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Research Alert: O-i Glass Inc Q1: Revenue Beats With Guidance Down Due To Cost Inflation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:O-I Glass's Q1 2026 results exposed the fragility of its cost-cutting recovery, with adjusted EPS collapsing 87.5% to $0.05 from $0.40 in the prior year, missing consensus by $0.07. Net sales declined 1.7% to $1.54B, though beating consensus by $66M, while shipment volumes fell 8%. The dramatic earnings decline occurred despite continued execution of the Fit to Win program, which delivered $50M in gross benefits, underscoring the magnitude of external headwinds. Management noted sequential improvement, with March volumes declining only 2%. European operations showed significant vulnerabilities, highlighting the defensive nature of recent margin improvements. We believe the results demonstrate that cost-cutting measures cannot fully offset the structural challenges facing the glass packaging industry, with external pressures overwhelming operational efficiencies and raising questions about the sustainability of the turnaround narrative.

$OI

Research61d ago

Research Alert: Bxp, Inc. Q1: Re-leasing Spreads Negative As Leverage Increases

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BXP reported Q1 revenue of $872M, up 0.8% Y/Y and $18M ahead of consensus expectations, though declining 0.6% Q/Q reflecting sequential softness. The company signed 68 leases totaling 1.1M square feet with a weighted-average lease term of 8.7 years, representing a significant 39% decline Q/Q in leasing activity volume. Leasing fundamentals remained challenging with second-generation leasing showing negative rental spreads as gross rents declined 1.9% and net rents fell 3.2% during the quarter. We view the persistent negative rental spreads and weak Q/Q leasing growth as concerning indicators for near-term operational performance. In our view, the significant decline in leasing activity, coupled with continued rent compression, suggests ongoing headwinds in BXP's core office markets. We believe the company faces continued pressure from challenging market dynamics that are likely to persist in the near term, despite the modest revenue beat this quarter.

$BXP

Research61d ago

Research Alert: Veralto: Full-year 2026 Guidance Lifted Following Q1 Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:VLTO delivered a Q1 EPS beat of $1.07 vs consensus of $1.01 (up 12.6% Y/Y), with core sales advancing 2% due to Water Quality's 4% growth offsetting Product Quality's 1% decline. Adjusted operating margins expanded 10 bps to 25.1%, reflecting operational leverage despite mixed segment performance. The company deployed approximately $1B in capital, including $620M for strategic acquisitions of In-Situ and GlobalVision and $300M in share repurchases representing 1.3% of outstanding shares. Management raised full-year adjusted EPS guidance to $4.20-$4.28 from prior $4.10-$4.20 range as the core sales outlook strengthens. VLTO initiated a cost optimization program targeting $65M-$75M in annual savings by 2028, while robust FCF of $170M rose 19.7%. We believe the enhanced FCF conversion guidance of ~100% of GAAP net earnings underscores balance sheet flexibility to pursue additional strategic opportunities while delivering shareholder returns.

$VLTO

Research61d ago

Research Alert: Renissancere Holdings Ltd. Posts Mixed Q1 2026 Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:RNR posted Q1 operating EPS of $13.75 versus an operating loss of $1.49 a year ago, significantly beating our $7.54 estimate and the $11.22 consensus on improved underwriting profitability. Operating revenues declined 17% to $2.6B, lagging our forecast, primarily reflecting a nearly 20% drop in earned premiums. Underwriting results improved significantly with Q1 underwriting profit of $588.8M versus a $770.6M loss, and the combined ratio improved to 73.0% from 128.3%. Management noted the firm continues to "shape the underwriting portfolio to deliver superior returns" by deploying additional limit into property catastrophe business. Net written premiums declined over 22% in Q1 to under $2.7B. RNR repurchased $352.5M of shares in Q1 and $1.6B in 2025, reducing share count by 12.8%. Tangible book value grew to $263.58/share from $206.79 a year ago. At current levels, shares trade at about 1.2x tangible book value, in line with the peer group average range of 0.8x-1.4x.

