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Research Alert: CFRA Maintains Buy Opinion On Shares Of Ppg Industries

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 by $12 to $127, 15.1x our 2027 EPS estimate, equal to PPG's three-year average forward P/E. We trim our EPS estimates by $0.17 to $7.95 for 2026 and by $0.56 to $8.41 for 2027. PPG delivered its fifth consecutive quarter of organic sales growth, demonstrating improving commercial execution across its differentiated portfolio. The aerospace business remains a key growth driver with a $315M backlog and double-digit growth expected to continue given strong OEM and aftermarket demand. We view favorably PPG's ability to offset mid-single-digit COGS inflation through pricing actions faster than prior cycles, supported by its scale and distribution model. While refinish volumes face difficult 1H comps, claims data suggest market normalization is underway. Management reaffirmed 2026 EPS guidance of $7.70-$8.10 despite macro headwinds. We see value in PPG's balanced portfolio, ongoing share gains in auto OEM and packaging, and structural cost actions including European plant closures.

$PPG

Research57d ago

Research Alert: CFRA Keeps Hold View On Shares Of Mohawk Industries, 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 $109 from $132, 12.5x our 2026 EPS estimate of $8.71. We believe this premium multiple is justified by the long-term pent-up demand opportunity and the company's financial flexibility to navigate near-term energy cost pressures. We model a 30-bp operating margin decline in 2026 due to energy costs, which we expect will negate leverage benefits despite modest revenue growth. Our assumptions yield 2026 EPS of $8.71 (revised from $9.54) and 2027 EPS of $9.85 (revised from $10.89). The primary risk to our thesis is the potential for the current energy shock to extend into 2027, which would further weaken consumer demand and likely require downward revisions to future earnings. For now, we expect continued spending from wealthier consumers and a seesawing but present commercial demand to provide a floor for the business. This balance of near-term risk against long-term recovery potential keeps us on the sidelines, awaiting greater clarity on the macroeconomic environment.

$MHK

Research57d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Nnn Reit, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We leave our 12-month target price unchanged at $47, 13.1x our 2026 FFO estimate, a premium to the three-year average (12.7x) with NNN's recently acquired property performing well. We leave both our 2026 and 2027 FFO estimates unchanged at $3.58 and $3.77, respectively. We continue to hear comments from management that state increasing competition is causing 15-25 bps in cap rate compression, which is a long-term headwind, in our view. NNN's acquisition pipeline is still strong, but we are unsure if Q1's $145 million at 7.5% is sustainable and believe going-in cap rates are likely to decline this year. Management noted that sale-leaseback transactions are growing as businesses seek alternative financing and balance sheet management, which provide a strong pipeline of NNN's relationship-based deals to execute. We believe tenant credit risks are shrinking vs. 2024 and 2025 as management has worked to actively target more resilient tenants less likely to be displaced by e-commerce growth in recent years.

$NNN

Research57d ago

Research Alert: CFRA Reiterates Buy Opinion On Shares Of Amrize Ag

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 $7 to $64, on an EV/EBITDA of 12.3x our 2026 EBITDA estimate, a discount to the peer average of 12.4x. Our 2026 EPS view is kept at $2.75, though we trim our 2027 EPS view by $0.02 to $3.15. Amrize reported mixed Q1 2026 results, as Building Materials strength was offset by Building Envelope weakness. The strong volume growth in cement and aggregates reflects underlying demand strength from data centers and commercial construction that management expects to sustain throughout the year. However, the Building Envelope segment's weak performance due to soft demand, pricing pressure, and operational disruptions highlights near-term execution risk around the aggressive pricing actions implemented in April and announced for May-June. We think reaffirmed 2026 guidance is attainable but requires volumes to hold steady in the Building Materials segment following price increases, while the Building Envelope must successfully pass through cost inflation.

