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Research Alert: CFRA Keeps Buy On Celestica: Tremendous Fundamental Momentum & Cpo Program Win

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Q1 2026 was a double beat for CLS, and we maintain our Buy rating. More impressive than the beats was that guidance for 2026 was significantly increased from just a quarter ago. The 2026 revenue guidance was raised to $19.0B (from $17.0B) and adjusted EPS was increased to $10.15 (from $8.75), representing over $6.5B in revenue growth for the year. Additionally, its first CPO program was won with a hyperscaler, indicating the importance of CLS proprietary tech and cutting edge solutions (1.6T, optics). We increased our target price to CAD565 from CAD504. This is derived from our unchanged earnings multiple of 30x and unchanged EBITDA multiple of 24x our 2027 projections. We now expect revenue growth of +50% in 2026 and ~35% in 2027, with incremental operating leverage. We increase our 2026 EPS to $10.20 (from $9.18) and 2027's to $13.92 (from $11.98).

$CLS

Research61d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of American Tower Corporation

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 of $210 on an EV/EBITDA multiple of 18.0x our 2026 estimate, a discount to its three-year average of 20.2x. We increase our 2026 adjusted FFO estimate by $0.17 to $11.08 and increase 2027 by $0.11 to $11.62. AMT's outperformance in Q1 was due to solid underlying growth, favorable foreign exchange rates, and straight-line revenue adjustments. The European business has continued to outperform its acquisition assumptions, with plans for over 700 new sites this year and management noting the strong operational performance is winning new build-to-suit contracts from carriers. We still see a long runway for domestic growth, with mobile data traffic expected to double in five years due to the proliferation of AI applications and future network densification required for 6G. CoreSite is seeing accelerating demand for interconnected infrastructure to support AI inferencing workloads, with management believing this is a durable, long-term trend.

$AMT

Research61d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of General Motors Company

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 $5 to $85, based on a 2027 P/E of 6.0x, a slight premium to GM's five-year mean forward P/E of 5.9x. We increase our adjusted EPS estimates to $13.35 from $12.15 for 2026 and to $14.25 from $13.90 for 2027. Following GM's better-than-expected Q1 earnings and 2026 guidance, we maintain a Hold rating on the shares. The company's reported loss in market share in Q1 confirmed one of our primary concerns with the story, as GM's Q1 new vehicle market share slipped in both the U.S. (-70 bps to 16.5%) and China (-70 bps to 6.9%). The stock is coming off a stellar run in 2025 in which it was the best-performing auto manufacturer equity (+54% vs. +16% for the S&P 500), and we lowered our rating on the shares to Hold in December. Over the last few years, GM's execution and market share gains have been impressive, but we think the company faces a tougher road ahead due to its lack of hybrid offerings and see it continuing to lose market share in the coming quarters.

$GM

Research61d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Cadence Design Systems, Inc.

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 by $3 to $390, 41x our 2027 EPS estimate, just above CDNS's three-year average (~39x) as agentic AI upside outweighs concerns over rising competition and export controls. We lower our 2026 EPS view by $0.29 to $7.95 but increase our 2027 view by $0.08 to $9.51. Following the Hexagon D&E acquisition, CDNS looks satisfied with its systems design portfolio, allowing it to focus more on product development to build its lead in agentic tooling, where its Super Agent offerings now cover a broad set of use cases. We expect rising traction for agentic EDA to structurally improve growth for the Core EDA segment (which encouragingly posted +18% in Q1 following +8% in Q4), while also supporting continued strength in IP (+22%), with an improving contribution over the next several quarters. Upfront sales remain elevated (21% of trailing 12-month sales, +300 bps Y/Y), but visibility is supported by an $8.0B backlog (+25% Y/Y) that keeps setting new records, helping ease volatility concerns.

$CDNS

Research61d ago

Update: BofA Securities Upgrades TFI International to Buy From Neutral, Lifts Price Target to $161 From $122

(Updated to include BofA's commentary)BofA Securities upgraded TFI International (TFII) to buy from neutral following the company's reported Q1 earnings beat, led by Truckload and Logistics.There is favorable exposure to supply side and industrial demand catalysts, progress on productivity/service initiatives, and an attractive valuation for the company, analyst Ken Hoexter wrote in a Tuesday note.TFI International has an average rating of overweight and mean price target of $145.49, 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: $146.68, Change: $+8.35, Percent Change: +6.03%

