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Research Alert: Xyz Posts Record Adj. Operating Margins; Ai Efficiency Powers Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Block delivered strong Q1 results, with gross profit accelerating to 27% growth and adjusted EPS of $0.85 vs $0.68 consensus, driven by robust performance across both segments. Revenue of $6.06B beat estimates by $30M, while adjusted operating margin expanded 500 bps to a record 25%. The company's AI transformation is gaining material traction, with production code changes per engineer up 2.5x and incident rates declining 70%, as product development expenses fell 9% despite continued AI investments. Cash App's 38% gross profit growth was powered by Consumer Lending originations surging 82% to $17.6B and Commerce Enablement accelerating to 18% growth, while Square's GPV growth accelerated to 13%, fastest in quarters. We believe the AI-driven productivity gains and strong momentum across both Cash App lending products and Square's mid-market expansion position XYZ well for growth while maintaining disciplined capital allocation with $636M in Q1 buybacks and $9.1B liquidity.

$XYZ

Research55d ago

Research Alert: Wynn Resorts Posts Mixed Fq1 Despite Las Vegas Strength

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Wynn Resorts delivered strong Q1 2026 results with operating revenues increasing 9.2% Y/Y to $1.86B, $31M above estimates, and diluted EPS surging 50.7% to $1.04 vs. $0.69 in the prior year, though $0.14 below consensus. The quarter represents a turnaround from mixed Q4 2025 performance, driven by exceptional results at Wynn Palace and steady Las Vegas growth. We were impressed with Las Vegas outperformance compared to peers and view the report positively despite Macau disappointment. Wynn Palace was the standout with revenues surging 23% to $659.3M and adjusted property EBITDAR increasing 25.9% to $203.8M, benefiting from improved gaming dynamics and VIP recovery. Las Vegas demonstrated resilience with revenues up 5.9% to $661.9M and EBITDAR up 4.1% to $232.5M, achieving strong pricing power with ADR rising 12.3% to $592. Wynn Macau faced margin pressure with flat revenues of $329.9M and EBITDAR declining 16.2% to $75.6M due to unfavorable gaming win rates. Shares trade at 9x consensus EBITDA estimates.

$WYNN

Research55d ago

Research Alert: Wmg: Strong Q2 Fy 26 Results With Double-digit Revenue Growth, Margin Expansion

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:WMG delivered strong Q2 FY 26 results with EPS of $0.35 (consensus $0.29) versus $0.32 a year ago, and revenue of $1.73B (consensus $1.48B), up 17% Y/Y. Revenue growth accelerated to 17%, the strongest in recent quarters, with record revenue driven by double-digit growth in Recorded Music (+17%) and Music Publishing (+14%) segments. Market share gains and streaming momentum support our thesis, with streaming revenue up 20% to over $1.18B and digital revenue increasing 17% to $975M. Management expressed confidence in the FY 26 outlook, expecting cost savings to contribute 150-200 bps of margin improvement while continuing to invest in AI-related revenue streams. We expect continued operational leverage as margin expansion of 250 bps exceeded full-year guidance. WMG's balance sheet remains highly leveraged with total debt at $4.7B against cash of $741M, though free cash flow improved to $99M versus $33M a year ago, supporting continued artist investments and shareholder returns.

$WMG

Research55d ago

Research Alert: Coinbase Q1 Results: Revenue Miss On Crypto Weakness Amidst Tam Share Gains

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:COIN reported Q1 2026 revenue of $1.4B (-21% Q/Q, $66M below consensus) vs. $1.78B in Q4 2025 and down 30.5% Y/Y. Transaction revenue declined 23% Q/Q to $756M, while subscription and services revenue fell 20% Q/Q to $583M with Stablecoin revenue at $305M. The decline reflected broader risk-off sentiment and low volatility that suppressed trading activity across markets, particularly in longer-tail crypto assets, amid total crypto market cap and trading volumes both declining 20% Q/Q. COIN provided Q2 2026 guidance outlook for subscription and services revenue between $565M and $645M, below current analyst views. Consumer transaction revenue was $567M (-23% Q/Q) driven by consumer spot trading volume decline of 35%, partially offset by favorable mix shift and growth in newer product offerings. Institutional transaction revenue totaled $136M (-27% Q/Q) in line with broader market declines and macroeconomic headwinds affecting the established crypto ecosystem.

