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Research Alert: Relx Q1: Solid Start To 2026; Company Delivers No Surprises, Reaffirms Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:RELX reported a positive start in its Q1 trading update, seeing strong underlying revenue growth across all segments amid higher demand for AI-integrated analytical offerings. We continue to see accelerating momentum in Legal, with Q1 logging double-digit growth for Law Firms & Corporate Legal clients amid rising adoption in Lexis+ AI. Meanwhile, Risk also saw continued strong development in Financial Crime Compliance and Fraud & Identity solutions, while STM also saw improved growth geared towards higher-value electronic databases and decision tools. Management reaffirmed its long-term growth trajectory, supported by strong new sales in newer offerings and improving business mix. Based on the current trajectory, we believe these should comfortably translate to adjusted operating profit and EPS growth in the high-single-digits, further accelerated by ongoing share repurchases particularly with the sharp correction since mid-2025 due to AI-disruption fears, which we believe remains overblown at current levels.

$RELX

Research63d ago

Research Alert: Dupixent And Newer Drugs Power Sanofi Q1 Beat; Focus Turns To Incoming Ceo

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Sanofi's Q1 2026 results beat consensus, with sales of EUR10.5B (vs. the EUR10.3B consensus) growing 6.2% Y/Y or 13.6% at CER, while its business EPS of EUR1.88 beat the EUR1.80 consensus. Dupixent continued its strong trajectory with 30.8% CER growth, while new launches like Altuviiio grew 42.2% CER on patient switches from older treatments. Sanofi reiterated its 2026 guidance for high-single-digit sales growth at CER and business EPS growth slightly faster than sales, in line with consensus. We expect Dupixent and newer drugs to support the 2026 outlook. We continue to like Dupixent's strong growth and rising contribution from new launches, which should gradually reduce its revenue concentration risk. With limited patent expiry exposure until Dupixent's 2031 cliff, we view the long-term setup as positive. However, we view that near-term sentiment will depend on incoming CEO Belen Garijo's R&D strategy to improve execution and restore confidence after recent disappointing pipeline readouts.

$SNY

Research63d ago

Research Alert: Stmicroelectronics Reports Better-than-expected Q1 2026 Revenue

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:STMicroelectronics' (STM) Q1 2026 revenue of USD3.10B (+23.0% Y/Y) beat expectations, attributed to Personal Electronics and CECP demand recovery with strong bookings and normalized inventory levels. Operating income surged to USD171M from USD11M in the prior year but missed consensus estimates of USD175M, with gross margin improving to 33.8% due to a better product mix and lower unused capacity charges. We think STM's mixed results reflect uneven recovery, though the expanded multi-billion-dollar AWS partnership for AI datacenter infrastructure and USD895M NXP MEMS acquisition position the company for growth in higher-margin segments. Management guided Q2 2026 revenue to USD3.45B, well above consensus of USD3.19B, with gross margin expected at 34.8%. We believe datacenter revenue projections of over USD500M for 2026 and above USD1B for 2027 support near-term earnings growth, though thin margins and automotive sector exposure remain concerns, in our opinion.

$STM

Research63d ago

Research Alert: Nokia: Q1 2026 In Line, Optical Networks Strength And Ai Demand Support Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Nokia's Q1 2026 results were in line with expectations, with comparable net income of EUR295M (+93% Y/Y) and operating profit of EUR281M (+54% Y/Y), contributing 17% of 2026 consensus estimates. Revenue reached EUR4.5B (+4% Y/Y constant currency), supported by AI-related demand but offset by telecom weakness and FX headwinds. Network Infrastructure drove growth with revenue up 6% to EUR1.8B, led by Optical Networks rising 20% to EUR821M on hyperscaler and AI demand, while Mobile Infrastructure delivered modest 3% growth to EUR2.5B, with operating margin expanding 380bps to 8.9%. Management maintained its full-year 2026 comparable operating profit guidance of EUR2.0B-EUR2.5B and raised Network Infrastructure growth expectations to 12%-14% from 6%-8%, reflecting stronger AI & Cloud momentum. We believe the outlook remains supported by AI-driven demand with gradual margin expansion expected, though performance remains tied to telecom capex recovery and regional demand variability, particularly in North America.

$NOK

Research63d ago

Research Alert: Edu: Solid Q3 Fy 26 On Core Growth And Margin Expansion

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:EDU's Q3 FY 26 (May) EPADS of USD0.79 (+46% Y/Y) meets our expectation. Revenue rose 20% Y/Y, driven by solid growth across core education segments, including overseas test preparation (+7.4% Y/Y) and domestic test preparation for adults and university students (+15% Y/Y), alongside strong momentum in new initiatives (+23% Y/Y), non-academic tutoring (458k new enrollments), and intelligent learning systems. We view this as a sign of a more diversified and resilient growth profile. Net margin expanded 1.5%-pts Y/Y, supported by improved operational efficiency, better utilization, and ongoing cost optimization, with additional uplift from operating leverage as enrollment scaled. Management remains focused on strengthening its core education offerings, improving teaching quality, and optimizing costs, while deepening AI integration across its OMO system. It also plans to enhance customer retention and advance East Buy through multi-channel expansion, private labels, and membership initiatives.