$AMRZ

Research57d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Lazard, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $2 to $48, applying a forward P/E of 10.8x our 2027 earnings view vs. the peer average of 11.5x. We decrease our 2026 EPS by $0.58 to $3.02 and keep 2027's at $4.45. Our revenue forecasts are $3.33B (+10%) in 2026 and $3.93B (+18%) in 2027. While the Financial Advisory business saw a slight dip in revenue due to the timing of several large transactions, the Asset Management division posted its highest quarterly net inflows in nearly two decades. Strategically, LAZ announced the acquisition of Campbell Lutyens, a premier global private markets adviser, which will establish "Lazard CL" and position the firm as a leader in the high-growth primary and secondary advisory business. However, we note that, according to LSEG Data and Analytics, LAZ ranked #7 in global announced M&A deals, with a 2.2% decline in market share in Q1 2026. This continues a trend of market share erosion, and we believe LAZ must demonstrate an ability to reverse this trend to capitalize on an improving M&A cycle.

$LAZ

Research57d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Ir

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We revise our 12-month target to $90 from $100, following IR's Q1 earnings release, valuing shares at 23x our 2027 EPS outlook of $3.93 (down from $3.97; 2026 EPS estimate unchanged), near IR's long-term historical forward average and peer multiples. While IR's adjusted EPS of $0.77 (+7% Y/Y) beat expectations, the underlying results revealed a challenging quarter for organic sales and order growth. Total revenue grew 8% on acquisitions and FX, but organic revenue dipped 0.3%, reflecting a sharp divergence between the company's two segments. The Precision & Science Tech segment performed strongly, with 4% organic growth and margin expansion, while the larger Industrial Tech segment faced a 2% sales decline and 210 bps of margin compression from volume and tariff headwinds. 2026 earnings guidance is back-half weighted, which we see carrying execution risk, as there is little margin for error. Looking ahead, Q3 will be a critical quarter for IR as a broader recovery is expected to gain traction.

$IR

Research57d ago

Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Autonation, 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 by $15 to $250, based on a 2027 P/E of 10.4x, a premium to historic averages justified by market conditions we consider early cycle. We lower our adjusted EPS estimates to $21.65 from $22.30 for '26 and to $24.00 from $24.20 for '27. Following its Q1 earnings beat, we are reiterating our Strong Buy opinion but lowering our estimates and price target on AN. The company continues to execute, as the quarter represented AN's sixth consecutive earnings beat. We were encouraged to see a significant uptick in the company's share repurchases, as AN bought back $300M of stock in Q1, thereby retiring 4% of total outstanding shares (an increase from its average quarterly buybacks of ~$196M in 2025). AN remains one of our top picks in auto retail, with its EPS-boosting buybacks and accretive bolt-on acquisitions likely to result in stronger growth relative to industry peers. While the fundamental environment remains challenging, we see significant upside over the next few years.

$AN

Research57d ago

Research Alert: CFRA Maintains Sell Opinion On Shares Of Weyerhaeuser Company

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 $21, 39.6x our 2027 EPS estimate, a discount to WY's three-year average forward P/E of 59.7x based on the outlook for depressed profitability in 1H 2026. We increase our 2026 adjusted EPS by $0.05 to $0.16 and decrease 2027 by $0.17 to $0.53. We note that lumber pricing momentum is positive, driven by mills shutting down over the past two years, which has created vacant supply while waiting for prices to increase. Management noted that the housing market is stuck in second gear with repair and renovation activity currently lacking a clear catalyst for growth. Export markets remain more challenged that last year due to elevated Japanese inventories and increased export costs due to higher energy prices. We believe WY remains overleveraged with lower profitability impacting cash flow generation this year with stronger lumber price realizations likely to increase supply and reduce potential EPS growth for WY in the long term.