$COIN

Research55d ago

Research Alert: Gen Delivers Q4 Beats, Sets Fy 27 Outlook Above Expectations

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GEN delivered solid Q4 FY 26 results with non-GAAP EPS of $0.67 (+14% Y/Y), beating consensus by $0.02, while revenue of $1.283B (+27% Y/Y) exceeded estimates by $30M. Full-year revenue reached a $5B milestone (+27% Y/Y) with EPS of $2.56 (+15% Y/Y), representing strongest annual performance in a decade. Trust-Based Solutions drove growth with Q4 revenue of $446M (+121% Y/Y), driven by successful MoneyLion integration, while paid customers expanded to 79M (+16% Y/Y). Management initiated FY 27 guidance above expectations with revenue of $5.325-5.425B (7-8% growth) and EPS of $2.85-2.95 vs consensus. Operating margin compressed to 50.0% (-840 bps) due to integration investments, though free cash flow remained robust at $1.523B (+26% Y/Y), supporting $634M in share repurchases and dividend payments. We believe the strong growth trajectory appears sustainable, though we are monitoring the durability of Trust-Based Solutions expansion and margin recovery timeline.

$GEN

Research55d ago

Research Alert: Republic Services Beats Q1 Estimates On Pricing Power

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:RSG posted Q1 EPS of $1.70, beating consensus of $1.64 and growing 7.6% Y/Y, with revenue advancing 2.6% driven by pricing execution in a challenging operating environment. Core pricing remained robust at 5.7% while volume declines moderated to -0.8% from -1.2% in the prior year, suggesting stabilization trends across key segments. Margin expansion continued as a key earnings driver, with adjusted EBITDA margin improving 50 bps to 32.1% through effective cost management and pricing that outpaced cost inflation. The core collection business grew 3.5% and landfill operations delivered 8% revenue growth, with recycling achieving 33.6% margins, though environmental solutions faced headwinds with revenue declining 10% despite maintaining 19.2% margins. Cash generation was particularly strong, with adjusted free cash flow jumping 35.3% to $984M, supporting RSG's active capital allocation including $433M in acquisitions and $314M in share repurchases while maintaining the $0.625 quarterly dividend.

$RSG

Research55d ago

Research Alert: CFRA Maintains Sell Opinion On Shares Of The Williams Companies, 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 price remains $64, a 12x multiple of enterprise value to projected '27 EBITDA. The applied multiple is a premium to WMB's historical forward average, albeit a small one, and reflects rising demand for midstream natural gas takeaway and processingcapacity, Our sell opinion is on valuation, with shares trading about 21% above historical forward average levels on EBITDA. We lift our '26 EPS estimate by $0.23 to $2.42, and similarly '27's by $0.10 to $2.59. WMB isguiding to about a 6% boost to adjusted EBITDA in 2026, but it is coming with some elevated capital requirements, as growth capex continues to rise - now likely in arange of $7.0B-$7.6B in 2026, versus $4.9B in 2025. For 2026, we think the combination of growth capex and dividend payments will markedly outstrip cash from operations,which is not necessarily a problem in the short term, but may require additional borrowing, and WMB's net debt-to-capital ratio is already above peers. Shares yield 2.8%

$WMB

Research55d ago

Research Alert: Ttd: Q2 Guidance Disappoints On Revenue And Ebitda; Slew Of Concerns

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TTD posted Q1 revenue growth of 12% to $689M, beating our 10% forecast, though profitability faced significant pressure with adjusted EBITDA margin declining 400bp to 30% from 34% and non-GAAP EPS falling 15% to $0.28, missing $0.32 consensus. The company maintained strong customer retention above 95% and generated robust operating cash flow of $392M, up 35%, supporting continued capital return activities. We are growing increasingly concerned about recent deceleration amid high management turnover and the ongoing Publicis dispute alleging unauthorized fees, hidden markups, and forced opt-ins, plus intensifying competitive pressures from Amazon. Q2 guidance disappointed with revenue of at least $750M (10%-11% growth) and adjusted EBITDA of approximately $260M, both meaningfully below consensus expectations of $770M and $291M respectively. The balance sheet remained robust with $1.4B in cash and cash equivalents with no debt, supporting share repurchases of $164M during the quarter.

