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Research Alert: CFRA Maintains Hold Rating On Shares Of Waters Corporation

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 to $370 from $335, based on 25.5x our 2026 EPS estimate of $14.50 (up from $14.39; 2027 EPS down $0.05 to $16.34). This is a discount to WAT's three- and five-year historical forward P/E averages of 26.3x and 27.4x, respectively. We see ongoing weakness in academic/government end markets. We also note ongoing policy challenges in China, a key market for several U.S. life sciences tools and services firms, including headwinds for immunodiagnostics from China's diagnosis-related group reimbursement updates. While uncertainty remains regarding WAT's ability to fully realize anticipated synergies from the BDX deal, we view Q1 results as encouraging. The acquired Biosciences and Diagnostic Solutions businesses generated $520M in revenue since closing, $40M above guidance, representing a meaningful sequential improvement from Q4 2025. Of note, the Biosciences division saw just a 1% sales decline on a full-quarter pro forma basis, compared to a 10% decline in Q4 2025.

$WAT

Research56d ago

Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Textron 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 price by $4 to $111, or 14.5x our 2027 EPS estimate, above TXT's three-year average forward P/E of 13.2x but still well below peers' average forward P/E of 25.1x. We raise our 2026 EPS estimate by $0.03 to $6.68 and keep 2027E at $7.65. TXT's announcement to separate its Industrial segment (~$3.2B revenue) to become a pure-play aerospace and defense company is transformational. New Textron will have ~$12B in revenue with 100% A&D exposure, anchored by leading positions in business aviation (Textron Aviation), military/commercial rotorcraft (Bell), and defense systems. The $19.2B backlog provides multi-year revenue visibility, with Aviation's $8B backlog up 4x from pre-Covid levels. The MV-75 Cheyenne program represents a significant growth driver as it transitions from development to production, supported by strong DoD funding commitments. We view the separation as strategically sound, enabling enhanced focus, improved margins (expanding 120 bps), and accelerated growth (150 bps higher).

$TXT

Research56d ago

Cargojet Target Raised To C$108 From $104, Keeps Outperform at National Bk As Q1 Results "Demonstrate Resiliency As Charter Growth Offsets Lower ACMI Revenue"

$CJT.TO

Research56d ago

Research Alert: CFRA Maintains Buy Rating On Shares Of Kkr & Co. 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 $5 to $125 using a narrower equity risk premium to capture worries about future fund performance and a forward P/E of 19.8x, near the five-year historical average at 19.0x and below the three-year average at 21.8x. Public market volatility has shifted investor sentiment to negative on shares of KKR on market uncertainties. KKR financial outcomes are the result of decisions made years ago, so portfolio construction, risk mitigation, and overall discipline should steer its fundamentals away from current market worries. However, we think monetization of private equity holdings may take longer. We lower our adjusted net income by $0.55 in both 2026 to $6.30 and 2027 to $7.50 on projected revenues of $10.1B (prior $10.5B) and $11.5B ($12.6B), respectively. We think large global investors are consolidating their investments with a small number of ALT firms; KKR is one of them. Despite the negative headlines, we think KKR is well positioned for any market upturn to accelerate monetization.

$KKR

Research56d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Aercap Holdings N.v.

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 by $10 to $174, or 9.3x our 2027 EPS estimate, in line with AER's three-year average forward P/E of 9.2x. After a strong Q1, we increase our 2026 EPS estimate by $0.80 to $17.05 and our 2027 EPS forecast by $1.11 to $18.76. AER reported record Q1 adjusted net income of $889 million ($5.39/share), beating consensus by 45%, and delivered a 19.4% adjusted ROE. Management raised full-year 2026 adjusted EPS guidance (excluding additional asset sales) to $14.50 (from $13-$14 previously) and announced a new $1 billion share repurchase program. AER's portfolio is well positioned, with 81% new technology aircraft, limiting exposure to potential older aircraft retirements if elevated fuel prices persist. Management secured 110 A320neo aircraft orders with attractive 2028+ delivery slots by leveraging its engine leasing leadership. Despite geopolitical headwinds, demand for aviation assets remains robust, with 87% lease extension rates and strong sales margins (24% unlevered gain).

