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Research Alert: Atmos Energy Reports Q2 Fy 26 Eps Growth Of 14.5%; Increases Fy 26 Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ATO reported Q2 FY 26 diluted EPS of $3.47 vs. $3.03 (+14.5%), with net income rising 19.8% to $582M, while YTD EPS reached $5.92 vs. $5.26 (+12.5%). The quarter's strong performance reflected continued execution of the company's proven investment strategy focused on system modernization, with both Distribution and Pipeline & Storage segments delivering solid growth. Management raised FY 26 diluted EPS guidance to $8.40-$8.50 from $8.15-$8.35, reflecting confidence in regulatory execution across its eight-state service territory. Capital expenditures of $1.0B increased 19.5%, with 89% of YTD spending allocated to safety and reliability enhancements. The company implemented $136.1M in regulatory outcomes with an additional $598.4M in progress across multiple jurisdictions. The Board declared a 14.9% increase in the indicated annual dividend to $4.00 per share. In our view, ATO's disciplined capital allocation approach continues to drive operational improvements and regulatory recovery opportunities.

$ATO

Research3d ago

Research Alert: Eversource Q1 2026: Strong Operations Offset By Ferc Transmission Roe Reduction

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Eversource posted Q1 2026 results with non-GAAP EPS of $1.73 (+$0.23 Y/Y) and revenue growth of 9.4% to $4.5B, though GAAP EPS of $1.61 included a $0.12 FERC-related charge. Natural gas distribution posted exceptional earnings of $295.3M (+35.2% Y/Y) driven by November 2025 rate increases, while electric transmission and distribution segments delivered steady growth despite challenges. The FERC decision reduced transmission ROE from 10.57% to 9.57%, prompting lower 2026 EPS guidance to $4.57-$4.72 from $4.80-$4.95, with CEO Joe Nolan calling it "arbitrary and flawed." Despite near-term challenges, Eversource maintained its long-term 5%-7% EPS CAGR outlook through 2030 using the adjusted 2026 midpoint of $4.65 as base year. We believe the company expects annual earnings growth toward the upper half of its guidance range by 2028, showing confidence in navigating challenges while continuing infrastructure investments.

$ES

Research3d ago

Research Alert: Axon Enterprise Posts Q1 Beat, Growth Acceleration Offset By Margin Pressure

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Axon delivered Q1 revenue of $807M (+34% Y/Y), beating consensus by 3.5% and marking the ninth consecutive quarter of 30%+ growth. Adjusted EPS of $1.61 rose 9.5% Y/Y, marginally exceeding expectations, though EPS growth decelerated relative to revenue growth due to ongoing margin pressures. The results reinforce that Axon's integrated ecosystem strategy is resonating with customers across multiple verticals, with balanced strength in Software & Services (+35% Y/Y to $355M) and Connected Devices (+33% Y/Y to $453M). Management maintained full-year 2026 guidance of 25.5% EBITDA margin and 27%-30% revenue growth. Platform Solutions surged 95% Y/Y to $111M, with counter-drone systems growing over 300% Y/Y following the Dedrone acquisition and AI Era Plan products up over 700% Y/Y. Annual recurring revenue reached $1.5B (+35% Y/Y) with 125% net revenue retention, while future contracted bookings grew 44% Y/Y to $14.3B, supporting the ambitious 2028 target of $6B revenue and providing strong revenue visibility.

$AXON

Research3d ago

Research Alert: American Homes 4 Rent Reports Mixed Results In Q1 2026

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AMH delivered Q4 2025 FFO of $0.47 per share, in line with consensus, while revenue of $455M missed estimates despite 4.2% growth driven by higher rental rates. Average occupancy declined 30 bps to 95.0% and blended lease rates of +2.8% decelerated from 3.6% in Q3, signaling weakening pricing power in a challenging rental market. Management significantly lowered 2026 core NOI growth guidance to just 1.0%-3.0%, down from beginning 2025 expectations, citing economic uncertainties. The trust maintains a strong balance sheet with $5.2B total debt, no maturities until 2028, and 8.5-year average maturity. AMH plans $500M-$600M in property acquisitions and $150M-$250M in development for 2026, while executing $115M in share repurchases. We view the disappointing guidance and slowing lease growth as signs of mounting operational headwinds, though the unencumbered balance sheet and disciplined capital allocation provide some stability in the near term.

