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Nomura Downgrades Birlasoft to Neutral From Buy, Adjusts Price Target to INR380 From INR390

Birlasoft (NSE:BSOFT, BOM: 532400) has an average rating of hold and mean price target of 405.69 Indian rupees, 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)

$BOM:532400$NSE:BSOFT

Research2d ago

Yuanta Securities Downgrades Advantech to Hold from Buy; Price Target is NT$450

$TPE:2395

Research2d ago

Macquarie Downgrades Aspeed Technology to Neutral from Outperform; Price Target is NT$17,211

$TWO:5274

Research2d ago

Fubon Securities Upgrades M31 Technology to Buy from Neutral; Price Target is NT$860

$TWO:6643

Research2d ago

Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Arch Capital Group Ltd.

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 targe price to $115 from ($118), valuing ACGL shares at 10.9x our '27 operating EPS estimate of $10.55 (lowered today by $0.40) and at 11.6x our '26 EPS estimate of $9.93 (cut by $0.12), versus the shares' three-year average forward multiple and the peer average of 12x. ACGL posted Q1 operating EPS of $2.50 vs. $1.54 the prior year, beating the $2.46 consensus but missing our $2.62 estimate. However, operating revenues declined 1.3% Y/Y, significantly below our 8%-15% growth forecast, reflecting 4.8% lower earned premiums partly offset by 8% higher investment income. We view ACGL as a top-tier underwriter with superior underwriting capabilities, maintaining strong profitability metrics despite competitive headwinds. We now see revenue growth of 3%-5% in 2026 and 2027. Underlying underwriting results remained superior to industry averages, with the combined ratio at 82.3% vs. 81.0% the prior year, about 5-10 points better than industry, which will support EPS.

$ACGL

Research2d ago

Research Alert: Shell: Q1 2026 Net Profit Meets Consensus View; Guides For Lower Gas Output

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Shell's Q1 2026 adjusted net profit of USD6.9B (+24% Y/Y) was within market expectations but above our forecast, doubling sequentially from USD3.3B in Q4 2025 due to volatile energy markets from the Middle East conflict that caused Brent crude to reach USD81/bbl (+27% from Q4). We have reservations about the sustainability of these results given the exceptional trading conditions rather than operational improvements, with broad-based earnings led by Chemicals & Products swinging to USD1.9B profit from a USD66M loss as refinery utilization surged to 99%. Q2 2026 guidance signals significant disruptions, with Integrated Gas production forecast to be down 30%-36% and LNG volumes declining 9%-14% due to conflict impacts, including on its Qatar operations. Balance sheet deteriorated materially, with net debt rising to USD52.6B and gearing to 23%, while a USD11.2B working capital outflow, including USD6.7B inventory increases, raises concerns about potential reversals if commodity prices normalize, in our view.

$SHEL

Research2d ago

Research Alert: CFRA Raises Rating On Shares Of Cvs Health Corporation To Buy From Hold

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 price target to $100 from $80, 13.5x our 2026 EPS estimate (raised to $7.40 from $7.17; 2027 estimate up to $8.26 from $8.18), above CVS's three-year and five-year average forward multiples of 9.7x and 10.3x, respectively. While headwinds remain for CVS's insurance operations (Aetna) within a challenging medical cost environment, CVS is executing well within its longer-term turnaround strategy with indications of margin improvement, in our view. We also see debt levels declining from recent highs following two major acquisitions in 2023. Although the Pharmacy & Consumer Wellness segment's adjusted operating income declined 8.8% Y/Y to $1.20B during Q1, we see this as the result of seasonal impacts (less severe flu season) and look favorably on CVS raising segment adjusted operating income guidance for 2026 by 1.5%'given stronger performance expectations for the rest of the year. Shares yield 3.1%. We upgrade our rating to Buy from Hold.