$RNR

Research61d ago

Research Alert: Ter Beats Expectations, But Q2 Guidance Only In Line, Disappointing The Bulls

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TER's results again beat consensus in Q1, with sales of $1.28B (+87% Y/Y) outpacing the Street's $1.22B by 5.5% and non-GAAP EPS of $2.56 (+241%) beating expectations for $2.11 by 21%. While still impressive, these results may disappoint more bullish investors, following Q4's blowout beats of 11%/30% for sales/EPS, respectively. Guidance was similarly underwhelming given high expectations, with midpoints of $1.20B in revenue and $2.01 in EPS coming in only just above the Street's views of $1.19B/$1.96, whereas last quarter's guidance beat by an eye-popping 27%/66% for sales/EPS. AI comprised approximately 70% of demand during the quarter, as expected. Semiconductor Test (87% of sales) accelerated +105%, System Test grew +78%, and Robotics rebounded +32% after declines throughout 2025, reflecting broad-based demand. We think 2H will start to reverse 1H's strength given order lumpiness and management's warnings of demand pull-in, with ongoing memory/cleanroom constraints potentially adding pressure.

$TER

Research61d ago

Research Alert: Equity Residential Delivers Slight Ffo Beat And Revenue Miss In Q1 2026

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:EQR delivered Q1 2026 FFO of $0.99, beating consensus by $0.02, though rental revenue of $780M slightly missed expectations. The company's blended lease rate of 1.5% remained flat Y/Y, with new lease rates declining 2.8% due to incentives offset by strong renewal rates of 4.7%. We maintain our Hold rating based on operating expense pressure suppressing cash NOI growth in 2026. Management guides for 2026 same-store revenue growth of 1.2%-3.2%, expense growth of 3.0%-4.0%, and cash NOI growth of 0.5%-2.5%, with strength expected in 2H 2026. EQR's coastal market strategy continues demonstrating value, with San Francisco leading at 6.5% revenue growth and New York at 4.6%, while expansion markets like Denver (-5.9%) and Atlanta (-2.0%) face new supply pressure. EQR has premium coastal markets where limited new supply enables pricing power, though higher operating costs remain a risk. The development pipeline totals $863M for 1,824 units when complete. Planned property acquisitions are $165M in 2026.

$EQR

Research61d ago

Research Alert: Omc: Q1 In Line With Strong Margin Expansion; Ipg Integration Progressing

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OMC posted Q1 adjusted EPS of $1.90, up 12.2% but below the $1.91 consensus estimate. Core Operations revenue grew 6.7% to $5.6B, in line with consensus, with 3.9% organic growth and adjusted EBITA margin expanding 240 bps to 14.8%, driven by IPG acquisition synergies. Management remains on track to achieve its $1.5B total synergy target, with strong performance driving 27.6% EBITA growth to $833.5M despite integration charges. Revenue is diversified with Integrated Media representing 51.5% of Core Operations, while the U.S. accounts for 61.4% geographically, positioning the company across multiple service lines and markets. The company completed $2.8B in share repurchases under its $5.0B authorization, demonstrating confidence in integration success. We believe the combination of synergy realization and disciplined capital allocation positions OMC for sustained profitability growth, though organic growth acceleration beyond 3.9% will be key as integration efforts mature.

$OMC

Research61d ago

Research Alert: Extra Space Storage Q1: Same-store Revenue Improved Q/q To +1.7%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:EXR reported Q1 revenue of $856M (+4.4% Y/Y), with property revenue of $733M beating consensus by $5M. Same-store revenue improved to +1.7% Y/Y ($679M) from 0.4% in Q4, while same-store net operating income grew 1.2% Y/Y to $477M as operating expense growth of 2.7% Y/Y continued to outpace revenue performance. The sequential improvement in same-store revenue growth suggests some operational stabilization, though persistent margin pressure remains a concern. Management's current guidance implies elevated expenses in 2H 2026, with same-store expense growth expected to outpace revenue growth again in 2026. We believe the ongoing expense revenue growth imbalance will continue to pressure net operating income margins and limit the company's ability to generate meaningful operating leverage throughout the year. The persistent cost headwinds represent a key structural challenge for EXR's profitability outlook, particularly given management's expectation that this unfavorable dynamic will extend well into next year.