$AMH

Research3d ago

Research Alert: Snap: Q1 Meets Estimates; Profits Focus Comes At The Expense Of Top-line Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:SNAP posted Q1 revenue of $1.529B (+12%), meeting expectations, while adjusted EBITDA surged to $233M (+115%), beating the $215M consensus. Free cash flow reached $286M (+150%), demonstrating strong conversion of topline growth into cash generation. Revenue diversification gained traction with Other Revenue accelerating to $285M (+87%), representing 19% of total revenue, due to Snapchat+ subscriptions and Memories Storage adoption. Following the quarter, SNAP announced a 16% workforce reduction and elimination of over 300 open roles, expected to deliver over $500M in annualized savings by year-end. User metrics reflected management's strategy to prioritize higher-value markets, with Global DAU at 483M (+5%) while North America DAU declined to 92M (-7%), though NA ARPU improved to $9.23 (+10%). We believe the restructuring positions SNAP for a clearer path to sustainable GAAP profitability while maintaining investment in high-conviction opportunities including the upcoming Specs launch.

$SNAP

Research3d ago

Research Alert: App's Results Beat, But Q2 Guidance May Not Impress Enough

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:APP delivered strong Q1 2026 results, reporting revenue of $1.842B, up 59% Y/Y, beating guidance by $67M and consensus by $60M. GAAP EPS of $3.56 exceeded expectations by $0.10, while adjusted EBITDA of $1.557B grew 66% Y/Y with margin expanding to 85% from 81% in Q1 2025. The company continues to demonstrate industry-leading profitability and operating leverage from its AI-powered advertising platform, with net margin from continuing operations reaching 65%. Q2 2026 revenue guidance of $1,915M-$1,945M (midpoint $1,930M) came in above consensus estimates of $1,898M, though sequential growth moderates to approximately 5%. Strong capital returns continued with $1.0B in share repurchases during Q1, reducing share count to 336M from 338M at year-end 2025. Free cash flow of $1.287B represented a 70% FCF margin, while the company's Rule of 40 score remained well above 140. Management's expectation of 50%-plus growth reflects sustained demand momentum in the business.

$APP

Research3d ago

Research Alert: Dash: Mixed Q1, But Outlook Calls For Continued Strong Momentum

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:DoorDash reported mixed Q1 2026 results, with revenue of $4.04B (+33% Y/Y) missing consensus expectations of $4.15B, while GAAP EPS of $0.42 beat the Street's $0.36 estimate despite a 5% Y/Y decline and $48M of restructuring charges. Marketplace GOV of $31.6B (+37%, +24% ex-Deliveroo) and adjusted EBITDA of $754M (+28%) both exceeded company guidance midpoints of $31.4B and $725M, respectively. Operational execution remained strong across key verticals, with U.S. grocery and retail segments attracting record new consumers while achieving improved unit economics and sustained GOV growth. Q2 guidance signals continued momentum with adjusted EBITDA expected at $820M (vs. Street $742M) and GOV of $32.9B (+36% Y/Y), an encouraging result after Q1's guidance fell short of expectations. We expect continued margin compression from Deliveroo integration costs and elevated platform investments, but we believe the margin headwinds are transitory as integration costs normalize and operational leverage improves.

$DASH

Research3d ago

Research Alert: Realty Income Corp Q1: Acquisition Guidance Up $1.5b To $9.5b For 2026

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:O reported strong Q1 revenue of $1.55B, up 12.2% Y/Y from $1.38B, with rental revenue of $1.44B rising 9.7% Y/Y and beating consensus estimates by $47M. Same-store rental revenue increased 0.8% Y/Y to $1.19B, while adjusted EBITDAre grew 10.2% Y/Y to $1.39B despite operating margins declining 70 bps to 89.7% due to higher property expenses. Rent recapture remained robust at 103.4% on re-leased properties, demonstrating O's continued ability to maintain strong pricing power upon lease renewals across its diversified portfolio. O signed 301 leases during the quarter, with 264 re-leased to existing clients and 37 to new clients, while actively disposing of 97 properties for $188M as part of its portfolio optimization strategy. The combination of solid double-digit revenue growth, strong rent recapture rates exceeding 100%, and active leasing activity reflects O's continued operational execution and market leadership in the triple-net lease space.