$CVS

Research2d ago

Research Alert: Shell: Q1 2026 Net Profit Meets Consensus View; Guides For Lower Gas Output

$SHEL

Research3d ago

Research Alert: CFRA Keeps Hold Opinion On Adss Of Novo Nordisk

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We adjust our target price to USD50 from USD47, implying 15.1x our 2026 EPADS, below its historical forward P/E average of 24x-28x, to reflect concerns over its long-term competitive edge. We adjust our EPADS forecasts to DKK21.05 from DKK20.60 for 2026 and to DKK21.70 from DKK22.30 for 2027, to account for the updated guidance while also considering the continued pricing pressure. Novo Nordisk raised its 2026 outlook, with adjusted sales and operating profit now expected to decline 4%-12% CER (vs. prior -5% to -13%), reflecting stronger GLP-1 expectations, particularly for the Wegovy pill. In Q1 2026, adjusted sales (excluding the rebate provisions reversal) fell 10% (-4% CER) on lower realized prices, particularly in the U.S., partially offset by volume growth. The Wegovy pill's strong launch trajectory is encouraging, with international rollout expected in 2H 2026. However, persistent U.S. pricing pressure, mixed clinical data (CagriSema setbacks), and intensifying competition warrant close monitoring.

$NVO

Research3d ago

Research Alert: CFRA Retains Hold Rating On Shares Of Organon & Co. Following Q1 Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target price at $14.00, based on a P/E of 3.8x our 2027 EPS estimate. We lower our 2026 EPS estimate to $3.40 from $3.62 and maintain our 2027 EPS estimate at $3.71. Organon reported mixed Q1 2026 results, with revenues declining 4% Y/Y to $1,460M (-9% on a constant currency basis), reflecting headwinds across its Women's Health franchise, with sales down 16% Y/Y, particularly for Nexplanon. Yet, the company's biosimilar portfolio delivered robust growth, with revenues advancing 23% Y/Y, led by Hadlima's strong U.S. performance. Looking ahead, the successful closing of the pending Sun Pharmaceutical acquisition will be the key focus. On April 26, the company entered into a definitive merger agreement with Sun Pharmaceutical, which valued Organon at $11.75B. Joseph Morrissey, previously serving as Interim CEO, was appointed to the role on a permanent basis, which eliminates leadership uncertainty during this critical period, in our view.

$OGN

Research3d ago

Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Eaton Corporation Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following Q1 results, we lift our 12-month target to $500 from $425, valuing shares at 31.5x our 2027 EPS outlook of $15.86 (up from $15.45; 2026 EPS view raised to $13.47 from $13.40), above ETN's long-term multiple average given surging demand trends within the company's core markets. ETN reported record revenue of $7.5 billion, fueled by an impressive 240% increase in data center orders and continued strength in aerospace markets, which swelled backlogs to new record levels. This top-line growth, however, was partially offset by margin pressure due to a negative price-cost lag and the front-load of expenses tied to 12 new factories that are being built to meet rising order levels. ETN has implemented price increases that we expect to bring price/cost to neutrality and will contribute to the stabilization of margins in the coming quarters. The company raised its full-year organic growth guidance to 10% and reaffirmed its full-year 2026 EPS outlook.

$ETN

Research3d ago

Research Alert: CFRA Lowers Opinion On Shares Of Logitech International S.a. 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 price target by $10 to $84, applying a P/E of 15x to our FY 27 (Mar.) EPS estimate, below LOGI's three-year average (~24x) given elevated macro headwinds. We lower our FY 27 EPS estimate by $0.07 to $5.58 and initiate a FY 28 view at $5.85. While Q4's results (sales +3% ex-FX, non-GAAP operating margin +210 bps Y/Y) demonstrated resilience in a volatile macro environment, we think management is downplaying the negative impacts that will accompany memory supply issues in FY 27, which should increase costs and prices for the fast-growing Video Collaboration product category (+8% ex-FX in Q4), slowing overall company growth. We also expect peripherals to hold some correlation to PC unit volumes despite management's optimistic assertion otherwise, resulting in broad pressure across multiple products. Growth in APAC (28% of FY 26 sales, +15% ex-FX) has been a bright spot, but we worry that elevated marketing spend is supporting results more than product leadership and innovation.

