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Research Alert: CFRA Upgrades Opinion On Shares Of Mcdonald's Corp 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 cut our target by $33 to $317, 24x our 2026 EPS estimate and in line with the shares' ten-year average forward multiple. We lower our 2026 EPS view to $13.21 from $13.44 and 2027's to $14.11 from $14.27. We upgrade MCD from Hold to Buy. Shares trade at a 12% discount to their ten-year forward average, creating an attractive entry point despite near-term margin headwinds from restaurant operating costs, particularly beef costs. We expect margin normalization as traffic gains scale and value messaging matures. Q1 results outperformed on total revenue, global comps, and adjusted EPS, with developed market comps of +3.9%, improving 490 bps sequentially, and developing markets maintaining momentum at +3.4%. In our view, results suggest value positioning is resonating globally and driving traffic recovery. MCD's category expansion into chicken and beverages provides incremental growth optionality, while >80% free cash flow conversion supports continued investment in restaurant development and shareholder returns.

$MCD

Research55d ago

Research Alert: CFRA Keeps Hold View On Shares Of Kenvue 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 target price at $19, which is 16.5x our 2027 EPS view of $1.15, a discount to the trading multiple of 18.1x since going public in 2023. We think this multiple is justified given the litigation overhang and limited visibility into KVUE's standalone performance (the company is no longer providing forward-looking guidance and hosting an analyst call) due to the pending acquisition by Kimberly-Clark (KMB), expected to close during 2H 2026. We increase our 2026 EPS estimate to $1.15 from $1.10 following this morning's Q1 earnings release. We maintain our 2027 EPS estimate at $1.15. Kenvue delivered a solid first quarter that demonstrated continued operational momentum. Net sales increased to $3,909M (+4.5% Y/Y) with organic growth of 0.7%. The performance suggests management's operational initiatives are gaining traction as the company approaches the transaction close. The transaction received shareholder approval in January 2026, and regulatory approvals are progressing.

$KVUE

Research55d ago

Research Alert: CFRA Raises View To Buy From Hold On Shares Of Zillow Group, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We reiterate our 12-month price target of $50, which is 22x our 2026 EPS view. Our multiple is a discount to ZG's three-year mean of 40x, which we believe appropriately reflects the overhang from the FTC's antitrust investigation. However, our EPS expectations model continued strong execution of its strategy. We model 2026 revenue of $2.981B (15.4% growth), driven by market share gains and Rentals momentum. We forecast a 25.3% EBITDA margin in 2026, representing 130 bps of expansion, which will be heavily weighted to the second half as significant legal and marketing investments from the first half abate. We raised our 2026 EPS to $2.27 from $2.00 and 2027 to $3.00 from $2.50. Ultimately, ZG's valuation, trading at a 50% discount, offers a compelling entry point. We believe the market is overly focused on near-term litigation and macroeconomic headwinds, while underappreciating the AI-accelerated earnings power that will be unlocked as ZG continues executing amid a normalizing housing market.

$ZG

Research55d ago

Research Alert: CFRA Raises View To Buy From Hold On Shares Of Zillow Group, Inc.

$ZG

Research55d ago

Research Alert: CFRA Lowers Rating On Shares Of Bio-techne Corporation To Sell From Hold

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 $44, down from $59, 21.2x our FY 27 EPS estimate. Our multiple is below TECH's one-year historical forward average of 26.1x and the three-year average of 30.7x. We lower our FY 26 EPS estimate by $0.06 to $1.92 and our FY 27 estimate by $0.09 to $2.08. Along with peers, shares have been under pressure due to concerns around NIH and U.S. academic research funding, an important end market for the company, as well as a slowly recovering biotech funding environment. Though we see some indications of improving conditions, we prefer some of TECH's larger, more diversified peers over the near term and think shares are more likely to underperform despite expected sales/EPS growth. We note multiple recent quarters of growth for the large pharma end market and China/APAC sales. Similar to recent commentary from life sciences tools and services peers, TECH sees indications of improving biotech funding, as well as licensing and M&A activity, heading into FY 27.

$TECH

Research55d ago

Research Alert: CFRA Maintains Buy Rating On Flex Ltd.

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 from $86 to $156, on a P/E of 25x our FY 28 estimate, above the three-year historical average of 14x to reflect the explosive CPI growth tied to AI infrastructure and margin execution a full year ahead of schedule. After posting a strong Q4 FY 26 and blowout FY 27 guidance, we lift our FY 27 EPS from $3.90 to $4.21 and initiate FY 28's at $6.24. FLEX guided for FY 27 revenue growth of 18% Y/Y, well ahead of the consensus view of 7%, due to CPI segment guidance of 65%-75% growth. We like the strategic separation creating two distinct investment profiles, with SpinCo as a pure-play AI infrastructure growth vehicle and RemainCo as a margin-focused advanced manufacturing business. CPI's grid-to-chip integrated solution addresses critical data center power bottlenecks, underpinned by multiyear hyperscaler contracts and a fully-booked backlog supporting $10B+. While FLEX faces elevated capex in FY 27, we see continued strong cash generation providing flexibility.