$AER

Research56d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of First Quantum Minerals

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 CAD5 to CAD40, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, a discount to FM's three-year average forward EV/EBITDA of 10.6x but close to peers, with an average of 8.3x. We lower our 2026 EPS estimate by $0.33 to $0.53 and 2027 by $0.22 to $1.95. FM faces near-term cost pressures from Middle East tensions, with fuel representing 15% of total costs and potential upward pressure of $0.25/lb on C1 guidance (fuel +$0.20, Kwacha +$0.10, partially offset by gold -$0.05). However, the company's fundamentals remain strong with authorization to process Cobre Panama stockpiles (30-40kt copper expected in 2026), Kansanshi S3 operating 25% above design, and record nickel production at Enterprise. FM strengthened its balance sheet with a $1.5B 10-year bond at 6.375% and extended maturities to 2036. The Taca Taca project (291kt/year copper over first 10 years, 19.3% IRR) provides significant long-term growth optionality once the balance sheet is positioned to support development.

$FM

Research56d ago

Research Alert: CFRA Keeps Hold Rating On Shares Of Idexx Laboratories, 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 to $612 from $620, based on 37.3x our 2027 EPS estimate, below IDXX's historical forward P/E averages. We slightly raise our 2026 EPS view to $14.70 from 14.67. We keep our 2027 view at $16.42. IDXX reported a solid Q1, exceeding expectations, with revenue of $1.141B (+11% Y/Y organic) due to strong performance in its Companion Animal Group Diagnostics recurring revenue. However, we see IDXX facing risks in the near term stemming from macroeconomic pressures on consumers that are causing a decline in discretionary wellness-related veterinary visits. This trend poses a financial risk, as IDXX full-year guidance assumes a 1.5% decline in U.S. clinical visits; thus, a further worsening of the economic environment could lead to steeper declines and challenge revenue targets. Additionally, IDXX flagged a minor supply chain disruption in the Middle East, which, while contained, underscores the potential for broader operational risks within global business activities.

$IDXX

Research56d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Ferrari N.v.

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 by $40 to $350, based on a 2027 P/E of 28.5x, a justified discount to RACE's 10-year average forward P/E multiple of 40.6x. We maintain our adjusted EPS estimates of EUR9.70 for 2026 and EUR10.50 for 2027. Following Ferrari's disappointing Q1 results, we are lowering our price target and maintaining our Hold rating. The company's Q1 earnings shortfall was driven by weaker-than-expected margins and it maintained full-year guidance. The miss was uncharacteristic for a company with one of the strongest earnings track records in the industry. In our view, RACE's lack of vehicle sales growth (-4.4% in Q1) continues to present a challenge to margins given the high fixed cost nature of auto manufacturing. Moreover, we continue to have doubts longer-term regarding its planned 2030 portfolio pivot into electric and hybrid vehicles, and view the stock's risk/reward potential as balanced at current levels.

$RACE

Research56d ago

Superior Plus Maintained at Buy at Stifel Canada Ahead of Q1 Results; Price Target Kept at C$9.00

Stifel Canada on Tuesday reiterated its buy rating on the shares of Superior Plus (SPB.TO) and its C$9.00 price target ahead of the company's first-quarter results."SPB reports Q1/26 results AMC May 13th. It has been well-telegraphed that Q1/26 will see a continuation of the operational challenges in propane that will offset an otherwise favorable winter backdrop. Based on heating degree days it was 6% and 2% colder than the five-year average in the U.S. and Canada, respectively. However, we expect propane discussions to take a back-seat to Certarus given the combination of: 1) potential for improving O&G activity this summer, and 2) the recently announced multi-year data center contract (see here). The key focus for the conference call will be the economics of the new data center supply contract (and how SPB will stick-handle the capex), and what the spring/summer drilling outlook is (both activity levels and competitive dynamics/pricing in West Texas). SPB remains a company in transition, but we think the platform holds significant optionality at the current valuation," analyst Daryl Young 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: $7.47, Change: $+0.01, Percent Change: +0.13%