$TFII

Research61d ago

Research Alert: CFRA Lowers Rating To Sell From Hold On Shares Of Avolonbay Communities, 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 $11 to $169, on a narrower risk premium and a forward P/FFO of 14.8x our core FFO estimate, a discount to the multi-family REIT average of 15.4x. Our more conservative multiple reflects that both rental revenue and FFO are growing moderately. We cut our 2026 FFO view by $0.15 to $11.25 and 2027's by $0.05 to $11.70, as guidance has come down significantly, on our respective projected revenue of $3.1B and $3.2B. The trust is guiding for Q2 2026 FFO of $2.77/share, on same-store residential revenue change of +0.2% and residential operating expense change of +0.4%. This equates to a disappointing cash NOI of -0.7% to +1.3%, below our prior 2026 forecast. AVB is expecting key markets in the northeast to see higher operating costs. In 2026, management sees 8,673 development homes delivered from 9,018 apartment homes. Capital used for investment activities is targeted for 2,394 homes, supported by $575M unsecured credit facility. AVB shares currently trade at a dividend yield of 4.1%.

$AVB

Research61d ago

RBC Confirms Outperform Rating and Target of US$400 on Celestica Following Q1 Results

RBC Capital Markets maintained its outperform rating and US$400 price target on the shares of Celestica (CLS.TO, CLS) after the company reported its first-quarter financial results on Monday.The bank believes Celestica delivered "another solid beat and raise.""Even though the magnitude of the Q1 beat was smaller than Celestica's TTM average, the increase in FY26 guidance is more than double the increase last quarter," the bank noted."Additionally, Celestica's comments imply FY27 revenue above consensus, said analyst Paul Treiber. "The shares are down ~8% after-hours, which may reflect high investor expectations for the quarter, given the 51% rally in the stock over the last month."(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: $493.23, Change: $-83.52, Percent Change: -14.48%

$CLS$CLS.TO

Research61d ago

Research Alert: Tfii Upgraded To Hold On Freight Environment Momentum Despite Ltl Weakness: Tp Cad222

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We upgrade TFI to Hold from Sell and increase our target price to CAD222 from CAD125. This is based on an EV/EBITDA multiple of 9.5x (from 7.0x) our 2027 EBITDA figure. While our conviction on the LTL business floundering continued to play out in Q1, the sentiment on the freight environment has turned overwhelmingly positive, outpacing the LTL story. Energy prices remain elevated, restricting supply and raising rates without yet degrading demand. Management guided to a Q2 EPS figure of $1.50 to $1.60, which suggests Y/Y growth in the double digits. We still view TFI as being operationally weaker than peers; however, a rising tide is significantly lifting all boats. We increased our 2026 EPS estimate to USD4.63 (up by USD0.57) and our 2027 EPS estimate to USD5.62 (up by USD0.64). We now expect mid-single-digit growth in revenue for FY 26 and low single-digit top-line growth in 2027.

$TFII

Research61d ago

Research Alert: Pentair: Q1 Results Top Expectations, Eps Outlook Lifted

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PNR's Q1 EPS of $1.22 beat consensus by $0.05, rising 10% Y/Y despite modest 1% organic sales growth. Operating margin expanded 100 bps to 25% while gross margin improved 190 bps to 41.8%, reflecting effective cost management and pricing realization. We view PNR as executing well on profitability initiatives and strategic pricing actions amid challenging residential markets. Management's 26% operating margin target appears within reach given continued margin expansion momentum. Flow segment led results with income up 22% and margin expanding 210 bps to 23.7%, benefiting from strong commercial and industrial demand. Capital deployment accelerated with $200M in share repurchases (vs. $50M in the prior year), signaling management's confidence in intrinsic value. We see PNR's 1.7x leverage ratio providing flexibility for additional buybacks and accretive M&A opportunities. Looking ahead, we expect Y/Y sales expansion to pick up in 2H 2026 as easier comps emerge.

$PNR

Research61d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of The Coca-cola Company

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 $3 to $85, based on a 2027 P/E of 24.3x, a slight premium to KO's five-year average forward P/E multiple. We raise our adjusted EPS estimates by $0.03 to $3.28 for '26 and by $0.05 to $3.50 for '27. Following KO's Q1 earnings beat and guidance raise, we are raising our estimates and price target but maintaining Hold on the shares. While we were impressed with KO's Q1 earnings release (particularly its volume growth), we continue to view the stock's risk/reward potential as balanced and its valuation as fair. While we remain bullish on the growth prospects of KO's fairlife milk brand and recognize expected earnings benefits from the weaker U.S. dollar, we believe the stock's recent performance is reflecting these positives. Still, KO boasts one of the market's strongest earnings track records (its last quarterly earnings miss was in Q1 2017), and we acknowledge the company's long history of returning cash to shareholders, noting its S&P Dividend Aristocrat Index status.

