrogen. However, phosphate operations face significant margin pressure from elevated sulfur and ammonia costs. The duration and outcome of the ongoing Middle East conflict create major uncertainty for supply and pricing, while also putting upward pressure on commodity costs, in our view.

$NTR

Research55d ago

Research Alert: CFRA Maintains Sell Rating On Shares Of Nutrien

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price is CAD82 (raised from CAD77), valuing NTR at 4.2x our 2026 EBITDA estimate of USD6.86 billion, below its three-year average forward EV/EBITDA of 6.9x and a discount to peers. We raise our 2026 EPS view by USD0.77 to USD5.83 and our 2027 EPS by USD0.59 to USD5.28. We think NTR's current performance benefits from temporary factors, including supply disruptions and unprecedented government support for financially distressed farmers. However, we expect these tailwinds to normalize over the medium term as new global capacity comes online and agricultural support programs moderate. Following Q1 results, NTR expressed a constructive view for potash and nitrogen. However, phosphate operations face significant margin pressure from elevated sulfur and ammonia costs. The duration and outcome of the ongoing Middle East conflict create major uncertainty for supply and pricing, while also putting upward pressure on commodity costs, in our view.

$NTR

Research55d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Becton, Dickinson And Company

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 $167 from $181, implying 12.4x our FY 27 (Sep.) EPS estimate, below BDX's historical levels (five- and 10-year forward averages of 15.2x and 16.8x, respectively). Owing to the spin-off of BDX's Biosciences and Diagnostics Solutions business, we think using a historical forward average is no longer a reasonable basis for valuing BDX and applying a discount to some of its key MedTech peers. We raise our FY 26 EPS estimate to $12.62 from $12.54 and keep our FY 27 estimate at $13.50. As anticipated, Q2 FY 26 performance was negatively impacted by pressures in the Alaris business (due to a tough comparison with a prior upgrade cycle), lower demand for vaccine-related products, and challenging market dynamics in China. These three areas represent less than 10% of total revenue, per BDX's commentary. Positively, the BioPharma Systems business signed two next-gen GLP-1 contracts with major pharma customers, supporting momentum for BDX's biologic growth platform, in our view.

$BDX

Research55d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Microchip Technology

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price to $110 from $82, on a P/E of 29.5x our CY 27 EPS estimate of $3.72, near peers but within historical levels. We raise our FY 27 (Mar.) EPS estimate to $2.98 from $2.72 and FY 28's to $3.97 from $3.65. After a solid beat and raise that mirrored many of its peers, MCHP noted that Mar-Q book-to-bill was well above 1. This has resulted in a significantly higher backlog entering the Jun-Q while April marks the strongest booking month in nearly four years. Distributor inventory fell to just 26 days at Mar-Q end, at the lower end of historical levels, as we think the business has moved to a broad-based recovery, with notable strength across industrial, data center, and aerospace & defense. MCHP appears well-positioned to gain share as it holds prices steady while competitors reportedly increase theirs. Gross margin expansion has more room to go, now in the low-60s with the potential to expand toward prior peak levels (high 60s), as factory utilization rates improve.

$MCHP

Research55d ago

Research Alert: CFRA Maintains Hold Opinion On Healthpeak Properties, Inc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target by $2 to $21, reflecting a forward P/FFO of 12.0x our 2026 FFO estimate, a discount to DOC's three-year forward average (10.6x) as headwinds in Lab are likely to continue in 2026 mixed with capital recycling plans early in the year. We lower our 2026 FFO view by $0.02 to $1.75 and increase 2027's by $0.02 to $1.82. DOC successfully executed the IPO of Janus Living, which now trades at a premium multiple relative to DOC. We believe this will accelerate JAN's acquisition ability in the senior housing market. The most surprising note from management was that it sees the lab space likely to grow occupancy by the end of 2026. This is strong outperformance relative to the largest lab focused operator Alexandria Real Estate Equities, with DOC guiding for a 100-bp improvement this year. Boston continues to be the market with the largest oversupply of lab space, but the West Cambridge location specifically is seeing strong demand currently.