Research3d ago

Research Alert: Payc Delivers Q1 Beat, Returns $1b+ To Shareholders Despite Growth Deceleration

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PAYC delivered solid Q1 2026 results with revenue of $572M (+8%) and non-GAAP EPS of $3.15 (+13%), beating consensus by $0.16, while adjusted EBITDA margin expanded to 48.2%. Recurring revenue growth of 9% reflects moderation from historical double-digit expansion, consistent with management's conservative 2026 guidance of 6%-7% revenue growth. We believe PAYC's AI automation solutions including Beti, GONE, and IWant position the company as a differentiated leader, driving higher client engagement and satisfaction. Management emphasized confidence in long-term growth opportunities, noting only 5% of the total addressable market is currently served. Capital allocation remained aggressive with $1.06B in share repurchases and $17.7M in dividends, totaling over $1.08B in returns despite taking on $675M in new debt. Continued operational leverage and market share gains expected as the company leverages its employee-first technology platform to capture untapped market opportunity.

$PAYC

Research3d ago

Research Alert: Warner Bros. Discovery, Inc. Reports Mixed Results In Q1 2026

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:WBD reported Q1 2026 mixed results with revenues declining 1% to $8.0B and a $2.9B net loss vs. a $453M gain in the prior year, primarily due to a $2.8B Netflix termination fee related to Paramount Skydance's pending acquisition. Excluding one-time charges, adjusted EBITDA remained resilient at $2.2B (flat ex-FX) despite NBA programming absence impacting advertising revenues by 7%. We believe the underlying business shows encouraging streaming momentum with segment revenues up 7% ex-FX to $2.9B and 29% adjusted EBITDA growth, driven by successful HBO Max international launches in the U.K., Ireland, Germany, and Italy. The Paramount Skydance acquisition is expected to close in Q3 2026. We expect continued streaming subscriber growth to offset linear network declines, though free cash flow turned negative at -$476M from +$302M due to higher content investment and transaction costs. The company maintains financial flexibility with 3.4x net leverage and $3.3B in cash as it navigates the pending acquisition.

$WBD

Research3d ago

Research Alert: Arm: Mar-q And Jun-q Largely In Line; Shift To Physical Cpus Key

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ARM posted Mar-Q revenue of $1.49B (+20% Y/Y), slightly beating the $1.47B expectation, with licensing revenue surging 29% to $819M and royalty revenue growing 11% to $671M. EPS of $0.60 beat the $0.58 expectation, while ACV increased 22% Y/Y to $1.66B. The Arm AGI CPU launch represents a strategic inflection point, with customer demand exceeding $2B in FY 27-FY 28, more than double initial projections, and Meta serving as lead partner. Jun-Q guidance came in ahead of expectations with revenue of $1.26B +/- $50M (vs. the $1.25B consensus) and EPS of $0.40 +/- $0.04 (vs. the $0.37 consensus). Data center momentum continues accelerating with ARM holding ~50% CPU share among top hyperscalers as major cloud providers deepen ARM integration, including Google's next-gen TPUs and AWS's $20B+ silicon business. ARM maintains a robust balance sheet with $3.6B cash and no debt, though operating margins compressed to 49.1% from 52.8% due to 33% R&D spending increases supporting next-generation compute technologies.