$FLEX

Research55d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Pinnacle West Capital 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 $103, 18.5x our 2027 EPS view, slightly above peers as we see highly supportive economic trends in PNW's service territory. We lift our 2026 EPS view by $0.04 to $4.73 and lower 2027 EPS by $0.25 to $5.58. For the full year, higher interest costs and share dilution are expected to be offset by continued strength in transmission investment returns, retail electricity sales growth, and disciplined expense management. Along with strong population and job growth, we think growing demand from data centers and semiconductor manufacturing present strong long-term growth opportunities for the company. From 2025 to 2028, we anticipate dividend growth will be 3.4% on a compounded annual basis, well below our expectations for peers. We expect a dividend payout ratio near 78.5% in 2026, well above peer levels. However, we anticipate that the payout ratio will moderate somewhat as EPS growth outpaces dividend growth over time.

$PNW

Research55d ago

B2Gold Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$10.50

Stifel Canada on Thursday maintained its buy rating on the shares of B2Gold (BTO.TO) and its C$10.50 price target after the company released first-quarter results."B2Gold reported Q1/26 adjusted EPS of $0.19 vs. our $0.12 (consensus $0.13) on consolidated gold production of 238Koz (+7% vs. budget; +13% vs. our 210Koz). Q1/26 gold cash costs of $1,403/oz sold (cash operating costs $1,005/oz produced) and AISC of $1,964/oz sold were well-below our $1,706/oz and $2,447/oz, respectively, reflecting higher production, lower sustaining capex (timing), and a favorable royalty contribution. FY26 gold production guidance of 820-970Koz was reaffirmed, including a Q2/26 Goose production reset by 10Koz lower to 18-20Koz (vs. 29Koz budgeted) due to the crushing-circuit fire (Apr-2026), and 60-80Koz of Fekola Regional contribution which remains subject to an exploitation permit expected by June-2026. Mali operations continue uninterrupted at normal levels, including fuel supplies despite geopolitical and supply chain challenges, with a process underway to increase diesel storage capacity by 20% with 36% of remaining 2026 fuel requirements hedged at or below budget prices," analyst Ralph Profiti 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: $7.00, Change: $+0.91, Percent Change: +14.86%

$BTO.TO

Research55d ago

Research Alert: CFRA Keeps Sell Opinion On Shares Of Tc Energy Corporation

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 of CAD71, raised CAD5, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 12.0x multiple of enterprise value to projected 2027 EBITDA, in line with TRP's historical forward average. This approach yields a value of CAD73 per share. Meanwhile, our DCF model, using free cash flow growth of 10% per year for 10 years, 2.5% thereafter, discounted at a WACC of 5.7%, yields intrinsic value of CAD69 per share. We cut our 2026 EPS estimate by CAD0.18 to CAD3.63 and 2027's by CAD0.12 to CAD3.78. We think project pipeline remains strong, and TRP has been executing well on bringing new projects into service. Nonetheless, we think shares are already trading at rich valuations, at a 15% premium to TRP's historical forward average on EBITDA, and a 29% premium on forward cash flows. At current pricing, we think it may be difficult for shares to surprise to the upside.

$TRP

Research55d ago

Research Alert: CFRA Keeps Sell Opinion On Shares Of Tc Energy

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 of USD52, raised USD3, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 12.0x multiple of enterprise value to projected 2027 EBITDA, in line with TRP's historical forward average. This approach yields a value of USD53 per share. Meanwhile, our DCF model, using free cash flow growth of 10% per year for 10 years, 2.5% thereafter, discounted at a WACC of 5.7%, yields intrinsic value of USD51 per share. We cut our 2026 EPS estimate by CAD0.18 to CAD3.63 and 2027's by CAD0.12 to CAD3.78. We think the project pipeline remains strong, and TRP has been executing well on bringing new projects into service. Nonetheless, we think shares are already trading at rich valuations, at a 15% premium to TRP's historical forward average on EBITDA, and a 29% premium on forward cash flows. At current pricing, we think it may be difficult for shares to surprise to the upside.