$SPB.TO

Research56d ago

Research Alert: CFRA Lowers Rating On Shares Of Pfizer 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 lower our target to $28 from $31, 9.4x our 2027 EPS estimate, below PFE's historical forward P/E average. We keep our 2026 EPS view at $2.99 and our 2027 EPS at $2.97. PFE delivered solid top- and bottom-line Q1 results today that exceeded expectations while demonstrating continued progress in its post-Covid transition strategy. While we continue to think that shares are trading at a discount, as the company's main focus in the next year is on AI integration, and a new transformative M&A is not a key priority, we see limited catalysts to drive meaningful upside potential. We think PFE is aiming to maximize value from launched and acquired products with particular focus on key areas: oncology, obesity/metabolic disease, and vaccines. PFE remains committed to maintaining its dividend, continuing productivity initiatives ($7.2B cost savings target), and pursuing targeted business development (with $7B capacity) but we do not expect PFE executing share buybacks to support the share price in the near term.

$PFE

Research56d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Posco Holdings

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 to USD94 from USD70, valuing POSCO at 0.66x 2026 P/BV, above its three-year mean of 0.52x. Our neutral view reflects: (i) recovering steel fundamentals supported by China's 2025 crude steel output declining 4.4% Y/Y and South Korea's anti-dumping duties on Chinese steel, which provides a pricing moat for Posco; and (ii) lithium market recovery with prices surging 49% YTD through April, supporting POSCO's battery materials segment which narrowed Q1 2026 losses significantly. POSCO's Australian and Argentine lithium acquisitions bolster its battery materials growth strategy. Additionally, the new Mid-term Shareholder Return Policy (2026-2028) targeting a 35%-40% payout ratio demonstrates commitment to shareholder value. However, risks include an aggressive 61% capex increase to KRW11.3 trillion in 2026, execution challenges on international projects, and persistent margin pressures. We adjust our 2026 EPS estimate to KRW6,379 from KRW5,932 and 2027 to KRW8,036 from KRW7,820.

$PKX

Research56d ago

Propel Holdings Maintained at Buy at Stifel Canada After Q1 Results; Price Target Kept at C$32.00

Stifel Canada on Tuesday reiterated its buy rating on the shares of Propel Holdings (PRL.TO) and its C$32.00 price target following the company's first-quarter results."Propel reported an upside FQ1, underscoring strength in loan growth alongside stable credit performance, on the back of the rebound in credit quality and subsequent new origination activity we saw exiting last quarter. Importantly, credit metrics PCLs and net-charge-offs normalized this quarter, supporting a recovery in ROE and fueling yet another bump in Propel's quarterly dividend (11th consecutive raise at +6.7% to $0.24/share). Net/net - results further reinforce resilience in the non-prime consumer backdrop, in-line with recent prints from US consumer credit peers. FY guide is being maintained, reaffirming the growth trajectory ahead, while suggesting some conservatism amidst the current macro uncertainty. Conference call tomorrow at 8:30am ET (dial-in: 1-888-699-1199/webcast). Our key focus on the call will be around (1) outlook for US consumer credit quality, (2) growth outlook for LaaS, (3) pace/scale of ongoing growth investments to support US expansion/Propel Bank launch," analyst Suthan Sukumar 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: $24.15, Change: $+2.25, Percent Change: +10.27%

$PRL.TO

Research56d ago

Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Aptiv 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 price target to $80 from $110, based on a 2027 P/E of 12.0x, a justified discount to APTV's 10-year forward P/E multiple of 23.6x. After adjusting our estimates for the recent Versigent spin-off, we lower our adjusted EPS estimates to $6.25 from $8.60 for '26 and to $6.65 from $9.30 for '27. We are maintaining our Strong Buy opinion on the shares, as the remaining company is a higher-margin business following the spin-off of the former Electrical Distribution Systems (EDS) segment. EDS generated much lower margins than the rest of Aptiv (an adjusted operating margin of 7.6% vs. 12.1% for the consolidated company in 2025). While APTV maintained prior full-year guidance, we think the guidance will prove conservative after a much better-than-expected Q1, and the stock remains one of our top picks in the auto parts and equipment sub-industry. We continue to like APTV's history of conservative guidance, strong execution, solid new business backlog, and aggressive share repurchases.

