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Research Alert: Equinix Q1: Revenue And Affo Miss, Large Ai Deals Fuel $378m Bookings Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:EQIX reported Q1 total revenue of $2.44B, up 9.8% Y/Y from $2.23B in the prior year, though falling $66M short of consensus estimates. Colocation revenue grew 12.0% to $1.73B, while Interconnection revenue increased 13.5% to $446M, with Managed Infrastructure remaining flat at $115M and non-recurring revenue declining 18.1% to $113M. The company demonstrated strong underlying momentum with Q1 annualized bookings reaching $378M and record annualized presales of $140M, with approximately 60% of the largest deals being AI-related, highlighting EQIX's strategic positioning to capitalize on the AI megatrend driving data center demand. We expect interconnection revenue growth to accelerate Q/Q in 2026 from the current 13.5% Y/Y pace, a trend that has shown consistent improvement for five consecutive quarters. In our view, this trend positions EQIX well for continued expansion in this high-margin segment as enterprise AI adoption broadens across industries.

$EQIX

Research60d ago

Research Alert: Amzn: Strong Beat As Aws Growth Accelerates To 28%; Q2 Outlook Also Solid

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AMZN delivered strong Q1 2026 results with revenue of $181.6B beating the $177.2B consensus and operating income of $23.9B significantly exceeding the $20.7B consensus. Growth accelerated across all segments, with AWS leading at 28% (vs. 24% in Q4 2025), marking the fastest pace in 15 quarters (due to robust AI workload adoption). AWS margins expanded to 37.7% from 35.0% in Q4 2025 despite elevated capex, with AMZN's custom silicon business now exceeding $20B annual run rate with triple-digit growth and major commitments from OpenAI and Anthropic providing strong visibility. Management guided Q2 revenue to $194B-$199B, well above $188.9B consensus. We believe the results demonstrate successful monetization of AI infrastructure investments, with retail showing robust momentum including 15% unit growth and continued same-day delivery expansion. Free cash flow turned negative at -$17.2B due to $43B net capex, reflecting deliberate trade-offs for long-term AI positioning that should begin monetizing in 2027-2028.

$AMZN

Research60d ago

Research Alert: Qcom: Mar-q Beats; Navigating The Storm As Best As It Can

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:QCOM posted Mar-Q revenues of $10.6B (-3% Y/Y) vs. the $10.4B expected, with Non-GAAP EPS of $2.65 (-7% Y/Y) vs. the $2.56 forecast. The revenue decline reflects memory supply constraints impacting handset demand, with QCT down 4% to $9.1B and handset revenues declining 13% to $6.0B, while QTL was up 5% to $1.4B with 72% margins. QCOM's diversification strategy shows strong momentum with automotive at a record $1.3B (+38% Y/Y) and IoT growing 9% to $1.7B, validating QCOM's strategic pivot toward higher-growth markets. Jun-Q guidance of $9.2B-$10.0B revenues and $2.10-$2.30 EPS compares to consensus estimates of $9.6B/$2.43, reflecting continued memory headwinds. We see progress in data center opportunities with hyperscaler engagement on track for initial shipments in calendar 2026. QCOM expects Chinese handset revenues to trough in Jun-Q before sequential growth in Sep-Q, and announced a new $20B share repurchase authorization, demonstrating long-term confidence.

$QCOM

Research60d ago

Research Alert: Alphabet Posts Strong Q1 Beat; Cloud Backlog Nearly Doubles

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GOOG delivered exceptional Q1 results with revenues of $109.9B (+22% Y/Y vs 18% forecast) and EPS of $5.11, well ahead of $2.63 consensus. Google Cloud was the standout with remarkable 63% growth to $20.0B, accelerating from historical rates and demonstrating success in capturing enterprise AI demand. The cloud backlog nearly doubled to over $460B, providing strong future revenue visibility and validating management's AI infrastructure investments. AI momentum is generating high ROI across the ecosystem, with Gemini models processing 16B tokens per minute (+60% Q/Q) and driving usage expansion across core products, including Search revenues of $60.4B (+19%). Operating leverage remains strong despite heavy AI investments, with operating margin expanding 200 bps to 36.1% and operating income growing 30% to $39.7B. We believe the diversified growth reinforces platform strength, with Google Services growing 16% and emerging initiatives like Waymo showing progress with 500k autonomous rides weekly.