$EDU

Research63d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Elevance Health Inc.

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 by $40 to $360, reflecting a 13.5x multiple of our 2026 EPS estimate, a small premium to ELV's three-year historical forward average of 12.7x but below the five-year average of 14.1x. We raise our 2026 EPS estimate to $26.77 from $26.05 and lower our 2027 EPS estimate to $29.08 from $29.56. Our negative fundamental outlook for the managed care sub-industry considers elevated medical cost trends, Affordable Care Act (ACA) subsidies expiration, Medicare reimbursement challenges, headwinds for Medicaid membership, and spending under the One Big Beautiful Bill Act (OBBBA). Though we look favorably on the Q1 outperformance and earnings guidance raise, we note that roughly $1.00 of the $1.25 EPS guidance increase (now set at $26.75 or greater) reflects nonrecurring net investment income. Shares yield 2.1%.

$ELV

Research63d ago

Research Alert: Waste Connections Delivers Q1 Beat On Continued Margin Gains

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Waste Connections Inc. (WCN) delivered a strong start to 2026, with Q1 results exceeding expectations as revenue increased to $2.4B (+6.4% Y/Y) supported by solid waste core pricing of 6%, while adjusted EBITDA margin expanded 50 bps to 32.5%, reaching $769.5M (+8% Y/Y). Despite volume declines of 1.5% as the company shed lower-margin accounts, we believe consistent margin gains reflect WCN's market pricing power and solid execution on cost management. Management highlighted upside potential from improvements in commodity prices, accretive M&A deals, and ramping AI investments for longer-term operational benefits. E&P waste treatment achieved stellar 24.3% growth reflecting increased special waste activity, while solid waste collection grew 5.4% to $1.7B with strong pricing realization, though recycling revenue declined 12.9% due to commodity headwinds. We view Q1 results as aligning well with our Buy thesis, as WCN appears well-positioned with favorable pricing trends and rising E&P waste service demand.

$WCN

Research63d ago

Research Alert: Waste Connections Delivers Q1 Beat On Continued Margin Gains

$WCN

Research63d ago

Research Alert: Graco Prints Q1 Miss Amid Contracting Margins; Organic Sales Fall 6%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Graco Inc. (GGG) posted disappointing Q1 results, with organic sales falling 6% Y/Y and margin compression, as acquisitions enabled only 2% total growth despite underlying business headwinds across most geographies. Asia-Pacific was particularly weak with 8% organic decline, while all three segments faced revenue pressures from soft residential construction activity, project timing variability, and persistent tariff-related cost pressures. The challenging operating environment reflects continued mortgage rate headwinds suppressing housing markets and unfavorable product/channel mix impacting profitability. Management maintained guidance for low single-digit organic sales growth, though execution improvements and market recoveries appear necessary to achieve targets. We believe volume declines are more than offsetting pricing benefits as the company implements increases to counter tariff impacts, with inflationary pressures continuing to pressure its bottom-line performance despite pricing realization efforts.

$GGG

Research63d ago

Research Alert: Rollins Prints Mixed Q1 As Margins Fail To Impress

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ROL's Q1 results were mixed, achieving revenue growth of 10.2% Y/Y split between 6.6% organic growth and 3.6% from acquisitions. However, margin compression remained a headwind, with adjusted operating margin declining 100 bps to 16.9%. ROL faced challenges balancing growth investments while defending profitability, with the termite business remaining the standout performer at 13.5% revenue growth and 9.8% organic expansion, outpacing residential services which rose 9.3% overall but just 4.2% organically. Management attributed margin pressures to insurance/claims costs, people costs, and selling investments, with employee expenses rising to 32.0% of revenue from 31.8% and insurance costs increasing to 2.3% from 2.0%. Cash flows weakened significantly, with operating cash flow declining 19.4% and free cash flow down 20.6%, impacted by timing factors, a $40M tax credit strategy, and $9M from interest payment transitions. We see previous share price highs being elusive until margins show signs of stabilization.

