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Research60d ago

CICC Upgrades Shanghai Lujiazui Finance & Trade Zone Development to Outperform from Market Perform; Price Target is 12.80 Yuan

SHA:600663

Research60d ago

ICICI Securities Downgrades Ceat to Hold from Buy; Price Target is INR3,850

BOM:500878NSE:CEATLTD

Research60d ago

Shinyoung Securities Upgrades Ecopro BM to Buy from Neutral; Price Target is KRW240,000

KOSDAQ:A247540

Research60d ago

Macquarie Downgrades Socionext to Neutral from Outperform; Price Target is 2,000 Yen

TYO:6526

Research60d ago

Nomura Downgrades Isuzu Motors to Reduce from Neutral; Price Target is 2,000 Yen

TYO:7202

Research60d ago

Ebest Downgrades Hyundai Wia to Hold from Buy; Price Target is KRW82,000

KRX:011210

Research60d ago

Research Alert: Posco Holdings Q1: Profit Surges As Battery Materials Losses Narrow Sharply

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:POSCO Holdings delivered strong Q1 2026 results with net profit surging KRW693B to KRW467B, revenue rising 6.1% Q/Q to KRW17,876B, and operating profit jumping to KRW707B from KRW13B. The turnaround was broad-based as Battery Materials losses narrowed to -KRW7B from -KRW157B and Infrastructure Business returned to KRW405B profit from a -KRW10B loss, though Steel operating profit declined 35.8% Q/Q on margin pressure. Key progress includes POSCO Argentina reaching 70% commercial utilization and securing 25kt supply agreements with SK On through 2028. The company announced a landmark JSW joint venture for a 6 Mtpa steel mill in India, its largest overseas investment with 2031 completion target. We believe POSCO's new shareholder return policy targeting 35%-40% of adjusted net profit through flexible dividends and buybacks, combined with low-carbon initiatives including a 2.5 Mtpa electrical furnace commissioning in June 2026, positions the company well for growth.

$PKX

Research60d ago

Research Alert: CFRA Maintains Strong Buy Rating On Shares Of Pentair Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price to $115 from $130 following PNR's Q1 earnings print, valuing shares at 19.5x our 2027 EPS outlook of $5.91 (revised down by $0.01; 2026 EPS view in line with previous forecast), slightly above the company's historical multiple average. We see the premium being justified given PNR's portfolio diversification efforts within the water technology space that we see reducing earnings volatility. While Q1 performance was in line with our own expectations, organic sales expansion was a point of concern as management warned of impending channel inventory corrections within the Pools business. Given that this segment is a leader in profitability, any declines in sales/mix could weigh on overall margin results. Despite Pool headwinds, we see PNR's margin trajectory remaining in an uptrend as Flow and Water Solutions build on margin gains through targeted productivity programs and pricing. We see Q1 headwinds being baked into shares and reiterate our Strong Buy view.

$PNR

Research60d ago

Research Alert: Unilever Tops Q1 Views; Volume-led Growth Signals Quality, Guidance Maintained

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Unilever delivered Q1 2026 underlying sales growth (USG) of 3.8%, beating consensus of 3.6%, with well-balanced contributions from pricing (+0.9%) and volume (+2.9%). The volume-led growth was attributed to Power Brands achieving 5.0% USG and 4.0% volume expansion, validating the strategy of focusing investments on its strongest assets. We welcome the tilt toward volume growth as we view it as a healthier expansion indicating higher quality growth and business strength. Management reconfirmed full-year 2026 USG guidance at the bottom end of the 4-6% range with at least 2% volume growth. Emerging markets delivered sustained strength with 5.7% USG, underpinned by a robust 4.2% volume contribution, led by India's 7% USG. Home Care led segmental performance with 6.1% USG and 6.2% volume expansion. Our view remains more optimistic than the consensus estimate of 3.5% as we see continued strength in Unilever's market-leading offerings with strong underlying momentum across categories and geographies.

$UL

Research60d ago

Research Alert: Ing Q1 Profit Beats On Fee Surge Despite Treasury Volatility

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ING posted a Q1 2026 net result beat at EUR1,556M (+6.9% Y/Y) vs. EUR1,425M consensus, though total income growth of 3.3% to EUR5,823M was hampered by lower other income (-41%) due to Treasury volatility. Strong commercial momentum led to EUR15.0B net core lending growth (8.3% annualized) and EUR7.2B deposit growth, while fee income surged 13% Y/Y to EUR1,236M across both Retail and Wholesale Banking divisions. Management confirmed upgraded 2026-2027 guidance, with Q1's EUR5.8B income representing a solid start toward the ~EUR24B annual target, despite seasonally elevated regulatory costs. The EUR1.0B share buyback program demonstrates disciplined capital management while maintaining the 13.0% CET1 ratio near the ~13% target. We believe ING's 13% fee income growth positions it favorably toward the 5%-10% annual growth target and over EUR5B goal for 2027, though execution risks remain as management's confidence relies on sustained volume growth offsetting margin pressures and Treasury volatility normalization.