$GOOG

Research60d ago

Research Alert: Alphabet Posts Strong Q1 Beat; Cloud Backlog Nearly Doubles

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GOOGL delivered exceptional Q1 results with revenues of $109.9B (+22% Y/Y vs 18% forecast) and EPS of $5.11, well ahead of $2.63 consensus. Google Cloud was the standout with remarkable 63% growth to $20.0B, accelerating from historical rates and demonstrating success in capturing enterprise AI demand. The cloud backlog nearly doubled to over $460B, providing strong future revenue visibility and validating management's AI infrastructure investments. AI momentum is generating high ROI across the ecosystem, with Gemini models processing 16B tokens per minute (+60% Q/Q) and driving usage expansion across core products, including Search revenues of $60.4B (+19%). Operating leverage remains strong despite heavy AI investments, with operating margin expanding 200 bps to 36.1% and operating income growing 30% to $39.7B. We believe the diversified growth reinforces platform strength, with Google Services growing 16% and emerging initiatives like Waymo showing progress with 500k autonomous rides weekly.

$GOOGL

Research60d ago

Research Alert: CFRA Raises Opinion On Shares Of Penske Automotive Group To Hold From 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 by $25 to $170, based on a 2027 P/E of 11.8x, a premium to the stock's 10-year forward P/E of 9.8x. We lower our EPS estimates to $13.40 from $13.85 for 2026 and to $14.35 from $15.00 for 2027. However, we are raising our price target and our rating to Hold from Sell. This morning, PAG posted Q1 adjusted EPS of $3.05 vs. $3.59 (-15%), ahead of the $2.88 consensus. The beat was driven by a stronger-than-expected top line, as revenue fell 1.1% to $7.86B ($150M ahead of consensus) and gross margin contracted 10 bps to 16.5% (10 bps short of consensus). While we continue to view the stock's valuation as full and prefer other names in the auto dealership space, currency has provided a significant earnings tailwind for PAG given its significant international exposure, allowing it to exceed Street expectations. Additionally, the company continues to return cash to shareholders in the form of buybacks and dividends, helping support EPS amid demand-related headwinds.

$PAG

Research60d ago

Research Alert: CFRA Lifts Opinion On Shares Of Enphase Energy, Inc. To Hold From Sell

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 $35, or 17.5x our 2026 EPS view. This is below ENPH's five-year average (~27x) given weak solar demand and regulatory headwinds. We lower our 2026 EPS by $0.31 to $2.00 and 2027's by $0.31 to $2.40. U.S. solar demand continues to worsen, with sell-through for Q1 and Q2 (expected) coming in approximately 15% below management's initial expectations for the year. We think regulatory frictions are playing a role as residential customers switch to the TPO model, and these headwinds will likely persist in the near term. However, we expect the TPO model to gain traction by 2027 as homeowners grow comfortable with the new offerings. Meanwhile, we expect improving battery demand in Europe, where activations are already improving across several markets and the Strait of Hormuz closure is amplifying resilience concerns. We also see longer-term upside from ENPH's new data center-focused platform (IQ SSTs), with revenues likely to materialize in 2028, despite the highly competitive landscape.

$ENPH

Research60d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Welltower 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 $5 to $245, 38.5x our 2026 FFO estimate, a premium to WELL's historical forward one-year average multiple (33.4x). WELL's Senior Housing Operating (SHO) same-store portfolio continues to outperform our expectations. We lift our 2026 FFO estimate by $0.14 to $6.36 and raise 2027 by $0.21 to $7.16. SHO same-store net operating income (NOI) was up 22% Y/Y, while expense per room increased only 0.4% driving a 320-bp margin expansion in the quarter. This growth is seen in new and stabilized properties, with 95% occupancy communities still generating 20% NOI growth in Q1 due to 5% RevPOR growth. WELL is now monetizing its proprietary data science AI with Public Storage (PSA) and a large private equity form using it to accelerate its own transaction platforms. While this is a small piece of revenue now, we see this as an asset light, very high margin opportunity for further expansion into real estate operators in non-health care industries.

$WELL

Research60d ago

Research Alert: CFRA Upgrades View To Hold From Sell On Shares Of Toromont Industries Ltd.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our rating to Hold from Sell due to strong revenue growth and margin performance in Q1 without mining contributing. We lift our target to CAD224 from CAD166 based on averaging 16.0x our 2027 EV/EBITDA and a 26.0x P/E on our 2027 EPS. We raised our multiples due to fundamental resilience in top-line growth and Q1 margin strength without mining participating. We also view the commodity pricing environment to be longer lasting than initially, which should benefit TIH. While we expect mining orders to materialize, current valuations appear to have them priced in. Shares have been resilient in a turbulent period and trade at decade highs on an absolute basis. Yet, the seemingly long-term alteration of geopolitics has brought commodities into the spotlight, as well as Canada's sovereignty, as U.S. relations sour. Both should benefit TIH, and the recently announced Canada Strong Fund is an example of this sentiment. We lower our FY 26 EPS to CAD6.57 from CAD6.88 and raise FY 27 to CAD8.13 from CAD7.22.