$APTV

Research56d ago

Ero Copper Maintained at Hold at Stifel Canada After Q1 Results; Price Target Kept at C$52.00

Stifel Canada on Tuesday maintained its hold rating on the shares of Ero Copper (ERO.TO) and its C$52.00 price target following the miner's first-quarter results."Ero reported Q1/26 adjusted EPS of $0.69 vs. our $0.60 (consensus $0.58) and adjusted EBITDA of $125Mln vs. our $107Mln (consensus $118Mln) on copper production of 17.3Kt (higher vs. our 16.5Kt) at C1 cash cost of $2.39/lb (in-line vs. our $2.41/lb) and gold production of 5.5Koz at gold cash cost and AISC of $2,120/oz and $4,441/oz, respectively. Strong results were partly offset by higher costs at Xavantina due to scheduled ventilation, cooling and ground-support installation (substantially complete at end of April). FY26 production, cost and capex guidance is reaffirmed, including consolidated copper of 67.5-77.5Kt at C1 of $2.15-2.35/lb, gold of 40-50Koz at AISC of $2,000-2,500/oz, and capex of $275-320Mln. At Q1/26, Ero held total liquidity of $146.2Mln, including cash of $91.2Mln (-$14Mln QoQ) and $55Mln undrawn revolving credit facility, with net debt declining to $490.7Mln (-$11Mln QoQ) and ND/EBITDA reduced to 1.04x (from 1.22x at YE25)," 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: $35.14, Change: $+1.79, Percent Change: +5.37%

$ERO.TO

Research56d ago

Research Alert: CFRA Raises View On Shares Of Huntsman Corporation To Sell From Strong Sell

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 by $3 to $12, based on 9.2x EV/EBITDA our 2027 estimate, in line with peers at 9.3x. We narrow our 2026 loss estimate by $0.17 to $0.25 and lower our 2027 EPS estimate by $0.05 to $0.10. While HUN is implementing aggressive pricing to offset feedstock inflation from the Middle East conflict, we remain cautious on demand sustainability. Management noted Q2 order patterns reflect seasonality, pre-buying ahead of price increases, and supply disruptions factors that may not persist into H2 2026. HUN faces structural challenges including European natural gas costs significantly higher than the U.S., pressuring its cost position. Although Polyurethanes operating rates improved to the high-80s and management targets mid-teen EBITDA margins, we believe achieving normalized profitability requires sustained demand recovery that remains uncertain given inflation concerns and mixed housing indicators. Free cash flow was -$91M in Q1, improving from -$107M Y/Y but still negative.

$HUN

Research56d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Paramount Skydance Corporation

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 $1 to $12 using a forward TEV/EBITDA of 6.6x that bears M&A and execution risk. Our target is supported by a conservative view vs. the five-year historical average at 9.4x. We think our target is justified given uncertainties about whether PSKY will close Warner Bros. Discovery (WBD 27 ***). We do have concerns that the WBD acquisition could be challenging with excessive debt. The $31/share all-cash offer for WBD, backed by $57.5B in debt financing, represents an existential risk to PSKY's financial stability. If the deal closes in Q3 2026, the combined entity's total debt would exceed $70B (PSKY's current $13.65B plus WBD's existing debt plus new acquisition financing), creating a leverage ratio that would result in junk credit ratings, significantly higher borrowing costs, and need to drive $6B in cost synergy savings. Any regulatory delays beyond the Q3 2026 target would increase costs and prolong uncertainty, potentially leading to talent attrition or missed market opportunities.