$ARM

Research3d ago

Research Alert: CFRA Upgrades The Wisdom Tree U.s. Value Etf (wtv) To 5-stars

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CFRA upgraded the WisdomTree U.S. Value Fund (WTV) to a 5-star rating from its previous 3-star rating after the latest monthly ETF ratings updates on April 24, 2026. We also upgraded other value ETFs like the iShares Russell 2000 Value ETF (IWN) and the Dimensional U.S. Targeted Value ETF (DFAT), both from 1-star to 4-star. This upgrade is one of several value ETF upgrades by CFRA in the last two months. Year-to-date in 2026, WTV has seen a 6.7% return through May 5, driven by strong returns for Dell Technologies (DELL 239 ****) and Citigroup (C 128 ****). The ETF holds U.S. equity securities that provide a high total shareholder yield and exhibit favorable quality characteristics demonstrating a company's profitability such as strong returns on equity and/or returns on assets. WTV holds 118 stocks, with 20% of the portfolio in Financials, a sector on which CFRA currently has an overweight recommendation. CFRA is also overweight the technology sector, which accounts for 15% of the ETF's weight.

$DELL

Research3d ago

Research Alert: CFRA Drops Coverage On Shares Of Coterra Energy Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We are dropping coverage on shares of CTRA, a U.S. independent oil and gas producer, as the company is about to be acquired by peer Devon Energy Corporation (DVN 47 **). Our prior recommendation on the shares of CTRA was Hold. Shareholders of both CTRA and DVN have approved the merger, and we expect the final trading day for CTRA to be Thursday, May 7.

$CTRA

Research3d ago

Research Alert: CFRA Maintains Buy Rating On Shares Of Davita Inc.

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 is $220 (raised from $175), based on a P/E multiple of 15x our 2026 EPS projection, above DVA's five-year historical average of 13.1x and above our target multiple for DVA's primary competitor Fresenius Medical Care. We think our target multiple balances strong earnings growth expectations against elevated debt levels and recent challenges with consistent treatment volume growth. Our 2026 EPS estimate is $14.65 (up from $14.08, implying 36% annual growth), while our 2027 estimate is $16.67 (up from $16.33, +13.8% Y/Y). We anticipate revenue will rise near 4% in 2026 and 3% in 2027, after increasing 6.5% in 2025, supported by market share gains following center closures by competitor Fresenius. Q1 treatment volume growth remained challenging with normalized non-acquired growth of just 0.1% Y/Y. However, DVA raised guidance for treatment volumes from flat to a 0.25%-0.50% growth rate in 2026, providing expectations for improving growth in upcoming quarters.

$DVA

Research3d ago

Research Alert: CFRA Keeps Cenovus Energy At Sell On Minimal Debt Cut, Free Fund Flows Up 125%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 2-STARS (Sell) recommendation and decreased our 12-month target price from USD25 to USD22. Our target price reflects a 5.5x EBITDA multiple of our 2027 EBITDA estimate. We moderated our top-line growth expectations amid crude pricing swings and WTI/WCS differential responses. Therefore, we lower our 2026 EPS estimate by CAD0.51 to CAD3.38 and our 2027 EPS estimate by CAD0.43 to CAD2.37. Q1 saw net debt drop to CAD8.06B from CAD8.29B sequentially. This is the right direction but with less conviction than we anticipated, as a CAD6B net debt load would increase excess free fund flows that could be returned to shareholders. We continue to believe the downside risk in crude pricing is too elevated and predominantly crude producing names are experiencing a short-term cash flow rush that will moderate.

$CVE

Research3d ago

Research Alert: CFRA Keeps Cenovus Energy At Sell On Minimal Debt Cut, Free Fund Flows Up 125%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 2-STARS (Sell) recommendation and decreased our 12-month target price from CAD35 to CAD31. Our target price reflects a 5.5x EBITDA multiple of our 2027 EBITDA estimate. We moderated our top-line growth expectations amid crude pricing swings and WTI/WCS differential responses. Therefore, we lower our 2026 EPS estimate by CAD0.51 to CAD3.38 and our 2027 EPS estimate by CAD0.43 to CAD2.37. Q1 saw net debt drop to CAD8.06B from CAD8.29B sequentially. This is the right direction but with less conviction than we anticipated, as a CAD6B net debt load would increase excess free fund flows that could be returned to shareholders. We continue to believe the downside risk in crude pricing is too elevated and predominantly crude producing names are experiencing a short-term cash flow rush that will moderate.