$DOC

Research55d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of T. Rowe Price Group, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $10 to $110, valuing TROW shares at 11.3x our 2026 EPS estimate of $9.76 (lowered by $0.34) and at 11x our 2027 EPs estimate of $10.02 (cut by $0.23), versus their one-year average forward multiple of 10.6x and a peer average of 16x, which includes firms with wider margins and better organic growth prospects. TROW posted Q1 adjusted EPS of $2.52 versus $2.23 in the prior year, beating our $2.50 estimate and the $2.35 consensus estimate. However, results were overshadowed by continued structural headwinds. Net outflows of $13.7B were dominated by $22.6B in outflows from equity funds, reflecting the ongoing secular shift away from active equity strategies. AUM declined $65.9B to $1.7T due to outflows and $52.2B in market depreciation. Meanwhile, fee rate compression continued, with the rate falling to 38.4 bps from 40.0 bps in the prior year. Despite TROW's discounted valuation to peers, we believe the shares lack a near-term catalyst.

$TROW

Research55d ago

Research Alert: Otex Delivers Q3 Beats; Enterprise Cloud Bookings Accelerates.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OTEX reported Q3 revenue of $1.283B, growing 2.2% Y/Y and beating consensus by $10M, while non-GAAP EPS of $1.01 exceeded estimates by $0.09 and grew 23.2% Y/Y. Cloud revenue rose 6.6% to $493M with enterprise cloud bookings accelerating 29.6% to $196M, marking the 21st consecutive quarter of cloud organic growth. The enterprise cloud bookings acceleration suggests OTEX's "Enterprise Information Management for AI" positioning is gaining customer traction amid the enterprise AI transition. The completion of CEO transition with Ayman Antoun's April 2026 start removes a key business overhang for the stock. Adjusted EBITDA margin expanded to 34.1% from 31.5% prior year, demonstrating strong operational leverage despite continued AI and cloud investments. We believe the company's disciplined cost management supports margin expansion. The company returned $313M to shareholders including $247M in repurchases, though free cash flow declined 18.4% to $305M on higher capex and working capital changes.

$OTEX

Research55d ago

Research Alert: CFRA Lifts View On Shares Of Marathon Petroleum To Buy From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raised our 12-month target price by $56 to $277, reflecting a combination of relative valuation and DCF models. On a relative basis, we apply a 7.9x multiple of enterprise value to projected 2027 EBITDA, slightly above the peer average. We think a peer premium is reasonable on the basis of a superior return on invested capital. This approach yields a value of $275 per share. Meanwhile, our DCF model, using free cash flow growth of 9.5% per year for 10 years, 2.0% thereafter, discounted at a WACC of 7.2%, yields a value of $279 per share. We lift our 2026 EPS estimate by $13.83 to $26.74 and 2027's by $8.03 to $21.57. MPC should benefit from a widening spread between Western Canada Select and WTI crudes, which benefit its Midwestern refineries, as well as a wide spread between Brent and WTI that has blown out since the start of the U.S.-Iran conflict. We think that, even if the conflict ended today, it could easily take until 2027 to restore energy markets to square one.

$MPC

Research55d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Aon Plc

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 $35 to $365, valuing shares at 19.2x our 2026 EPS estimate of $19.00 (lowered by $0.10) and at 17x our 2027 EPS estimate of $21.40 (trimmed by $0.10), versus its three-year average forward multiple of 20x and a peer average of 14x. AON posted Q1 2026 adjusted EPS of $6.48 versus $5.67, topping the $6.35 consensus estimate but lagging our $6.80 forecast. Revenue rose 6% (5% organic growth), aided by a $0.36 per share currency tailwind versus headwinds a year ago. We are encouraged by 10% Risk Capital revenue growth, reflecting 11% Commercial Risk Solutions growth and 8% Reinsurance Solutions growth, with broad-based gains from net new business and strong client retention. Operating margins expanded 320 bps to 34.1%, reflecting ongoing restructuring progress, while Q1 free cash flow more than tripled. We expect total revenue growth of 6% to 8% in 2026, with mid- to high-single-digit organic gains, reflecting above-peer organic revenue trends and diminishing currency headwinds.