$TTD

Research55d ago

Research Alert: Mnst: Robust Non-u.s. Sales Growth And Currency Drive Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Monster Energy (MNST) posted Q1 adjusted EPS of $0.58 vs. $0.47 (+24%), ahead of the $0.53 consensus. MNST's net sales rose 27% to $2.35B ($190M above consensus) and gross margin contracted 150 bps to 55.0% (40 bps below consensus). MNST said net changes in foreign currency exchange rates had a favorable impact on net sales of $89M. The decline in gross margin was primarily the result of geographical sales mix, increased aluminum can costs, and increased freight-in costs, partially offset by pricing actions. International sales were especially strong, jumping 45% to $1.06B, representing 45% of total sales (vs. 40% a year ago), the highest ever percentage for a single quarter. The company bought back 1.4M shares for $100M in Q1 (an average price of $73.86/share). MNST shares are currently trading about 5% higher after-hours. The quarter marked MNST's fourth straight bottom-line beat. In our view, the big story was the strength of MNST's international sales, boosted even further by favorable currency moves.

$MNST

Research55d ago

Research Alert: Rocket Lab Reports Stellar Q1 Results With Accelerating Growth In Both Segments

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Rocket Lab delivered a transformational Q1 with record revenue of $200.3M (+63.5% Y/Y), significantly surpassing all guidance metrics with GAAP gross margins reaching a record 38.2%. The exceptional performance was driven by robust demand across all platforms, with 31 new Electron/HASTE contracts plus five dedicated Neutron launches signed, growing total backlog to a record $2.2B (+20.2% Q/Q). Strategic wins include selection for the Department of War's Space Based Interceptor program under Golden Dome and completion of the Mynaric acquisition, establishing Rocket Lab Europe as the company's first European footprint. Q2 2026 guidance of $225M-$240M in revenue represents continued strong growth momentum, with the midpoint implying approximately 90% Y/Y growth. We believe the company's strong backlog, diversified customer base spanning international markets and defense sectors, and robust pipeline position Rocket Lab for continued market share gains in the rapidly expanding space economy.

$RKLB

Research55d ago

Research Alert: Motorola Sees Strength In Software & Services But Pressure In Products

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MSI reported Q1 revenue of $2.714B (+7%), driven by exceptional 18% growth in Software and Services to $1.155B, while Products segment grew modestly 1% to $1.559B. Non-GAAP EPS reached $3.37 (+6%), though GAAP EPS declined 14% to $2.18 due to increased intangible amortization and $75M contingent earnout adjustment. The record Q1 ending backlog of $15.7B (+11%) provides strong revenue visibility, with Software and Services backlog growing 13% driven by demand across all three technologies. Management raised full-year 2026 guidance, with revenue now expected at approximately $12.8B and non-GAAP EPS of $16.87-$16.99. We expect continued momentum from strategic acquisitions including the pending Bell Canada LMR services deal for ~$500M and recent product launches like SVX body-worn assistant. We will monitor progress on cost mitigation strategies as the company navigates elevated memory costs and supply chain pressures, while Silvus is expected to generate $675M in revenue, $75M above previous expectations.

$MSI

Research55d ago

Research Alert: CFRA Maintains Sell Rating On Shares Of Canadian Natural Resources Limited

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 (2-STARS) and reduce our TP to CAD57 from CAD62. This combines relative valuation and DCF analyses. We apply 6.8x EV to projected 2027 EBITDA, which is in-line with current levels, yielding CAD55. Our DCF model yields a value of CAD60. We continue to believe there is downside risk to crude pricing via a peaceful truce or demand degradation. While CNQ is capitalizing on the 'sugar rush' of crude pricing through their aggressive buybacks, we look through to normalized prices in FY 27. Q1 adjusted EPS was up CAD0.01 Y/Y on 3% growth in production to 1,643k boepd and lower realized crude and SCO pricing (-5-6%). YTD CNQ has repurchased +CAD600M in shares, with CAD300M coming in April alone. Our FY 26 EPS estimate is CAD5.90 and FY 27's is CAD4.36.

$CNQ

Research55d ago

Research Alert: CFRA Maintains Hold View On Trex Company, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target price of $50. This is based on our forward P/E of 28x our 2027 EPS view of $1.80. We raise out 2026 EPS estimate to $1.66 from $1.60 (2027 EPS unchanged). Trex delivered resilient Q1 2026 results with net sales up 1% Y/Y to $343M and gross margin holding at 40.5%. Net income rose to $61M ($0.58/share) while adjusted EBITDA improved 2% to $103M, demonstrating strong cash generation amid residential market headwinds. Free cash flow improved 39% to negative $143M as the Arkansas facility nears completion and capex declined. Management reaffirmed 2026 guidance of $1.19B-$1.23B revenue and $315M-$340M adjusted EBITDA despite a down-to-flat R&R market, while reducing capex guidance to $100M-$120M from $224M in 2025.