$LOGI

Research3d ago

Research Alert: CFRA Lowers Rating On Shares Of Tempus Ai 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 12-month price target to $47 from $59, applying a 4.7x EV/sales multiple to our 2027 estimates, a discount to TEM's 7.7x average forward multiple since IPO in 2024. We narrow our 2026 loss per share view by $0.01 to -$0.44 and widen 2027's by $0.05 to -$0.14. While we expect TEM to report positive operating income and EPS by 2028, it is possible that operational disruption, competitive losses, or other developments delay the company's path toward profitability and drive further operating losses. With macroeconomic headwinds pressuring the health care sector, we favor some of TEM's competitors over the near-term, including peers in life sciences tools/services as well as the health care services sub-industry, despite the company's significant growth expectations. We also note risks around reimbursement, with TEM deciding to meter its MRD testing volumes to wait for more favorable pricing dynamics, as well as uncertainties around the timing of FDA approvals for various tests.

$TEM

Research3d ago

Research Alert: Tko Group Holdings Reports Q1 2026 Earnings Beat; Revenue In Line

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TKO reported mixed Q1 2026 results with EPS of $1.12 beating consensus by $0.06, while revenue of $1.6B (+26%) was only in line with estimates. Growth was fueled by IMG integration and broad-based strength across UFC, WWE, and IMG segments. Despite mixed top-line performance, profitability metrics showed improvement with Adjusted EBITDA advancing 32% to $549.8M and margin expanding 100 bps to 34%. Management reaffirmed full-year 2026 guidance of $5.68B-$5.78B in revenue and $2.24B-$2.29B in Adjusted EBITDA. The company delivered exceptional cash generation with free cash flow of $674.5M and returned $1.0B to shareholders through buybacks and dividends. We believe the diversified revenue model provides strong visibility, with new media rights deals including the $1.1B annual Paramount agreement and ESPN/Netflix contracts supporting future growth. In our view, the additional $1B buyback authorization signals board confidence in the business model and cash flow trajectory as we look ahead in 2026-2027.

$TKO

Research3d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Valero Corporation

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 price by $59 to $289, reflecting a combination of relative valuation and DCF model analyses. On a relative basis, we apply an 8.2x multiple of enterprise value to projected 2027 EBITDA, above peers. We argue for a premium valuation on the basis if superior return on invested capital (about 17% above that of independent refining peers). On this basis, we get a value of $275 per share. Meanwhile, our DCF model, using free cash flow growth of 4.2% per year for 10 years, 2.5% thereafter, yields a value of $303 per share. We raise our 2026 EPS estimate by $14.86 to $27.85 and 2027's by $6.42 to $19.65. Refining margins are likely to surge higher in Q2 as constrained volumes in the Persian Gulf help widen the gap between Brent and WTI crude (normally $4/b, that gap currently sits at $8/b), and we see possibility of this situation persisting in future quarters as well. VLO maximized its jet fuel production in March, which makes sense to us given market scarcity.

$VLO

Research3d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Adient Plc

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 $2 to $24, based on a FY 27 (Sep.) P/E of 8.3x, a justified discount to ADNT's historical multiples. We lower our adjusted EPS estimates to $2.15 from $2.25 for FY 26 and to $2.90 from $3.10 for FY 27. After ADNT's earnings beat and slightly increased FY 26 guidance, we lower our estimates and price target and maintain a Hold opinion on the shares. ADNT posted Q2 FY 26 adjusted EPS of $0.52 vs. $0.69 (-25%), well ahead of the $0.44 consensus. The beat was attributed to stronger-than-expected sales, as revenue rose 7% to $3.87B ($230M ahead of consensus) and adjusted EBITDA margin contracted 70 bps to 5.8% (in line). We see more attractive risk/reward potential in auto suppliers with greater exposure to higher-growth segments of the market than seating (e.g., autonomous driving software or displays) and see margin pressures persisting for the next few quarters, highlighting that its highest-margin region (Asia) is experiencing the greatest headwinds.