$EXR

Research61d ago

Research Alert: Fico Delivers Strong Q2, Raises Guidance Amid News Noise

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FICO delivered exceptional Q2 FY 26 results with revenue of $692M (+39% Y/Y) beating consensus $627M by 10%, while non-GAAP EPS of $12.50 (+60% Y/Y) crushed consensus $10.97 by 14%. The Scores segment drove performance with $475M revenue (+60% Y/Y) as B2B revenue surged 72% from higher mortgage origination pricing and volumes. This validates FICO's pricing strategy and demonstrates its market dominance in credit decisioning. Software showed encouraging progress with platform ARR accelerating 49% Y/Y and platform dollar-based net retention rates reaching 136%, indicating successful cloud migration. Operating margin expanded 900 bps to 58.2%, demonstrating significant leverage, while FCF surged 227% to $214M. Management raised FY 26 guidance with revenue increasing to $2.45B from $2.35B, and EPS guidance lifted to $40.45 from $38.17, both below consensus. We believe management is balancing confidence in near-term mortgage scoring demand and platform software traction against the new competitive dynamics.

$FICO

Research61d ago

Research Alert: Southern Copper Q1: Record Results On Surging Metal Prices

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Southern Copper delivered record Q1 2026 results, with net income surging 67% Y/Y to $1.58B and EPS of $1.92 beating consensus by $0.11, due to silver prices jumping 158% and copper rising 38% to $5.83/lb. Net sales increased 36% Y/Y to $4.25B, while adjusted EBITDA climbed 55% to $2.71B, with margins expanding to 63.8%. Despite strong financial performance, copper production declined 4% Y/Y to 230,544 tons due to lower ore grades at Peruvian operations, though operating cash costs turned negative at -$0.11/lb versus $0.77 prior year due to higher prices co-products. Management expects ore grade recovery by year-end 2026 and into subsequent years. Operating cash flow surged 135% Y/Y to $1.69B, funding $442M in capex as part of the aggressive $20.5B investment program. The Tia Maria project reached 32.5% completion and remains on track for Q3 2027 startup. Leonardo Contreras Lerdo de Tejada was appointed as CEO, following the passing of former CEO Oscar Gonzalez Rocha, who led the organization for five decades.

$SCCO

Research61d ago

Research Alert: Enph Posts In-line Results And Guidance As U.s. Resi Sell-through Deteriorates

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ENPH posted Q1 sales of $283M (-21% Y/Y), near consensus ($282M). Non-GAAP EPS of $0.47 (-31% Y/Y) also slightly beat expectations ($0.45). Non-GAAP gross margin of 43.9% declined 220 bps sequentially and 500 bps Y/Y, mainly due to lower sales and elevated tariff impacts of 430 bps. U.S. demand deteriorated as expected, with sell-through falling 48% Q/Q and 18% Y/Y as the residential solar credit expired at year-end 25. ENPH disclosed $844M in TPO agreements YTD, which we view as supportive for future residential solar growth. The company also announced a new 1.25 MW data center product targeting 800-V AI racks. We think this product offers upside around 2028. However, we expect minimal near-term price movement, as the market is crowded and we view the announcement as largely expected. Q2 guidance calls for a sales midpoint of $295M (-19% Y/Y), matching consensus, with a gross margin of 45.5% exceeding the Street view (44.5%). We estimate Section 45-X credits provided about 1,000 bps of margin benefit in Q1.

$ENPH

Research61d ago

Research Alert: Mkl Q1: Operating Beat Masks Flat Growth And Competitive Pressures

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MKL posted a Q1 GAAP loss of $18.90/share vs. $12.08 EPS a year ago, reflecting wider investment losses of $728M, though operating EPS of $39.40 vs. $37.40 beat our $26.10 estimate and $26.34 consensus. Operating revenues were flat vs. our 4%-7% growth forecast, with premium revenues declining 1.9%. We view these results as mixed, reflecting a more competitive market environment that may be exacerbated by internal factors, including activist interest from Jana Partners. Management noted recent streamlining actions but has not commented on the status of the previously announced activism. Underwriting results improved with the combined ratio at 93% vs. 96%, though still lagging some peers despite $35M in Middle East conflict losses.