$KO

Research61d ago

Research Alert: Franklin Resources: Mar.-q Results Top Expectations On Improved Fund Flows

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BEN reported Mar.-Q adjusted EPS of $0.71 vs. $0.47 a year ago, beating the consensus estimate of $0.55 and our forecast of $0.56. Operating revenues rose 9% Y/Y, exceeding our 5%-8% growth forecast, with investment management fees up 9%, while operating margins improved to 14.1% from 6.9% on contained expense growth. We are encouraged by the latest quarterly results and view BEN's diversified AUM mix as a positive development. Western Asset Management's legal issues may still be a concern, with former co-CIO Ken Leech's fraud trial set for June 2026. AUM advanced 9% to $1.68T, reflecting improved fund flows with $16.9B of net long-term inflows vs. $26.2B outflows a year ago, though FY 25 (Sep.) outflows totaled $97.4B. BEN's AUM comprises 40% equity, 26% fixed income, and 17% alternatives, providing greater diversification than some peers. We believe the Western Asset misconduct has significantly damaged the brand.

$BEN

Research61d ago

Research Alert: CFRA Reiterates Hold Opinion On Shares Of S&p Global 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 $35 to $500, on a forward P/E of 22.7x our 2027 earnings estimate, a premium to the peer average of 20.8x given greater earnings stability. We increase our 2026 EPS estimate by $0.19 to $19.70 and raise 2027's by $0.06 to $22.05. We view Q1 results as a modest net positive. On the upside, SPGI's core Ratings division accelerated its revenue growth, and the company benefited from AI-fueled infrastructure spending as investment-grade issuance increased due to hyperscaler investments in AI data centers. However, SPGI maintained unchanged 2026 revenue and EPS guidance despite the strong Q1 performance, which was disappointing. Additionally, AI disruption concerns continue to weigh on the stock's valuation multiple. On a positive note, the company's portfolio simplification is progressing as SPGI announced the sale of its geoscience and petroleum engineering software assets within the Energy division, while the Mobility divestiture remains on track for mid-2026.

$SPGI

Research61d ago

Research Alert: Kmb: Volume-led Growth Drives Beat; Company Transformation Is Progressing

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Kimberly-Clark delivered Q1 2026 net sales of $4.2B (+2.7% Y/Y), above the $4.1B consensus, with organic growth of 2.5% driven by volume-plus-mix gains of 3.0%. Adjusted EPS from continuing operations of $1.60 declined 1.2% Y/Y, but total adjusted EPS of $1.97 beat the $1.95 consensus estimate. The company continued executing its Powering Care transformation strategy while preparing for the Kenvue acquisition, with adjusted operating profit of $732M exceeding the $679M consensus. Segment performance showed contrasting dynamics, with International Personal Care surging 9.1% to $1.5B while North America declined 0.6% to $2.7B due to the private label diaper business exit. The adjusted effective tax rate increased significantly to 26.2% from 20.7% in the prior year, reflecting discrete unfavorable factors and U.S. tax law changes. We believe the volume-led growth strategy is gaining traction with broad-based gains, though profitability faces pressure from strategic pricing investments and higher tax rates.

$KMB

Research61d ago

Research Alert: CFRA Reduces Opinion On Shares Of Ebay 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 trim our 12-month target price by $3 to $90, reflecting about 15x our 2026 EPS estimate and a modest premium to the company's long-term average forward P/E of 14x. Our downgrade reflects expectations of decelerating growth as the year progresses, driven by increasingly difficult year-over-year comparisons as eBay laps several transitory tailwinds - including elevated bullion and precious metals trading volumes and a surge in Pokemon and collectibles activity. We also expect international segment growth to remain subdued, with the ongoing conflict in the Middle East weighing on the macroeconomic backdrop across Europe. While the pending acquisition of Depop could represent upside to consensus estimates, we are concerned that EBAY overpaid for the asset and that meaningful earnings accretion may be years away. EBAY will report Q1 2026 results after the market close on April 29.

$EBAY

Research61d ago

BofA Securities Upgrades TFI International to Buy From Neutral, Lifts Price Target to $161 From $122

TFI International (TFII) has an average rating of overweight and mean price target of $145.49, 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: $146.59, Change: $+8.26, Percent Change: +5.97%

$TFII

Research61d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Kinder Morgan

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 remains $36, based on a combination of our relative valuation and DCF models. On a relative basis, we apply an 11x multiple of enterprise value to projected '27 EBITDA, slightly above KMI's historical forward average. We think a slight premium is reasonable in light of growing demand for natural gas, helped by the twin secular drivers of LNG exports and data centers, and this multiple yields a value of $33 per share. Meanwhile, our DCF model, using free cash flow growth of 7.8% per year for 10 years and terminal growth of 2.5%, discounted at a WACC of 6.2%, yields intrinsic value of $39 per share. We raise our '26 EPS estimate by $0.12 to $1.48, but cut '27's by $0.03 to $1.47. Although the EIA's estimates of natural gas pricing have come slightly off the boil, we still think pricing in the high $3 per MMBtu range (which is what we see for 2026-2027) is sufficient to encourage incremental demand for gas midstream services, which KMI provides.