$ING

Research60d ago

Research Alert: CFRA Lowers Opinion On Adss Of Deutsche Bank To Sell From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our rating to Sell (from Hold) and cut our 12-month target price to USD28 (from USD37). This is based on applying a reduced target P/E multiple of 7.1x (from 9.1x) to our unchanged 2026 EPS forecast. The multiple contraction reflects the invalidation of our previous thesis that the bank had moved beyond its historical risk profile following its Q1 2026 results. A sharp increase in credit provisions challenges the de-risking narrative, a decline in the CET1 capital ratio weakens the capital return story, and faltering performance in core divisions confirms the bank's vulnerability to a deteriorating macroeconomic backdrop. The market's negative reaction underscores a loss of confidence in the quality of the bank's earnings and its ability to navigate mounting headwinds. The risk-reward profile, which we previously saw as balanced, is now clearly skewed to the negative.

$DB

Research60d ago

Research Alert: CFRA Keeps Hold Rating On Shares Of Automatic Data Processing, 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 target price by $50 to $235, valuing shares at 20.1x our next-12-month EPS estimate, a discount to ADP's five-year average forward P/E of 28.5x. We increase our FY 26 EPS estimate by $0.06 to $11.05 and keep FY 27's at $11.94 on respective revenue forecasts of $21.87B (+6%) and $23.03B (+5%). Management's raised guidance across multiple metrics reflects growing confidence in the business model's resilience and the client funds strategy's trajectory. The company increased full-year FY 26 revenue growth expectations to 6%-7% (from approximately 6%) and adjusted diluted EPS growth to 10%-11% (from 9%-10%). Additionally, management raised adjusted EBIT margin expansion guidance to 70 bps-80 bps (from 50 bps-70 bps) and improved U.S. pays per control expectations to approximately 1% (from flat), suggesting continued cautious optimism about employment trends while maintaining focus on the client funds investment strategy as the primary value driver.

$ADP

Research60d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Mondelez International

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 $63, raised $1, reflects a 19x multiple of projected 2027 EPS, in line with MDLZ's historical forward P/E average. We raise our 2026 EPS estimate by $0.06 to $3.08, but cut 2027's by $0.11 to $3.32. We continue to see headwinds related to chocolate and biscuits divisions, though favorable forex has been helping to a degree. MDLZ highlighted plans to stimulate growth with more promotional activity, which could boost revenues (we see an acceleration in revenues in 2027), but may come with the trade-off of narrower margins. We note that cost-saving efforts can also contribute to staving off some of the margin pressure. MDLZ is largely hedged on its cocoa input costs for 2026 but less so in 2027. Thus, if the substantial rise in cocoa pricing in 2025 does not reemerge, it should help the bottom line in 2027 as cost pressures should ease. Share buybacks have also contributed to EPS, and we note that Q1 2026 share count was down 1.5% from one year earlier.

$MDLZ

Research60d ago

Research Alert: Regency Centers Corp Q1: Re-leasing Spreads At 12% As Occupancy Improves

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:REG reported Q1 revenue of $413M (+8.3% Y/Y, +2.0% Q/Q) with lease and property revenue of $403M beating consensus estimates by $3M. Same property NOI reached $286M, up 4.4% Y/Y excluding termination fees, with base rent growth contributing 3.6% to overall NOI performance during the quarter. The company closed 1.5M square feet of comparable new/renewal leases during Q1 at 12.1% cash increases (+24.3% straight-line basis), though this represented a decline from 1.7M square feet completed in Q4. Management maintained full-year 2026 guidance for same property NOI growth of 3.25%-3.75% despite the strong Q1 performance. Rental spreads remained mostly flat Q/Q, suggesting REG may be approaching peak occupancy levels in its portfolio. The strong leasing spreads and consistent NOI growth reflect the continued strength in grocery-anchored retail properties, though the sequential decline in leasing volume may indicate some moderation in market activity levels going forward.

$REG

Research60d ago

Research Alert: Regency Centers Corp Q1: Re-leasing Spreads At 12% As Occupancy Improves

$REG

Research60d ago

Research Alert: Amrize Q1: Materials Growth Offset By Envelope Decline, Guidance Intact

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AMRZ reported mixed Q1 2026 results, with revenue growing 4.7% to $2.178B, though adjusted EBITDA fell 10.3% to $192M and margins compressed 150 bps to 8.8%. Building Materials segment strength (+12.9% revenue, +230 bps margin expansion) was offset by Building Envelope weakness (-9.8% revenue, -500 bps margin contraction). The company announced plans to begin its $1B share repurchase program and paid its first quarterly dividend of $0.11 per share. Management reaffirmed full-year guidance for revenue of $12.29B-$12.52B (up 4%-6%) and adjusted EBITDA of $3.25B-$3.34B (up 8%-11%). Consolidated profitability was pressured by elevated corporate costs of $56M following the Holcim separation, up from $30M prior year, though segment-level EBITDA excluding corporate costs increased 1.6%. Net leverage remained at 1.7x, with negative FCF of $1.163B reflecting typical seasonal patterns where cash generation concentrates in the second half.