$ROL

Research63d ago

Research Alert: United Rentals Prints Q1 Beat As Margins Bounce Back

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:URI delivered strong Q1 results with operating EPS of $9.71, beating consensus by $0.77, while total revenue reached $3.9B (+7.2%) with rental revenue of $3.4B (+8.7%). Adjusted EBITDA margin of 44.1% declined 80 bps Y/Y, but excluding the prior year H&E merger termination benefit, margins actually expanded 60 bps, signaling an important inflection from persistent compression. We see this as evidence that management's restructuring efforts are paying off, with margin pressures finally showing signs of stabilization. The strong quarter enabled URI to raise full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B. Segment results were mixed, with general rentals achieving 6.2% revenue growth and 150 bps margin expansion to 33.8%, while specialty rentals posted robust 13.8% revenue growth but faced 170 bps margin compression to 41.4%. We believe leverage remains well below historical levels, positioning URI for accretive M&A deals that could generate additional guidance lifts.

$URI

Research63d ago

Research Alert: Fico Loses Its Grip - Fhfa Opens Door To Rivals

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FICO's stranglehold on mortgage credit scoring officially ended as FHFA Director Bill Pulte announced that "effective immediately," Fannie Mae and Freddie Mac would accept VantageScore, FICO's main competitor, credit models. HUD Secretary Scott Turner said FHA would follow within months. FICO shares plunged 10%+ on the news. Until now, GSEs relied almost exclusively on older FICO models, giving FICO monopolistic control over mortgage financing access. This dominance recently prompted Senator Josh Hawley to investigate FICO's pricing practices. VantageScore costs $0.99 versus FICO's $4.95-$10 plus fees, and uses alternative data like rent payments to score borrowers. We believe this announcement will heavily expand mortgage access, with millions previously excluded by traditional scoring and high costs. This announcement poses a massive headwind for FICO, breaking its monopoly and introducing intense pricing competition unseen in decades. We're watching FICO's April 28 earnings call for management's response.

$FICO

Research63d ago

Research Alert: Pkg Reports Mixed Q1 Results, Provides Q2 Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PKG reported mixed Q1 2026 results with adjusted EPS of $2.40, up $0.09 Y/Y and beating guidance of $2.20, while net sales rose 11% to $2.4B ($40M below expectations) driven by the Greif acquisition and volume growth in the legacy business. Total corrugated shipments per day surged 21.8% including Greif operations, with legacy business achieving record shipments per day (+2.8% Y/Y) despite one fewer shipping day. We view the operational excellence and the Greif integration progress as positive, with containerboard inventory down 39k tons sequentially and mills running at full capacity with strong production efficiency. Management guided for Q2 adjusted EPS to $2.33, reflecting cautious optimism amid higher maintenance outage expenses at five mills and increased freight costs. We expect continued strong packaging demand to support full mill capacity utilization, while the company focuses on completing Greif integration and inventory optimization across acquired corrugated facilities.

$PKG

Research63d ago

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

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our target price at $44, based on a forward P/E of 16x our 2026 EPS forecast of $2.75, below its three-year average. We increase our 2026 EPS estimate to $2.75 from $2.74 but lower our 2027 EPS projection to $3.15 from $3.22. PEGA reported mixed Q1 2026 results, with total revenue of $430M declining 10% Y/Y, missing consensus, while non-GAAP EPS of $0.46 missed by $0.23, primarily due to a 49% decline in subscription license revenue and higher legal expenses. However, Pega Cloud revenue surged 36% to $205M (now 48% of total revenue), and Pega Cloud ACV accelerated 29% Y/Y to $907M (27% on a constant currency basis), reflecting momentum in the cloud transition. We anticipate stronger 2H 2026 on a favorable renewal mix, strong new logo pipeline, and traction with Blueprint. We see opportunities to convert existing legacy systems to Blueprint-enabled cloud solutions and expect Pega Cloud growth in the 30%-plus range.

$PEGA

Research63d ago

Research Alert: CFRA Reiterates Hold Opinion On Shares Of United Airlines Holdings Inc

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 $3 to $100, 7.5x our 2027 EPS estimate (unchanged) and in line with the shares' five-year average forward multiple. We lower our 2026 EPS to $11.02 from $11.55 and 2027's to $13.33 from $13.74, primarily reflecting significant fuel cost headwinds. We reiterate our Hold opinion, viewing Q1 results as evidence of pricing power, with revenue growth of 10.6% driven by premium (+14%) and loyalty (+13%) customers. However, offsetting strong demand is significant fuel cost pressure (+13% in Q1) that prompted management to lower adjusted EPS guidance by roughly 30%. At current levels, shares trade at approximately 6x consensus 2027 EPS estimates, appearing to discount near-term fuel headwinds. However, sustained higher oil prices would represent an even more significant EPS headwind than reflected in our estimates, which sit $0.02 above the high end of management's guidance. While UAL's pricing power is encouraging, we see balanced risk/reward with limited margin for error.