$WY

Research57d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Universal Display Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our price target by $18 to $106, 19x our 2027 EPS view, below OLED's three-year average (~27x) as tariffs and memory supply issues make for limited near-term device visibility. We lower our 2026 EPS estimate by $0.90 to $4.36 and cut our 2027 view by $0.28 to $5.58. Q1 results were disappointing (sales down 14%), with consumer device volumes clearly facing challenges and reflecting more tariff-related pull-ins in the comparable quarter last year. We expect memory supply constraints will continue to weigh on overall device volumes through 2027, and with OLED devices now seeing ~65% smartphone penetration, we note unfavorable exposure outside of the relatively safe premium tier. Nonetheless, management only brought its 2026 guidance down by 4% (to sales of ~$650M) despite the uncertain supply environment and Q1's weakness, which we think reflects its confidence in growth alongside upcoming OLED fab openings/ramps from major customers, which all appear to be progressing smoothly.

$OLED

Research57d ago

Research Alert: CFRA Maintains Buy Rating On Godaddy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our price target to $123 from $110, applying a P/E of 15x our 2027 EPS estimate, below GDDY's three- and five-year historical averages of 24x-25x, reflecting caution around decelerating bookings and segment structural pressures. We increase our 2026 EPS estimate to $7.12 from $7.08 and 2027's to $8.20 from $8.10, due to better-than-expected margin performance and outlook on AI-driven efficiencies. In our view, GDDY's push into AI products and operations, building on its dominant domain position, is a well-timed strategic move. While we remain cautious around execution risk as AI initiatives scale, we see encouraging early signals with strong Airo adoption ($10M+ annualized bookings within weeks), Airo Care's 50%+ resolution rate improvements, and solid international growth (+7% Y/Y). We believe the quarter's bookings weakness partly reflects management's deliberate quality-over-quantity strategy, with potential for stabilization as AI distribution expands and marketing spend ramps.

$GDDY

Research57d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Dolby 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 price target by $9 to $64, utilizing a 15x P/E applied to our FY 26 (Sep.) EPS view, below DLB's three-year average (~20x) on risks to consumer electronics owing to the memory shortage. We lower our FY 26 EPS view by $0.06 to $4.22 and our FY 27 view by $0.02 to $4.29. DLB broadly maintained its FY 26 outlook ranges, along with expected growth rates, for each end market, which we think is optimistic given signs of a worsening memory shortage compared to earlier in the year. We expect a negative impact across each of DLB's end markets as a result, which could be realized quickly. However, we continue to think these risks are being reflected via shares' reduced valuation, while Mobile (25% of Q2 sales) remains somewhat insulated via minimum volume commitments. DLB still expects the Mobile and Broadcast end markets to grow by low single digits in FY 26. Longer-term upside from the automotive space (where partnership activity continues to grow toward ~40 OEMs) also provides some valuation support.

$DLB

Research57d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Vici Properties Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our target by $1 to $34, based on a P/FFO of 11.8x our 2026 estimate, in line with VICI's three-year average multiple (11.8x). We increase our 2026 FFO forecast by $0.06 to $2.89 and 2027's by $0.03 to $2.96. VICI has maintained strong investment momentum in the past two quarters, announcing over $1B new capital commitments in consecutive quarters for the first time. The One Beverly Hills project loan, now totaling $1.5B, provides exposure to an ultra-high-end consumer market in the non-gaming space. Management has now hedged the majority of interest rate risk through 2027 as it works to de-risk the balance sheet. After a down year in Las Vegas in 2025, our expectations are for stronger travel this year. We also note there are now two significant long-term growth drivers, with the A's new stadium opening in Las Vegas in 2028 and the potential for an NBA expansion team in 2029-2030 looking more favorable, per NBA commissioner Adam Silver.