$MKL

Research61d ago

Research Alert: Oke: Strong Volume Growth In Q1

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OKE posted Q1 EPS of $1.23 vs $1.04 prior year, missing consensus by $0.07, while adjusted EBITDA of $2.0B rose 13% Y/Y due to strong volume performance across most segments and enhanced optimization activities. The Natural Gas Pipelines segment led growth, with EBITDA surging 60% to $339M, primarily from $92M increased optimization and marketing activity, including $70M favorable Waha-Katy price differentials and $19M from Winter Storm Fern impacts. Natural Gas Gathering & Processing faced commodity headwinds, with EBITDA declining 5% to $467M despite broad-based volume improvements, while Natural Gas Liquids segment generated solid 11% EBITDA growth to $706M. OKE raised 2026 guidance, with net income increased to $3.5B midpoint and adjusted EBITDA to $8.25B midpoint, reflecting strong segment performance and improved market conditions. The company maintained capex guidance at $2.7B-$3.2B while completing strategic initiatives including the Permian plant relocation and $491M debt redemption.

$OKE

Research61d ago

Research Alert: Waste Management: Broad-based Margin Gains Support Q1 Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:WM's Q1 results exceeded expectations, with operating EPS of $1.81 (up 8.4% Y/Y) vs. consensus of $1.74, driven by better-than-anticipated margin execution. Adjusted EBITDA margin expanded 70 bps to 29.8%, with Recycling and Renewable segments showing impressive gains of 370 bps and 790 bps, respectively. We believe operational efficiency initiatives are paying dividends as WM invests in technology and automation to optimize its cost structure, a trend that should continue supporting margin expansion in 2026 and beyond. Core pricing remained robust at 6.3%, reflecting WM's pricing power as the company shifts toward higher-margin contracts. WM completed three recycling facilities during the quarter, adding nearly 300K tons of processing capacity in growing markets. We see newer automated facilities as making this business more profitable. Healthcare Solutions integration was notable, with adjusted EBITDA growing 11.6% despite slight revenue decline, driven by SG&A cost management and synergy capture.

$WM

Research61d ago

Research Alert: Essex Property Trust, Inc. Post Ffo Beat And Revenue In Line

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ESS delivered solid Q1 2025 results, with FFO of $4.17 per share, $0.21 above consensus, and same-property revenue growth of 2.9%. Cash NOI grew 4.3% Y/Y due to rental revenue of $482M, with average monthly rent up 2.2% to $2,719. We believe the West Coast multifamily market is showing modest growth, with Northern California leading the recovery at 3.9% same-property revenue growth, followed by Seattle Metro at 2.3% and Southern California at 2.2%. Management reaffirmed 2026 guidance, with FFO expected at $15.69-$16.19 per share and same-property revenue growth of 1.7%-3.1%. ESS increased its annual dividend by 0.8% to $10.36 per share, marking the 32nd consecutive annual increase, while repurchasing $61.9M in shares YTD. We like the portfolio's performance trajectory amid the ongoing West Coast market recovery, though operating expenses continue outpacing revenue growth at +2.5% to +3.5%. This leads to cash NOI of only +0.8% to +3.4% with the midpoint at +2.1% Y/Y.

$ESS

Research61d ago

Research Alert: Eix Q1: Rate Increase Offsets Cost Recovery Non-recurral; Growth Targets Weak

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Edison International reported Q1 2026 core EPS of $1.42 vs. $1.37 prior year, driven by 2025 General Rate Case rate relief, partially offset by the absence of $0.30 per share interest expense benefits from TKM Settlement Agreement cost recoveries. GAAP EPS declined to $1.38 from $3.73 due to the absence of $908M in prior-year non-core benefits. Operating revenue increased 7.7% to $4,103M while cash flow from operations grew 16.6% to $1,427M, though interest expense rose substantially to $524M from $301M due to capital funding requirements. Management affirmed 2026 core EPS guidance of $5.90-$6.20 and maintained confidence in 5%-7% core EPS growth from 2025 to 2030. We think the company's long-term EPS goals are overly optimistic as we forecast EPS growth closer to the 3%-4% range, suggesting EIX has the lowest earnings trajectory among peers with an 8.9% average, making even the 5%-7% target appear uncompetitive, in our view.