$PSKY

Research56d ago

Research Alert: CFRA Maintains Buy Rating On Advanced Energy Industries, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We are raising our price target to $433 from $415, based on our 2027 EPS estimate and a P/E multiple of 38x, reflecting the ongoing business mix shift and growing exposure to AI infrastructure. We are increasing our 2026 and 2027 EPS estimates to $9.05 and $11.41, respectively, from $8.56 and $10.92, led by improved guidance and H2 acceleration gaining traction into 2027. AEIS delivered strong results that reflected a 102% Y/Y expansion in the Data Center segment (38% of revenue). This favorable mix shift was the primary driver behind gross margin reaching 40%+, a milestone demonstrating AEIS's enhanced earnings power. We remain mindful of risks around customer concentration and execution on its manufacturing transformation. However, we see AEIS as successfully leveraging its superior technology and quality manufacturing to capture a leading share of the high-margin secular growth in AI infrastructure.

$AEIS

Research56d ago

Dollarama Upgraded to Buy at Stifel Canada Following Share-Price Dip; Price Target Raised to C$190.00

Stifel Canada on Tuesday upgraded its rating on the shares of Dollarama (DOL.TO) to buy from hold while raising its price target to C$190.00 from C$180.00 following a dip in the company's shares."Dollarama's shares are near a 52-week low, which presents investors with an appealing entry point in our view. We are changing our recommendation to BUY for the following reasons: (1) Valuation has receded from the highs of 39x forward earnings in January 2026 and now at 29.5x, stands below the 2-year average of 33x. (2) Dollarama is likely to gain market share under a potential scenario of significant inflation in the coming year stemming from the conflict in Iran. In order to stretch their dollars further Canadians are likely to shop more at Dollarama. (3) Recent insider buying is reassuring. Both the CFO and CEO recently purchased shares at $174 and $175, respectively, higher levels than currently. Hence, with a more reasonable valuation and potential for Dollarama to gain market share due to inflationary pressures, we change our rating to BUY and increase our target price by $10 to $190," analyst Martin Landry 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: $172.75, Change: $+2.26, Percent Change: +1.33%

$DOL.TO

Research56d ago

Gibson Energy Maintained at Hold at TPH Following Q1 Results; Price Target at C$28.00

Tudor, Pickering, Holt on Tuesday maintained its hold rating on the shares of Gibson Energy (GEI.TO) with a C$28.00 price target following first-quarter results from the oil infrastructure and marketing company."light Negative. GEI reported Q1'26 Adj. EBITDA of C$139MM, below both TPHe at C$146MM and consensus of C$144MM, primarily driven by a rise in G&A costs and a restructuring charge. Infrastructure Adj. EBITDA was C$156MM (TPHe C$154MM), a modest beat supported by higher throughput volumes (+14% y/y to 221MM bbls) across all major facilities, though revenue was lower, which management attributed to geopolitical disruptions affecting demand for certain services at Gateway. Marketing Adj. EBITDA came in at C$3MM (TPHe C$2MM), as higher crude differentials and volatility in March offset continued headwinds from Canadian heavy oil backwardation and TMX-related flow shifts. Company-level G&A came in at ~C$19MM (TPHe C$11MM), reflecting continued investments in technology, cost allocation changes from the restructuring, and commercial team expansion. The company also incurred C$8MM of restructuring costs related to a headcount reduction, with C$4MM of the cash portion added back in the DCF calculation," analyst AJ O'Donnell wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $28.52, Change: $-1.66, Percent Change: -5.50%

$GEI.TO

Research56d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Lattice Semiconductor

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 to $130 from $110, on an above-peer and historical P/E of 55x our 2027 EPS estimate to reflect growth prospects, a cyclical recovery, and content gain potential. After better-than-expected Q1 results and Q2 guidance, we increase our 2026 EPS to $1.82 from $1.54 and 2027 to $2.37 from $2.00. LSCC's Industrial & Embedded segment is recovering nicely, growing over 20% sequentially in Q1, while channel inventory normalized from three months to two, signaling strengthening end-demand and supply chain stabilization. The announced acquisition of AMI is expected to be immediately accretive, combining AMI's high-margin, software-centric firmware business with LSCC's FPGA hardware to create complete system-level solutions for AI. We are also encouraged by accelerated bookings and a strong backlog extending into 2027. We believe LSCC's "everywhere companion chip" strategy of providing complementary FPGAs that enhance rather than compete with CPUs and GPUs is proving highly effective.

$LSCC

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