$AMRZ

Research60d ago

Research Alert: Sfm: Q1 Beat Against A Low Bar; Results Still Challenged

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:SFM reported Q1 2026 net sales of $2.329B (+4% Y/Y) due to new stores as comp sales declined 1.7%, though better than the -2.1% consensus. EPS of $1.71 fell 6% Y/Y but exceeded the $1.68 consensus despite margin pressures from price investments and loyalty program spending. The company opened six new stores in Q1 and maintains plans for 40+ openings in 2026, showing confidence in its unit growth strategy. Management maintained 2026 guidance for net sales growth of 4.5%-6.5%, comp sales of -1% to +1%, and EPS of $5.32-$5.48. Gross margin compressed 20 bps to 39.4%, while EBIT margin declined 90 bps to 9.2%, reflecting the challenging retail environment. The balance sheet remains strong, with $252M cash, zero debt on $600M credit facility, and $235M operating cash flow supporting $140M in share repurchases. We expect sequential improvement through 2026 as promotional and loyalty initiatives gain traction, while financial flexibility provides a buffer during this difficult period.

$SFM

Research60d ago

Research Alert: Invitation Homes Q1 2026 Results: Operational Headwinds And Margin Compression

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:INVH reported challenging Q1 2026 results, with Core FFO per share flat at $0.48 and AFFO declining 2.6% to $0.41. Same Store NOI declined 0.3% Y/Ythe first quarterly decline in recent periodsas expenses surged 5.7% while revenues grew only 1.6%. The results highlight persistent operational headwinds facing the single-family residential rental sector. Occupancy declined 90 bps to 96.3%, and new lease spreads remained negative at -3.0%. Management maintained its 2026 guidance, with Core FFO expected at $1.90-$1.98 and AFFO at $1.60-$1.68, though the underlying assumptions suggest continued margin pressure. The company completed its $500M share repurchase program and authorized a new $500M program, reflecting management confidence. We believe the challenging operating environment with limited pricing power and rising expenses will continue pressuring margins. INVH maintains strong liquidity of $1.3B and a net debt/TTM adjusted EBITDAre of 5.6x, which is within its targeted range.

$INVH

Research60d ago

Research Alert: Mattel Posts Mixed Fq1 With Strength In Its International Business

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MAT posted mixed Q1 2026 results with net sales increasing 4% Y/Y to $862M, $53M above estimates, driven by International strength (+15%) offsetting North America weakness (-3%). Gross margin compressed 450 bps Y/Y to 44.9% due to tariff costs, unfavorable FX, and inflation, while adjusted EPS deteriorated to a loss of $0.20 vs. a $0.02 loss in the prior year, in line with estimates. We believe the muted market reaction reflects challenging margins, though valuation remains attractive with shares trading under 12x guidance. Management raised full-year operating income guidance to $580M-$630M and adjusted EPS to $1.27-$1.39. Category performance was mixed with Vehicles (+17%) and Action Figures (+21%) showing strength while Dolls declined 8% and Infant, Toddler, and Preschool fell 16%. Hot Wheels grew 17% while Barbie declined 16%. MAT completed the Mattel163 acquisition and repurchased $200M in shares. We believe the raised guidance suggests management's confidence in back-half improvements.

$MAT

Research60d ago

Research Alert: Ar Q1 2026: Cash Cost Improvements And Volume Growth On The Horizon

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AR kicked off 2026 with Q1 adjusted EPS of $1.15 vs. $0.78, beating consensus by $0.01. Adjusted EBITDAX of $723M rose 32% Y/Y on strong pricing and record production of 3.9 Bcfe/d (up 13%). Natural gas realizations averaged $5.57/Mcf, a $0.53 premium to NYMEX. Net production benefited from 21% Y/Y gas volume growth to 2.6 bcf/d. We see the $2.8B HG acquisition (closed Feb '26) as a key catalyst. Management expects 15% Q2 cash cost reductions and integration benefits. AR guides to CY26 production of 4.1 bcfe/d (20% Y/Y growth) and all-in cash costs of $2.25-$2.35/Mcfe, down $0.10 at midpoint. We estimate AR has 45% hedge protection in '26 at $3.91/MMBtu and 30% in '27. This provides downside support while maintaining upside to spot prices. Given Qatar LNG capacity losses and AR's 2.3 Bcf/d of LNG-linked sales in Q1, we see rising pressure to source incremental U.S. gas. This supports our constructive view on pricing.

$AR

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