$ADNT

Research3d ago

Research Alert: Gwo Q1: Achieves 19% Base Roe Target With 20% Base Earnings Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GWO reported base earnings of CAD1,239M, up 20% Y/Y, and base EPS of CAD1.37, up 23% Y/Y. Base ROE reached 19.1%, up 190 bps Y/Y, meeting the company's medium-term objective of 19% for the first time. All four operating segments posted double-digit base earnings growth, driven by higher fee income from market appreciation, sustained Capital and Risk Solutions new business volumes, and improved insurance experience. The U.S. segment delivered strong performance with USD314M in base earnings, up 23% Y/Y, while Empower Retirement recorded USD5.3B in net plan flows. The company maintained a strong capital position with LICAT ratio of 129%, up 100 bps Q/Q, and base capital generation above 80%. Shareholder value return remained aggressive with CAD567M of shares repurchased during the quarter and quarterly dividend increased 10% to CAD0.67 per share. Total client assets stood at CAD3.3T with efficiency ratio improving 220 bps to 54.5%.

$GWO

Research3d ago

Research Alert: CFRA Maintains Buy Rating On Shares Of Teradata Corporation

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 $35 from $44 on a forward P/E of 13x our 2026 EPS forecast of $2.66, below its five-year average. We increase our 2026 EPS projection to $2.66 from $2.60, and lift our 2027 EPS estimate to $2.89 from $2.74. Total revenue grew 6% Y/Y to $444 million (4% in constant currency), driven by stronger-than-expected recurring revenue of $400 million, up 12% Y/Y (9% in constant currency), from higher upfront on-premise subscription term licenses. Total ARR increased 3.5% to $1.492 billion, while public cloud ARR grew 13% to $686 million, supported by solid retention rates and accelerating demand for hybrid capabilities driven by security and sovereign AI requirements. Q1 results continue to show recovery, and we remain optimistic on its AI opportunity and core ARR growth from new offerings, improved go-to-market execution, and resonance of its hybrid deployment model for customers scaling their AI use. Margin expansion is also a positive, although higher memory prices are a watch area.

$TDC

Research3d ago

Research Alert: Tou Q1: Record Q1 Production, Raises 2026-2027 Fcf Outlook To Cad0.9b Annually

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TOU reported Q1 production of 666,089 boe/d within guidance despite capital deferrals, with net earnings surging to CAD657.6M from CAD212.7M prior year. Cash flow declined 10% to CAD862.2M on lower North American gas prices, though free cash flow increased 36% to CAD202.0M benefiting from CAD350M capital reduction. TOU's scale and marketing diversification should pay off in coming quarters, with hedging covering 930 mmcf/d for remainder of 2026 at CAD5.13/mcf and 45% of propane receiving AFEI pricing that has appreciated 25% since late February. Management updated 2026/2027 free cash flow guidance to approximately CAD0.9B annually. Well performance continued outpacing historical averages with NEBC Montney wells up 13% and Alberta Deep Basin wells up 6% versus 2020-2025 averages. The company plans to drill 280 net wells in 2026 with CAD200M of additional capital identified for potential deferral, maintaining multi-decade development inventory with only 15.4% of drilling inventory booked.

$TOU

Research3d ago

Research Alert: Apa: Q1 Strength In Crude Oil Pricing; Eps Beat And Robust Fcf

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:APA posted Q1 EPS of $1.38 vs. $1.06, beating consensus by $0.24, while production of 442,000 boe/d was down 6% as part of deliberate portfolio optimization. Volumes excluding NCIs fell 9% to 363,000 boe/d, though U.S. oil production remained flat at 124,000 b/d with Egypt contributing 71,000 boe/d. The company exceeded production guidance through Permian efficiency gains and improved uptime, reinforcing the strategic value of its oil-weighted profile amid weak natural gas pricing at $2.12/MMBtu. APA raised full-year U.S. oil production outlook to 122,000 b/d while maintaining Permian capex at $1.3B. Free cash flow generation of $477M represented a nearly fourfold increase, enabling $634M in debt repayments through April 2026 and reducing annual interest expense by over $60M. We believe the company's continued progress on cost reduction initiatives, targeting $450M in cumulative run-rate savings by year-end 2026, positions it well for sustained cash generation.

$APA

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