$TRP

Research55d ago

Research Alert: CFRA Maintains Sell Opinion On Shares Of Transdigm Group Incorporated

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 $9 to $1,061, or 26.2x our FY 27 (Sep.) EPS estimate, below TDG's three-year average forward P/E of 33.7x. We increase our FY 26 EPS by $1.28 to $39.48 and maintain FY 27's at $40.49. Despite strong Q2 results (18% revenue growth, raised FY 26 guidance), we see multiple headwinds. Recent acquisitions totaling $3.2B are margin dilutive; we forecast EBITDA margins down 150 bps in FY 26. Net debt/EBITDA of ~5.9x following acquisitions amplifies refinancing risk beyond FY 27, while elevated interest expense constrains EPS growth. Middle East conflict adds commercial aftermarket uncertainty for 2H 2026, with potential lag effects on flight activity and parts demand. Given our outlook for decelerating growth, we anticipate the earnings multiple will continue to contract after the forward P/E declined from 34.6x at end-2025 to ~28.5x. TransDigm's reliance on sole-source, high-margin defense products makes it particularly exposed to potential DoD procurement reforms targeting pricing.

$TDG

Research55d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Maplebear 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 by $6 to $54, based on an unchanged 9.0x EV/EBITDA multiple applied to our raised 2026 adj-EBITDA estimate of $1,324M (from $1,299M). We lift our 2026 EPS to $4.38 from $4.16 and 2027 to $5.57 from $4.89. CART is off to a strong start in 2026, with quarterly GTV surpassing $10B for the first time this past quarter. Additionally, ad revenue growth of 16% marked the fastest pace in over two years. The Q2 GTV guide implies another quarter of double-digit Y/Y growth, which we view as strong. However, we believe the shares are trading lower today due to the Q2 adj-EBITDA guide, which implies limited margin expansion. We wouldn't place too much focus on the adj-EBITDA guide, as CART has historically beaten the top end of its guidance range. Moreover, given the company's steep margin expansion over the past few years, a deceleration is inevitable at some point. We maintain our Buy rating, viewing the shares as trading at a deep discount.

$CART

Research55d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of International Flavors & Fragrances

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 $89, raised from $85, applying a 20.1x multiple to our 2026 EPS estimate (down $0.04 to $4.42; 2027 estimate down $0.05 to $4.78), a small premium to IFF's three-year average forward P/E of 19.7x. Our valuation reflects the company's ongoing strategic transformation toward a higher-margin, innovation-driven portfolio, and we view the multiple as appropriate, given management's progress in repairing the balance sheet after years of value-destructive M&A decisions. IFF's Food Ingredients divestiture appears to be on track, and the company recently completed the sale of its commodity soy crush, concentrates, and lecithin business to Bunge. Negatively, we see near-term challenges for the Scent business, with inflation in logistics and commodity costs from the geopolitical conflict in the Middle East weighing on fine fragrances. However, IFF expects the Health business to return to growth in H2 2026 and improve into 2027, led by a strengthening pipeline.

$IFF

Research55d ago

Oppenheimer Downgrades Catalyst Pharmaceuticals to Market Perform From Outperform

Catalyst Pharmaceuticals (CPRX) has an average rating of overweight and mean price target of $33.83, 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: $31.23, Change: $+0.71, Percent Change: +2.33%

$CPRX

Research55d 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 price by $100 to $1,100, applying an EV/EBITDA multiple of 34.9x to our FY 27 estimate, a slight premium to its five-year historical average multiple at 31.9x. We increase our FY 26 EPS estimate by $0.45 to $8.24 and raise FY 27's by $2.21 to $18.05. LITE expects to set another quarterly revenue record in Q4, with over half the sequential growth anticipated from components and the remainder from systems, especially high-speed transceivers and OCS. LITE experienced significant supply-demand imbalances across multiple product lines, particularly for EMLs, pump lasers, and transceivers. Supply constraints were reported as even higher than previously disclosed, with shortages resulting in undershipping of customer demand and necessitating difficult allocation decisions among customers. In addition, certain manufacturing facilities remain underutilized, although initiatives are in place to improve utilization and margin contributions from these sites.

$LITE

Research55d ago

Research Alert: CFRA Lowers Opinion On Shares Of Warby Parker Inc. To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $1 to $30 using a forward P/EBITDA of 31.3x our 2026 EBITDA estimate of $120M, in line with the three-year forward TEV/EBITDA average. We think our multiple is justified by store growth runway and intelligent eyewear potential offsetting consumer discounting. We raise our 2026 EPS estimate by $0.07 to $0.50 and increase 2027's by $0.02 to $0.65. Our revenue projections are $975M in 2026 and $1.1B in 2027, respectively. Given the outsize gain in the share price today, we think the upside potential may be limited to our view of fair value, which is our target price. We don't believe WRBY should have a wider equity risk premium as we applied a P/EBITDA multiple. In our view, revenue growth Y/Y in 2026-2027 is not commensurate with an even higher multiple valuation. Nonetheless, WRBY has a proven business model in a highly competitive market: the retail eyewear market. We are skeptical that innovation with smart eyeglasses will make a big difference to net sales in the next year.