$AON

Research55d ago

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Sempra

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 $14 to $107, based on 20.5x our next-12-month EPS estimate of $5.20, a premium to its five-year average of 17.3x and roughly in line with peers. We lower our 2026 EPS view by $0.18 to $5.11 and 2027 EPS by $0.12 to $5.53. SRE achieved major regulatory wins in Texas in Q1 2026, including approval of Oncor's base rate case with improved returns (9.75% ROE, 43.5% equity layer) and implementation of the UTM mechanism to reduce regulatory lag. Additionally, SRE submitted a 127 GW qualifying load forecast to ERCOT (4x Oncor's current 31 GW peak load), which we think highlights the growth potential from Texas data center demand. We note somewhat weaker investor sentiment for California utilities given the state's wildfire history and some indications of a tightening regulatory environment in the state. However, Texas is expected to represent nearly 60% of rate base by decade-end, with regulated utilities comprising roughly 95% of the earnings mix by 2027.

$SRE

Research55d ago

Research Alert: Frog Outperforms With Q1 Beats Amid Robust Cloud Demand

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FROG delivered strong Q1 results with revenue of $154M (+26% Y/Y), beating consensus by $6.5M, driven by accelerating cloud revenue growth of 50% Y/Y to $78.9M, now representing 51% of total revenue. Non-GAAP EPS of $0.25 exceeded estimates by $0.06, while operating margin expanded 400 bps Y/Y to 21.4% as the company demonstrated strong operating leverage. Enterprise customer momentum remained robust with customers generating ARR above $1M increasing 48% Y/Y to 80, and net dollar retention improving to 120% from 116%, reflecting successful platform consolidation and upselling initiatives across the DevSecOps platform. Management raised 2026 revenue guidance to $628-632M from $623-628M, above consensus of $628M, and lifted EPS projections to $0.93-0.97 vs Street estimates of $0.90. We view the guidance raise as reflecting management's confidence in underlying demand for FROG's solutions and its growth trajectory, supported by strong cash generation with free cash flow of $37.3M representing a 24.2% margin.

$FROG

Research55d ago

Research Alert: CFRA Reiterates Sell Opinion On Shares Of The New York Times Company

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 $3 to $76, based on 27x our 2026 EPS estimate, a discount to shares' 30x five-year average forward multiple. We raise our 2026 EPS estimate from $2.69 to $2.83 and 2027's from $2.82 to $2.89. Q1 2026 results included strong subscriber growth to 13.1M (+12.2% Y/Y), adding 310K new subscribers while also growing 2.4% to $9.77. Advertising revenue grew 32% to $93.3M, a significant acceleration from 2025. While this was encouraging, the company expects advertising revenue growth to decelerate to a high-teens percentage range. This has had a material impact on operating margins (Q1 margins expanded 200 bps Y/Y). Additionally, the key investor concern remains on growing average revenue per user while supporting subscriber acquisition momentum. We maintain our Sell rating primarily on valuation, as we think shares fully reflect ongoing momentum in subscriber growth and price in a more durable growth trajectory on historically cyclical ad revenues.

$NYT

Research55d ago

Research Alert: Pembina: A Modest Q1 Beat And Progress On Cedar Lng

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PPL posted Q1 EPS of CAD0.81 vs CAD0.79, beating consensus by CAD0.02, though adjusted EBITDA declined 3.1% to CAD1.13B and net revenues fell 3.9% to CAD1.29B reflecting a challenging pricing environment. Volume performance was mixed, with Pipeline volumes up 0.9% to 2.83 mmboe/d, Facilities flat at 899,000 boe/d, and Marketing down 4.9% to 369,000 boe/d. Pipeline earnings dropped CAD29M primarily due to Alliance Pipeline's new toll structure, while Facilities and Marketing segments improved by CAD14M and CAD15M respectively, driven by stronger PGI asset performance and lower Cedar LNG losses. Major growth projects remain on track, with Cedar LNG's floating vessel construction over 50% complete for late 2028 commercial service and RFS IV Fractionator's rail facility entering service in February 2026. Multiple pipeline expansion projects including Fox Creek-to-Namao, Birch-to-Taylor, and Taylor-to-Gordondale have been sanctioned with construction activities commencing during the quarter.

$PPL

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