$VICI

Research57d ago

Research Alert: CFRA Maintains Buy Rating On Shares Of Western Digital Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our price target to $532 (from $313), 26x our CY 27 EPS estimate ($20.45), above WDC's three-year average (~15x) as AI demand continues to structurally improve the HDD industry's growth outlook and visibility. We raise our FY 26 (Jun.) EPS estimate by $1.29 to $9.93, raise our FY 27 view by $4.52 to $16.80, and initiate a FY 28 estimate at $23.80. Q3 saw a sales growth acceleration (to +45% Y/Y from 25% last quarter) and a further lengthening of LTAs, with certain customer agreements now extending into CY 29, providing unprecedented visibility that helps support multiple expansion. WDC's newest 32-TB drives accounted for 53% of exabyte shipments in Q3; a continued rise should support strong pricing gains along with the coming ramp of 40-TB drives in 2H. WDC's roadmap also looks in good shape, with qualifications underway at four customers for the company's new 44-TB HAMR drives and at three customers for its 40-TB ePMR drives (on track to see volume production in 2H CY 26).

$WDC

Research57d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Everest Group, 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 by $15 to $365, valuing EG shares at 7x our 2026 operating EPS estimate of $53.16 (cut today by $0.99) and at 6x our 2027 EPs estimate of $60.65, versus the one-year average forward multiple of 6x and a peer average of 8.6x. We acknowledge EG's discounted valuation to peers, reflecting its restructuring. To that end, we expect revenues in 2026 to be flat to down 5%. Q1 operating EPS of $16.08 versus $6.45 a year ago topped our $15.27 estimate and the $13.96 consensus view. Operating revenues declined 4.4% on a 7.2% drop in earned premiums and 15% rise in investment income, while the combined ratio improved dramatically to 91.2% from 102.7%. We applaud EG's restructuring, including the sale of renewal rights to its retail commercial insurance business to focus on its core reinsurance operations. EG expects pre-tax charges of $250M-$350M over 2025-2026. We are concerned becoming a pure-play reinsurer may not expand valuation multiples given EG's mixed underwriting track record.

$EG

Research57d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Xylem Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following Q1 results, we trim our 12-month target to $140 from $160, applying a multiple more in line with the broader industrial machinery sub-industry. We value shares at 23.2x our 2027 EPS outlook of $6.02 (in line with previous forecast; 2026 EPS view revised to $5.52 from $5.50). XYL's organic revenues and orders were flat Y/Y, while adjusted EBITDA margins expanded by 20 bps and adjusted EPS increased by 9%. Measurement & Control saw a 15% increase in orders driven by smart metering demand, while Applied Water experienced a surge in orders related to data centers. These gains were offset by declines in the Water Infrastructure and Water Solutions & Services, which was impacted by strategic "walkaway" actions, softness in China, and timing of capital projects. We reiterate our Buy opinion on shares, though we do acknowledge heightened risk associated with a more back-half-weighted earnings guide, with Q3 and Q4 having higher expectations.

$XYL

Research57d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Boston Beer 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 target by $5 to $230, based on a 2027 P/E of 21.9x, a steep discount to SAM's historical average forward P/E multiple on weaker growth expectations. We lower our adjusted EPS estimates to $8.80 from $9.30 for 2026 and to $10.50 from $10.75 for 2027. Following SAM's Q1 earnings release, we lower our estimates and price target and maintain a Hold opinion on the shares. SAM's Q1 earnings fell short of consensus, and the company lowered its 2026 volume guidance but left 2026 adjusted EPS guidance unchanged. In our view, SAM could be challenged to hit the earnings guidance and we think the company will continue to struggle from a volume perspective in the face of weak demand. One silver lining is an expected uptick in consumption from World Cup and USA 250 events. We also like SAM's balance sheet ($129M of net cash at the end of Q1) and robust gross margins (49.3% in Q1), but we see more compelling opportunities across the beverage space at current levels.