$TREX

Research55d ago

Research Alert: Crwv: Rising Backlog Provides Top-line Visibility; Revenue Beats

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CRWV posted Mar-Q revenue of $2,078M (+112% Y/Y), beating the $1,969M consensus, driven by robust AI compute demand and capacity expansion. Operating losses widened to $144M from $27M in the prior year, while net losses doubled to $740M from $315M, primarily due to interest expense surging 103% to $536M. The quarter marked record bookings with revenue backlog reaching $99.4B, including a new $21B Meta commitment and expanded relationships with Anthropic, Cohere, and others, validating CRWV's aggressive infrastructure strategy. No guidance was provided, with details expected on the earnings call. We believe the $2B NVIDIA Corporation (NVDA 212 *****) investment and $8.5B DDTL facility strengthen CRWV's financial position, while surpassing 1 GW of active power demonstrates execution capability. However, we expect continued profitability challenges as adjusted EBITDA margin compressed to 56% from 62% and operating expenses surged 120% to $2,222M, reflecting the capital-intensive nature of this hyper-growth phase.

$CRWV

Research55d ago

Research Alert: CFRA Maintains Sell Rating On Shares Of Canadian Natural Resources Limited

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 2-STARS (Sell) rating and reduce our TP to USD41 from USD45. This combines relative valuation and DCF analyses. We apply 6.8x EV to projected 2027 EBITDA, which is in line with current levels, yielding $40. Our DCF model yields a value of $43. We continue to believe there is downside risk to crude pricing via a peaceful truce or demand degradation. While CNQ is capitalizing on the 'sugar rush' of crude pricing through its aggressive buybacks, we look through to normalized prices in FY 27. Q1 adjusted EPS was up CAD0.01 Y/Y on 3% growth in production to 1,643k boepd and lower realized crude and SCO pricing (-5-6%). YTD, CNQ has repurchased +CAD600M in shares, with CAD300M coming in April alone. We lift our FY 26 EPS estimate to CAD5.90 (from CAD3.70) and FY 27's to CAD4.36 (from CAD4.10).

$CNQ

Research55d ago

Research Alert: Gild Q1: Strong Hiv And Oncology Growth, Cut Eps Guidance Disappoints

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GILD delivered strong Q1 2026 results above expectations, with total revenues of $7.0B (+4% Y/Y) and non-GAAP EPS of $2.03 (+12% Y/Y), demonstrating robust momentum across its core HIV franchise. Product sales excluding Veklury grew 8% Y/Y to $6.8B, indicating solid underlying business performance despite the anticipated 52% decline in Veklury sales to $144M. The HIV franchise continued as GILD's primary growth engine with Q1 sales of $5.0B (+10% Y/Y), led by Biktarvy's $3.4B (+7% Y/Y) and Descovy's strong 38% Y/Y growth to $807M, while the successful Yeztugo launch contributed $166M. GILD raised full-year 2026 product sales guidance to $30.0B-$30.4B but sharply lowered its EPS guidance due to $11.5B acquired IPR&D charges from strategic acquisitions. We believe the company's strategic investments in pipeline expansion through the Arcellx, Ouro, and Tubulis transactions position GILD well for long-term growth despite near-term EPS headwinds from acquisition-related charges.

$GILD

Research55d ago

Research Alert: Mck: Q4 Fy 26 Eps Beats, North American Pharma Sales Growth Slows

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MCK completed FY 26 with Q4 adjusted EPS of $11.69 (+16% Y/Y), beating consensus by $0.12 and driving full-year adjusted EPS of $39.11 (+18% Y/Y), above guidance midpoint of $38.60. Consolidated revenues of $96.3B (+6% Y/Y) fell short of consensus by ~5%, though full-year sales rose 12% to $403.4B driven by prescription volume growth and strategic acquisitions. We view favorably the strong performance in higher-margin segments, particularly Oncology & Multispecialty with 35% sales growth and 53% adjusted operating profit growth, supporting margin expansion of 36 bps to 3.03%. Initial FY 27 guidance met expectations with adjusted EPS midpoint of $44.20 (+13% Y/Y). The Medical-Surgical separation progresses well with Apollo's 13% minority stake acquisition, while significant capital returns continue via a $2.25B accelerated share repurchase program and $5.0B new authorization. We believe MCK's focus on specialty segments and robust FCF generation supports continued outperformance, in our view.

$MCK

Research55d ago

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

Research55d 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

Research55d 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

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