$KMI

Research61d ago

Research Alert: Abg: Top Line Shortfall Causes Miss, But Margin Improvement Positive

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Asbury Automotive Group (ABG) posted Q1 2026 adjusted EPS of $5.37 vs. $6.82 prior year (-24% Y/Y), short of the $5.62 consensus. Revenue fell 1% to $4.11B ($260M below consensus) and gross margin expanded 20 bps to 17.7% (40 bps above consensus). The revenue shortfall was led by the Finance & Insurance (-4%), New (-2%), and Used Vehicle (-2%) segments, with only Parts & Service (+7%) showing growth. Looking at sales volumes, both new (-5%) and used vehicles (-6%) posted unit declines, but average price realizations were higher (+4% for new and +5% for used). ABG's gross margin improvement was led by the Used Vehicle (+60 bps) segment, partially offset by flat Parts & Service margin and weaker New Vehicle margin (-60 bps). In Q1, ABG repurchased 678K shares for a total of $147M. The quarter marked ABG's first earnings miss in the last six quarters. ABG does not provide formal guidance, but we were at least encouraged by its margin performance. ABG shares are currently trading down 1% in pre-market activity.

$ABG

Research61d ago

Research Alert: Hlt: Strong Q1 Results Offset By Weak Q2 Profit Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HLT posted Q1 adj. EPS of $2.01 (+16.8% Y/Y), beating the $1.97 consensus, while total revenue of $2.94B (+9.0% Y/Y) was in line with estimates. Revenue per available room (RevPAR) growth accelerated 110 bps to +3.6%, led by occupancy gains (+140 bps to 67.4%) and average daily rate increases (+1.5% Y/Y), with broad-based strength across regions led by Europe (+6.9%) and Asia Pacific (+4.7%). Development momentum remained robust with 26,200 new rooms approved and the launch of Select by Hilton expanding into 26 new countries, positioning HLT well for continued growth. Despite raising systemwide RevPAR guidance to 2%-3% from 1%-2%, Q2 adj. EBITDA guidance ($1,015M-$1,035M) disappointed vs. the $1,081M consensus. We view the profit guidance as disappointing given the raised RevPAR outlook, suggesting consensus estimates could be too high. In our view, while strong demand trends and World Cup benefits could drive RevPAR outperformance, the guidance disconnect raises concerns about margin expansion potential.

$HLT

Research61d ago

Research Alert: Incy Reports Solid Q1, Driven By Diversified Growth And Pipeline Advancements

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Incyte delivered robust Q1 2026 results with total revenue of $1.27B (+21% Y/Y) and net sales of $1.10B (+20% Y/Y), significantly above expectations. Strong performance was driven by effective commercial execution across the diversified portfolio, with Jakafi maintaining momentum at $758M (+7% Y/Y) and Opzelura continuing impressive growth at $143M (+20% Y/Y). We view the exceptional hematology and oncology portfolio growth of $204M (+116% Y/Y), led by Niktimvo, Monjuvi, and Zynyz, as a critical strategic diversification beyond Jakafi ahead of the 2029 patent cliff. The company reaffirmed full-year 2026 guidance across all categories, expecting total net sales of $4.77B-$4.94B. We believe Incyte's advanced pipeline, with 10 Phase 3 studies including positive povorcitinib results in vitiligo and the pivotal DAWN-303 KRASG12D inhibitor trial, positions the company well for long-term growth under CEO Bill Meury's strategic focus on high-potential assets.

$INCY

Research61d ago

Research Alert: Strong Execution, Softer Outlook: Record Margins Amid Mixed Signals

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Itron's Q1 2026 results beat consensus with revenue of $587M (vs. $572M estimate) despite a 3% decline and non-GAAP EPS of $1.49 (vs. $1.24 estimate), though down $0.03 Y/Y. Record adjusted gross margin expanded 490 bps to 40.7%, fueled by strong execution and projects ahead of schedule. We view these results as validating the business mix evolution, with Outcomes growing 22% to $96M and service revenues surging 30% across all segments, while the new Resiliency Solutions segment contributed $16M. Q2 guidance of $560M-$570M revenue and $1.25-$1.35 EPS came well below consensus of $606M/$1.46, requiring management clarity on project timing explanations. We believe the declining backlog (down 6% to $4.4B) coupled with Networked Solutions revenue declines represent a worrisome double headwind worth monitoring. However, our long-term thesis remains intact as we see the revenue shift toward AI-powered grid analytics as positive, supported by robust $79M free cash flow and accelerating demand in the Outcomes segment.

$ITRI

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