$TIH

Research60d ago

Research Alert: CFRA Retains Buy Rating On Shares Of Regeneron Pharmaceuticals, 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 price to $846 from $866, based on 16.1x our 2027 EPS estimate, below REGN's 10-year historical forward P/E average. We raise our 2026 EPS estimate to $47.92 from $45.59 and our 2027 EPS estimate to $52.62 from $46.25. Shares of REGN are down nearly 8% today despite the company reporting a strong start to 2026, with Q1 sales up 19% Y/Y and adjusted EPS of $3.57, beating expectations. While REGN acknowledged the temporary interruption in bulk manufacturing at its Ireland facility that negatively impacted the GAAP gross margin, we think the market reaction has been too strong as product availability was not affected and full production is expected to resume by end of Q2. We continue to think 2026 could be a pivotal year, with several key approvals and the initiation of 18 Phase 3 studies. We also positively view the April 23 agreement with the Trump administration, and REGN's commitment to Most Favored Nation pricing while receiving three years of tariff relief on pharmaceutical imports.

$REGN

Research60d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Costar Group, Inc.

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 $10 to $43, valuing shares at 30.9x our 2026 non-GAAP EPS estimate vs. the one-year average multiple of 64.9x. We increase our 2026 adjusted EPS estimate by $0.12 to $1.39 and leave 2027 unchanged at $1.86. Homes.com platform revenue grew to $26M (+58% Y/Y) as it added 4,300 new members with an internal analysis revealing the average subscriber earned $36K more in commissions in their first year (an 11x ROI for agents). We believe this value proposition will drive additional agent subscriber growth with CSGP already planning to raise subscription prices later this year. One notable weakness was bookings growth slowing Q/Q to 20% Y/Y, but international bookings were up 44% Y/Y from a much smaller base. We anticipate bookings will accelerate Q/Q, with Q1 being a weaker quarter due to seasonality. We now expect the activist hedge funds to be supportive of CSGP with the Homes.com outlook improving and management reducing planned marketing spend.

$CSGP

Research60d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Kimberly-clark Corp

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 $6 to $104, 14x our 2026 EPS estimate (from 16x), a discount to its 19x five-year average forward multiple, reflecting integration risks stemming from the acquisition of Kenvue Inc. (KVUE 17 ***). We lower our 2026 EPS estimate to $7.45 from $7.56 and keep 2027's at $6.31. Following Q1 results, we maintain our Hold rating, reflecting a balanced assessment of operational momentum, with adjusted EPS of $1.97 beating the $1.95 consensus estimate, against a conservative full-year outlook. Management maintained organic sales growth guidance despite the Q1 beat, disappointing investors that expected an upward revision. Operating margin contracted 60 bps as higher operational and raw material costs offset productivity gains. Additionally, the KVUE acquisition introduces integration risks, having received shareholder approval but still pending regulatory approval. At current levels, we see balanced risk/reward and would become more constructive if management raised guidance.

$KMB

Research60d ago

Research Alert: CFRA Keeps Buy Rating On Shares Of Robinhood Markets, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HOOD is trading down today (~13%) as investors weigh softer-than-anticipated transaction revenue against a newly announced $100M increase in the 2026 expense outlook. In our view, the mixed April trends, with booming equity volumes but stagnant crypto activity, were not enough to overcome concerns about near-term margin pressure from the increased spending. We lower our target by $17 to $93, representing 31.0x our 2028 EPS view vs. the peer average of 26.1x. We decrease our 2026 EPS estimate by $0.30 to $1.94, keep 2027's at $2.53, and decrease 2028's by $0.49 to $3.00. Our revenue and adj. EBITDA margin forecasts are $5.15B (+15%) and 52% in 2026, $6.19B (+20%) and 57% in 2027, and $6.90B (+11%) and 58% in 2028. On a positive note, HOOD secured the "Trump Accounts" opportunity, confirming our view that it was the ideal candidate to capture millions of future investors. This win, coupled with strong momentum in prediction markets and strategic international expansion, underpin a diversified long-term growth pipeline.