$SAM

Research57d ago

Canadian Natural Resources Kept at Outperformer at CIBC Ahead of Q1 Results; Price Target at C$70.00

CIBC Capital Markets reiterated its outperformer rating on the shares of Canadian Natural Resources (CNQ.TO, CNQ) ahead of the May 7 release of its first-quarter results."We estimate Q1/26 production of 1,635 MBoe/d and CFPS of $2.07, vs. consensus of 1,642 MBoe/d and $2.00, respectively. We expect the company to show strong thermal production as Pike 1 ramps up, along with Q/Q growth in the conventional segment, driven by organic and inorganic growth during the quarter. The company repurchased $470 million of shares during Q1/26. We expect the company to reach its $16 billion net debt target by the end of Q1/26 or April 2026, at which time it will increase shareholder returns to 75% from 60%. We expect share buybacks to remain the primary method of shareholder returns.," the investment bank 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: $64.35, Change: $+0.47, Percent Change: +0.74%

$CNQ$CNQ.TO

Research57d ago

Research Alert: CFRA Lowers View On Shares Of Ati Inc. To Buy From Strong Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our $179 12-month target is based on an EV/EBITDA of 19.0x applied to our 2027 EBITDA estimate, above ATI's trailing-12-month average forward EV/EBITDA of 17.4x but below peers' average forward EV/EBITDA of 27.2x. We raise our 2026 EPS by $0.03 to $4.46 and 2027's by $0.11 to $5.51. We lower our rating to Buy from Strong Buy based on elevated earnings multiples, not deteriorating fundamentals. ATI is executing well on its strategy to prioritize high-value aerospace, defense, and specialty energy markets. ATI raised full-year 2026 guidance with adjusted EBITDA now expected at $1.01B-$1.06B (up $35M at midpoint), representing 20% Y/Y growth. Record backlog of $4.1B and extending lead times (1+ years for nickel alloys, nearly 2 years for premium titanium) provide strong visibility. Management expects consolidated EBITDA margins above 20% with 40% incremental margins driven by favorable mix and long-term contract pricing. ATI's differentiated position in capacity-constrained markets supports our positive view.

$ATI

Research57d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Oneok 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 of $96, raised $7, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 10.5x multiple of enterprise value to projected '27 EBITDA, in line with OKE's historical forward average, which yields an $89 value. Meanwhile, our DCF model, using medium-term free cash flow growth of 3.5% and terminal growth of 2.0%, discounted at a WACC of 5.4%, yields a value of $103 per share. We lift our '26 EPS estimate by $0.09 to $5.78, but cut '27's by $0.06 to $6.08. OKE noted that its U.S. Gulf Coast Permian NGL volumes rose 31% in Q1, which we think is at least partly due to the disruption in the Middle East and overseas buyers looking for alternative sourcing. We estimate that the combination of growth capex and dividend outlays will chew up about 83% of operating cash flow in 2026, implying a modest degree of safety, but only slightly better than peers. Shares yield 4.6%.

$OKE

Research57d ago

Cenovus Energy Maintained at Outperformer at CIBC Ahead of Q1 Results; Price Target at C$46.00

CIBC Capital Markets maintained its outperformer rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$46.00 price target ahead of the oil producer and refiner's first-quarter results on May 6."We estimate Q1/26 production of 962 MBoe/d and CFPS of $1.63 vs. consensus of 963 MBoe/d and $1.54, respectively. During Q1/26, we are expecting minimal production impact from the TC outage at Sunrise and note that this will be the first full quarter with production incorporated from the MEG acquisition since the November 13, 2025 closing. At Foster Creek we will be watching for strong production volumes as the optimization project was completed ahead of schedule. At Christina Lake, focus will remain on the final leg of Narrows Lake ramping up into 2026 and updates on the four initially planned redevelopment wells associated with $30 million in synergies at Christina Lake North. At Christina Lake North, we anticipate receiving an update on operations and the work on facility expansion. At West White Rose, given the company's statement of weather issues interfering with commissioning, we will be watching for any updates on modest delays into Q3/26 for first oil. In the downstream segment, we are expecting some reduction in market capture due to the Keystone outage and a significant cash flow increase as a result of FIFO-LIFO changes in inventory," the investment bank 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: $40.36, Change: $+0.54, Percent Change: +1.36%

$CVE$CVE.TO

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