$EIX

Research61d ago

Research Alert: First Quantum Minerals Posts Mixed Q1 Results, Beat On Sales, Missed Eps

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FM reported mixed Q1 2026 results with revenue of $1.404B beating consensus by 6% despite declining 4.8% Q/Q, while adjusted loss per share of $0.18 missed by $0.23 due to 16.7% volume decline. Higher copper realizations of $5.16/lb were offset by production headwinds and elevated costs from fuel disruptions, driving C1 costs up $0.30 Q/Q to $2.51/lb. The significant Cobre Panama stockpile processing authorization represents a constructive catalyst, unlocking ~70,000 tonnes of recoverable copper and signaling pragmatic engagement that could accelerate full mine restart negotiations. Updated 2026 guidance reflects Cobre Panama inclusion, increasing copper production to 405,000-475,000 tonnes while widening C1 costs to $2.15-$2.40/lb. We believe the 40,000-tonne production increase effectively monetizes stranded inventory at minimal incremental cost, positioning FM to generate approximately $100M+ in incremental EBITDA at current copper prices once processing commences in late Q2.

$FM

Research61d ago

Research Alert: Exe Q1 2026: Strong Earnings, Debt Reduction, And Strategic Lng Expansion

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:EXE reported Q1 2026 adjusted EPS of $3.83 vs. $2.02 in the prior year, beating consensus by $0.20. Production of 7.44 bcfe/d rose 10% Y/Y, with realized pricing of $4.96/mcfe up 32% Y/Y in stronger commodity environment. Operating cash flow surged to $2.4B (vs. $1.1B in the prior year), with free cash flow tripling to $1.7B as the company aggressively reduced net debt by 36% to $2.8B and made additional $1.3B in debt redemptions in April. Management reaffirmed 2026 production guidance of 7.5 bcfe/d with a $2.85B capex program and plans to run 11-12 rigs. EXE executed a 20-year LNG offtake agreement with Delfin for 1.15M tonnes annually starting in 2031, extending market reach to global demand centers. Regional pricing improved across all areas, with Northeast Appalachia generating $5.70/Mcf. We believe incremental U.S. LNG demand could improve following long-term damage to Qatar's LNG operations, which supply ~20% of global exports. This situation creates opportunities for Haynesville producers like EXE.

$EXE

Research61d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Corning Incorporated

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 by $15 to $175, 55.6x our 2026 EPS estimate. We raise our 2026 EPS estimate by $0.02 to $3.15 and increase 2027's by $0.05 to $3.96. The Optical Communications segment delivered strong sales and net income growth, driven by demand for Gen AI products and notable long-term agreements with major hyperscale customers. Both Enterprise and Carrier sub-segments grew at an equal and impressive rate, reflecting broad-based demand and successful expansion of customer relationships. The Solar segment encountered difficulties with its wafer facility, including delays in ramp-up relative to ambitious plans. The facility required an extended maintenance shutdown to transition to permanent power systems and to repair and upgrade production equipment, resulting in $30 million of additional expenses and a temporary reduction in sales and profitability. This shutdown impacted margins, EPS, and sales for at least a couple of months into the second quarter.

$GLW

Research61d ago

Research Alert: Costar Group: Q1 Results In Line, Residential Ebitda Guidance Increases $20m

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CSGP reported Q1 2026 revenue of $897M (+22.5% Y/Y, in line with consensus estimates) compared to $732M in Q1 2025, marking the company's 60th consecutive quarter of double-digit revenue growth. Management consolidated reporting into Commercial Real Estate (55% of FY 25 revenue, +15.4% Y/Y growth) and Residential Real Estate (45% of FY 25 revenue, +32.6% Y/Y growth) segments. The sustained growth trajectory demonstrates the durability of CoStar's market-leading position in commercial real estate information services. The company has benefited from improved market conditions and continued investment in AI-powered tools. Within Commercial, the core CoStar platform's growth moderated to 8.5% Y/Y, while LoopNet accelerated to 16.4% growth, reflecting improved commercial real estate market dynamics. We believe CSGP's competitive moat in CRE data services remains intact; as such, ongoing investments in AI-powered tools should continue to drive market share expansion and revenue growth across both business segments.

$CSGP

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