$WRBY

Research55d ago

Research Alert: CFRA Downgrades Opinion To Hold From Buy On Shares Of Tko Group Holdings, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target by $45 to $200, using a forward TEV/EBITDA of 19.0x vs. the three-year historical average at 20.0x. Our EBITDA estimates are $2.30B in 2026 and $2.40B in 2027. We find this company difficult to forecast. Correcting prior EPS calculations and lowering our expectations, we reduce our 2026 EPS estimate by $3.45 to $3.05 and 2027's by $3.55 to $3.20 on respective revenue projections of $5.7B and $5.8B. We think the momentum for TKO across three principal businesses has slowed down considerably in Q1 2026 results. We believe the share price has higher-than-average market volatility, although TKO is a newly formed company. TKO completed a number of strategic transactions that enable TKO to scale as a premium sports entertainment company. Valuation is problematic for TKO, given the number of businesses it has acquired or merged in the last two years. We think normalized valuation metrics like TEV/EBITDA are best served using 2026 EBITDA estimates, excluding any potential acquisitions.

$TKO

Research55d ago

Research Alert: CFRA Maintains Strong Buy Rating On Shares Of Trimble 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 price to $86, from 85, on a forward P/E of 21x our 2027 EPS projection of $4.08, below historical averages. We increase our 2026 EPS projection to $3.59 from $3.52, and lift our 2027 EPS estimate to $4.08 from $4.06. TRMB reported solid Q1 beats with revenue of $939.9M, up 12% Y/Y, led by AECO at 14% organic revenue and ARR growth, Field Systems posting 12% growth, and Transportation & Logistics growing 7% despite freight market headwinds. ARR reached a record $2.435B, up 13% organically, reinforcing business model durability. Non-GAAP operating margin improved 230 bps to 25.9%, while non-GAAP gross margins expanded 180 bps to 71.0%, and we see continued margin expansion as its subscription revenues scale. We note steady execution in its core business, while building AI momentum through new products and partnerships with AI labs. Management reaffirmed its 2027 targets, supporting our positive view, though macro risks warrant monitoring.

$TRMB

Research55d ago

Lundin Mining Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$40.00

Stifel Canada on Thursday reiterated its buy rating on the shares of Lundin Mining (LUN.TO) and its C$40.00 price target following the company's first-quarter results."Lundin reported Q1/26 adjusted EPS of $0.31 vs. our $0.29 (consensus $0.32) and adjusted EBITDA of $627Mln vs. our $654Mln (consensus $642Mln) on copper production of 79.9Kt (in-line vs. our 80.1Kt; consensus 77.3Kt) at lower cash cost of $1.66/lb vs. our $1.99/lb (consensus $1.98/lb) and gold production of 31.5Koz. Cash cost benefited from higher by-product credits on stronger realized gold price. FY26 guidance was reaffirmed including 310-335Kt of copper and 134-149Koz of gold at copper cash cost of $1.90-2.10/lb and capex of $995Mln, including $395Mln for Vicuna ($52Mln spent in Q1/26). At Q1/26, LUN held cash of $565Mln (+$269Mln QoQ) and net cash of $249Mln (+$172Mln QoQ). As at May 6, 2026, net cash was $51Mln after funding for the JX/Los Helados (30.9%) and Caserones (5%) acquisition that closed on April 7. The Vicuna sanctioning decision is targeted as early as YE26," analyst Ralph Profiti 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: $36.80, Change: $+0.46, Percent Change: +1.27%

$LUN.TO

Research55d ago

Equinox Gold Maintained at Buy at Stifel Canada After Q1 Results; Price Target Kept at C$31.00

Stifel Canada on Thursday reiterated its buy rating on the shares of Equinox Gold (EQX.TO) and its C$31.00 price target following the company's first-quarter results."Equinox Gold reported Q1/26 adjusted EPS from all-operations of $0.30 vs. our $0.34 (consensus $0.29) and adjusted EBITDA from all-operations of $527Mln vs. our $557Mln (consensus $521Mln) on gold production of 198Koz (pre-released). Q1/26 cash costs and AISC came in higher at $1,633/oz (vs. our $1,539/oz) and $1,950/oz (vs. our $1,933/oz), respectively, on severe winter conditions at Greenstone and Valentine, contractor support during Valentine ramp-up, and Mesquite Brownie 4 capital stripping. Equinox Gold reiterated FY26 guidance on consolidated production at 700-800Koz at cash costs of $1,425-$1,525/oz and AISC of $1,775-$1,875/oz. We remain encouraged by management's operating focus and 2026 priorities being the ramp-up at Greenstone and Valentine to full capacity, advancing engineering studies for the Valentine Phase 2 expansion to double throughput to 5.0Mtpa, as well as advance engineering and permitting for the Castle Mountain Phase 2 expansion," analyst Ralph Profiti 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: $20.47, Change: $+0.89, Percent Change: +4.55%

$EQX.TO

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