$UAL

Research63d ago

Research Alert: CFRA Keeps Hold Rating On Shares Of Stifel Financial Corp.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following Q1 results, we lower our 12-month target price by $7 to $84, applying a forward P/E of 11.9x our 2027 EPS view, in line with SF's 10-year historical forward P/E average and the peer average. We decrease our 2026 EPS estimate to $6.35 from $6.43 and 2027's to $7.04 from $7.23. Our revenue projections are $6.12B (+10%) in 2026 and $6.74B (+10%) in 2027. Our revision reflects a more cautious outlook despite a strong quarter in which both segments performed well, with the Institutional Group surging 29% Y/Y on record investment banking and Global Wealth Management up 10%. While we remain positive on SF's strong investment banking pipeline, we temper our forecast due to increasing macroeconomic and geopolitical uncertainty, which could affect the timing of future business. Still, the positive margin impact from the recent sale of SIA and the European equities restructuring should provide a structural tailwind to profitability.

$SF

Research63d ago

Research Alert: First Industrial Realty Q1: Cash Noi Up On Strong Cash Re-leasing Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FR reported Q1 revenue of $195M (+10.0% Y/Y, $4M above consensus) vs $177M in the prior-year period. Cash same-store NOI increased 8.7% Y/Y to $134M, representing a significant acceleration from 3.7% growth in Q4 2025. The company achieved robust cash rental rate increases of 31.7% in Q1 (51.9% on straight-line basis), while signing 46 leases covering 2.4M sqft during the quarter. Management maintained full-year 2026 guidance for same-store NOI growth of 5%-6%, unchanged from the prior quarter. Leasing activity improved sequentially from 1.8M sqft in Q4 to 2.4M sqft in Q1, demonstrating continued momentum in the leasing environment and strong tenant demand. The notable acceleration in same-store NOI growth appears attributable to weaker Q4 renewal activity that created favorable Y/Y comparisons for Q1. The strong rental rate spreads and increased leasing volume suggest healthy underlying market fundamentals continue.

$FR

Research64d ago

Research Alert: Globe Life Q1 Eps Tops Our Expectations

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GL posted Q1 2026 operating EPS of $3.43 vs. $3.07 prior year, beating our conservative $3.35 estimate but missing the $3.48 consensus view. Revenue rose 5.4%, in line with our 3% to 8% forecast, driven by 6% premium growth reflecting 3% life and 13% health premium increases. Strong sales momentum included 6% life sales growth and a 58% surge in health sales, with United American Division's health net sales exploding 122% Y/Y to $61.5M. Management raised 2026 operating EPS guidance to $15.40-$15.90 from $14.95-$15.65, suggesting confidence despite investment income pressures. We expect similar premium growth trajectories in 2026, projecting 2% to 6% life premium growth and 5% to 9% health premium increases. Agent count trends present mixed signals, with Liberty National and Family Heritage expanding 9% and 10% respectively, while American Income declined 4%. We are eager to hear management's perspective on middle-market consumer demand trends.

$GL

Research64d ago

Research Alert: Rs Posts Q1 Sales And Eps Beat, Record Volumes And Major Contract Wins

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:RS reported Q1 2026 adj. EPS of $5.16 vs. $4.66 consensus, exceeding guidance, with net sales of $4.03B beating consensus by $118M on record tons sold of 1.67M (+9.4% Q/Q, +2.7% Y/Y). Gross margin recovered to 29.1% (+180 bps Q/Q), moving within the company's 29%-31% target range as LIFO headwinds moderated. RS outperformed industry shipments by ~8%-pts, marking the 13th consecutive of outpacing industry growth, with broad-based performance across carbon steel, aluminum, and stainless steel categories. Management guided for Q2 2026 adj. EPS of $5.15-$5.35, reflecting confidence in sustained pricing momentum across key end markets. RS secured $2.9B in government contracts, including a $2.24B border wall contract and a $654M Joint Strike Fighter renewal. We believe the aluminum recovery is particularly meaningful given 2025's tariff-related compression, and disciplined capital allocation with $301M returned to shareholders demonstrates balance sheet strength at 1.0x net debt-to-EBITDA.

$RS

Research64d ago

Research Alert: CFRA Lowers Opinion On Shares Of Expedia Group Inc. From Hold To Sell

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 $3 to $240, representing 13x our 2026 EPS estimate (unchanged multiple), a significant discount to EXPE's 21x five-year average forward multiple. We lower our 2026 EPS estimate to $18.51 from $18.55 and 2027's to $20.38 from $20.42, reflecting modestly lower gross bookings growth expectations. We downgrade EXPE from Hold to Sell as we believe shares are overvalued given heightened macroeconomic risks and the company's concentrated U.S. exposure. Elevated oil prices are pressuring U.S. consumer discretionary budgets, which would disproportionately impact EXPE relative to peers given approximately 60% of its business is U.S.-based. Consensus revenue estimates have been revised up 6% on recent bookings momentum but have been slow to reflect recent macroeconomic volatility, suggesting potential downside risk. Additionally, AI-driven search and booking tools represent a longer-term disintermediation threat to EXPE's traditional online travel agency model.

$EXPE

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