$HOOD

Research60d ago

BofA Securities Upgrades Victoria's Secret to Buy From Neutral, Raises Price Target to $68 From $58

Victoria's Secret (VSCO) has an average rating of overweight and mean price target of $58.67, 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: $50.86, Change: $-0.87, Percent Change: -1.68%

$VSCO

Research60d ago

Research Alert: CFRA Downgrades Rating To Sell From Hold On Shares Of Essex Property Trust, 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 $15 to $250 using a narrower equity risk premium and a forward P/FFO of 15.5x, which is in line with the multifamily residential REIT average. We keep our 2026 FFO estimate at $16.15 and lower 2027's by $0.05 to $16.45 on respective revenue projections of $1.94B and $1.98B. Rental revenue is not yet rebounding to historical growth levels. Across the industry, we are seeing inflation in key operating expenses exceeding revenue growth, and this leads to modest gains in cash NOI growth Y/Y. We expect these market conditions to continue as pricing power for ESS and its peers seems to have eased. In particular, ESS has a West Coast portfolio profile that is exposed to significant job layoffs in the technology sector. In our opinion, we have not yet seen the tail risk of major announcements just released in recent weeks. ESS has the challenge of complying with strict housing guidelines in California, leading to the trust historically underperforming peers in other parts of the country.

$ESS

Research60d ago

Research Alert: CFRA Keeps Buy Rating On Shares Of Biogen Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target at $236, 13.8x our new 2027 EPS view, a discount to BIIB's five-year historical forward P/E average of 14.1x. We lower our 2026 EPS view to $15.24 from $16.14 to adjust for the impact from acquired IPR&D. We keep our 2027 EPS view at $17.16. BIIB reported a strong start to 2026, with sales of $2.5B and adjusted EPS of $3.57. We see a successful stabilization of the business after years of decline, due to a 12% Y/Y increase in the growth products portfolio. In our view, during the analyst call, management presented a clear strategic vision centered on the pending $5.6B acquisition of Apellis, expected to close in Q2, which can transform BIIB into a growth company by adding two commercial assets, Syfovre and Empaveli. We think the Apellis deal could bridge a revenue gap until 2028, when the company's late-stage pipeline matures. Via this acquisition, BIIB also gains nephrology expertise and an established infrastructure, which could set its key asset Felzartamab launch for success.

$BIIB

Research60d ago

First Quantum Keeps Outperform and C$47 Target at National Bank Which Says "Higher By-Product Credits & Surplus Acid Sales Provide Some Offset to Cost Inflation"

$FM.TO

Research60d ago

CGI Keeps Outperform Rating, C$150 Target at National Bank, Citing "Compelling Value", In-Line Q2 Results and "Light(er) Booking"

$GIB-A.TO

Research60d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Humana

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 $256 from $215, a 17x multiple of our 2027 EPS estimate, near HUM's 16.7x five-year historical forward average multiple. We think HUM is in the midst of a multiyear turnaround to improve profitability, with significant earnings growth expected looking out to 2027-2028. However, we see 2026 as a challenging period, characterized by industry-wide cost pressures and elevated levels of medical utilization. We lower our 2026 EPS estimate by $0.34 to $8.71 and our 2027 EPS estimate by $0.03 to $15.04. We think HUM improved investor confidence in the turnaround plan by maintaining its 2026 financial outlook and goal of 3% Medicare Advantage margin by 2028, though we note significant Medicare Stars Quality ratings updates (a more detailed outlook anticipated in Q2 earnings reports), as well as 2028 Bonus Year Stars ratings (expected in October), which add some uncertainty to near-term expectations.

$HUM

Research60d ago

Research Alert: CFRA Lowers Rating On Alexandria Real Estate Equities, Inc. 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 decrease our 12-month target by $29 to $35, a forward P/FFO of 6.1x our 2027 FFO estimate, a discount to ARE's one-year average (7.6x) due to negative re-leasing rates, planned asset sales, and a slowdown in leasing. We see 2027 revenue 17.8% lower than 2025 based on property sales/declining rents. We lower our 2026 FFO estimate by $0.26 to $6.27 and 2027's by $0.41 to $5.74. We now believe management has no visibility into re-leasing and occupancy trends even for 2H 2026 given the larger-than-expected decline in Q1 (-15.8% vs -5.2% in Q4 2026). While management believes AI will not replace physical labs, it could compress timelines and slow re-leasing in the near term. Management perceives the lifting of the 15% NIH limitation on reimbursement of indirect costs as a big win, but we do not anticipate this creating new demand in the near term. We also note that there is 1.5M sqft of lease expirations in 2027 that management now believes will have downtime negatively impacting 2027 by $97 million.

$ARE

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