$CVE

Research3d ago

Research Alert: CFRA Maintains Strong Buy Rating On Shares Of Uber Technologies, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $8 to $108, based on 24x our 2027 EPS estimate, below UBER's three-year average of ~30x given regulatory risks and AV competition. We raise our 2026 EPS by $0.10 to $3.41 and 2027's by $0.31 to $4.49. Q1 results came in near expectations, an encouraging result given Q4's EPS underperformance. We like the record segment margins for both Delivery (3.7%) and Mobility (7.7%) along with continued 20%+ gross bookings results for both groups, with Uber One memberships (+50% to 50M) now contributing roughly half of total company bookings and likely to keep growing, supporting sustained momentum. We are also encouraged by management's continued commitment to a capital-light AV strategy and intention to loop in more third-party financing partners over time (highlighted by yesterday's EUR1 billion agreement with Santander in Europe), which we think provides compelling upside (higher margins and uptime) with limited risk. Uber's AV Mobility trips rose by more than 10x Y/Y, which we find impressive.

$UBER

Research3d ago

Research Alert: Aes Q1 Earnings Surge On Renewables Strength; Net Income Rises 10x To $487m

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Net income surged to $487M from $46M, with diluted EPS reaching $0.68 vs $0.07 in the prior year. Revenue increased 9% to $3.18B, while adjusted EBITDA grew 40% to $827M, with all four business units delivering gains. The Renewables SBU led performance with adjusted EBITDA of $269M (+67%), benefiting from U.S. development services, new projects in service, and higher contracted margins in Chile and Colombia. The company filed its Q1 10-Q without issuing a press release or earnings call. Operating cash flow more than doubled to $1.20B from $545M, reflecting higher adjusted net income and favorable working capital changes. Capital expenditures increased 41% to $1.77B, with $504M of growth capex directed toward U.S. and Chile renewables projects and utility infrastructure improvements. The Utilities SBU generated strong results from AES Ohio's 2024 DRC Settlement, providing higher retail rates and transmission revenues.

$AES

Research3d ago

Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Arista Networks, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target at $175, based on 48.2x our 2026 EPS estimate. We increase our 2026 EPS estimate by $0.10 to $3.63 and 2027's by $0.17 to $4.42. While ANET was able to raise its full-year guidance, it was lower than we expected due to some notable challenges. It experienced industry-wide supply shortages, particularly in wafers, silicon chips, CPUs, optics, and memory. These shortages increased procurement costs and limited its ability to fully meet strong customer demand. Gross margin was under pressure due to a combination of higher supply chain costs (especially for memory and silicon) and a shift in customer mix toward larger accounts, which tend to have lower margins. It also paid more to secure supply continuity, further impacting margins. Lead times for critical components, particularly high-end chips used in AI platforms, were extremely long, sometimes extending to 52 weeks or more, requiring ANET to make multiyear purchase commitments and increasing the risk of inventory imbalances.

$ANET

Research3d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Johnson Controls International Plc

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 $160 from $153. This is based on an average of a forward P/E of 27.1x our FY 27 EPS view of $5.60 ($152), above the five-year average of 18x on promising sales growth due to favorable demand trends and robust EBIT expansion, and our DCF model, using a terminal growth rate of 2.5%, WACC of 7.9%, and 10-year FCFF CAGR of 12.0% ($168). We increase our adjusted EPS estimates to $4.85 from $4.64 for FY 26 and to $5.60 from $5.51 for FY 27. JCI shares were down slightly following the release, and we think guidance for in-line FQ3 earnings wasn't positive enough considering the company's streak of nine consecutive earnings beats. However, we note JCI's history of conservative guidance and see significant upside longer term from data center spend and customer investments in cooling infrastructure. In our view, this remains a key growth driver. Therefore, we would use any weakness as a buying opportunity. In our opinion, JCI's risk/reward potential remains compelling at current levels.

$JCI

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