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Research Alert: Luv: Strong Rasm Growth Offsets Fuel Headwinds; Q2 Outlook Cautious

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:LUV reported Q1 adjusted EPS of $0.45 vs. a loss of $0.13 a year ago but below the $0.48 consensus estimate. Total revenue of $7.25B (+12.8%) was below the $7.28B consensus, driven by passenger revenue growth of 13.4% and revenue per available seat mile (RASM) expansion of 11.2%. The company showed cost discipline with lower maintenance expenses (-11.3%) and other operating costs (-1.9%), helping offset fuel headwinds that added $164M in costs. The Q2 EPS guidance midpoint of $0.50 came in below the $0.62 consensus, with management declining to update full-year 2026 EPS guidance from the prior $4.00 target. We think pricing vs. passenger volume bears monitoring as LUV transitions from its 54-year open-seating policy to assigned seating. In our view, cost discipline could help achieve current EPS consensus, but meeting prior guidance may prove difficult. The company maintains balance sheet flexibility with $3.3B in cash, $1.5B credit facility, and $16.5B in unencumbered assets during this transformation.

$LUV

Research63d ago

Research Alert: Lrcx Results And Guidance Beat Comfortably; China Sales Remain Elevated

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:LRCX posted impressive Mar-Q results with sales of $5.84B (+24% Y/Y) and non-GAAP EPS of $1.47 (+41%), beating Street expectations of $5.76B / $1.36. Systems revenue grew 23% Y/Y (vs. +28% last Q) while CSBG sales accelerated to 25% growth (from +14%), reflecting continued strong AI spending momentum. We see continued upside as elevated memory prices drive equipment purchases that should benefit LRCX in the coming quarters. Management provided strong Jun-Q guidance of $6.6B sales (vs. $6.0B Street) and $1.65 EPS (vs. $1.45), while raising its CY 26 WFE outlook to $140B+ from $135B, implying 27% industry growth despite supply constraints. China sales remain elevated at 36% of Mar-Q revenue (+100 bps Q/Q, +500 bps Y/Y), reflecting vulnerability to potential export control tightening and accelerating self-sufficiency efforts (though robust demand ex-China still supports strong growth). Non-GAAP gross margin of 49.9% and operating margin of 35.0% both easily exceeded guidance midpoints (49.0% / 34.0%).

$LRCX

Research63d ago

Research Alert: Caci Delivers Another Eps Beat In Mar-q With Strong Margins And Backlog

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CACI delivered its ninth consecutive adjusted EPS beat in Mar-Q FY26, reporting revenue of $2.35B (+8% Y/Y) driven by 7% organic growth and strong performance across all segments. Adjusted diluted EPS of $7.27 exceeded consensus by $0.34, while EBITDA margins expanded 60 bps to 12.3% and free cash flow reached $221M, reflecting strong operational leverage and efficiency gains. We believe CACI's strategic transformation into a national security technology company positions it well for sustained growth, with continued investments in software-defined capabilities and competitive advantages from embedded mission proximity. The company maintains strong visibility with $33B total backlog (+6%) and $4B in submitted bids, expecting $22B in submissions over the next two quarters with over 75% representing new business. With 98% of FY26 revenue secured and robust execution momentum, we think CACI remains well-positioned to deliver on its three-year financial targets and drive long-term shareholder value.

$CACI

Research63d ago

Research Alert: Ibm: Results Beat, But Software Deceleration Offsets Consulting Resilience

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Q1 2026 results modestly exceeded expectations with sales of $15.9B (+9% Y/Y) and non-GAAP EPS of $1.91 (+19%), beating consensus of $15.7B and $1.81, respectively. Constant currency sales growth of 6% reflected deceleration from the prior two quarters' +9% and +7%, but management maintained 2026 guidance for constant currency revenue growth of "more than 5%" and FCF of about $15.7B. Software growth decelerated to 8% in constant currency from 11% in Q4 and 9% in Q3, a potential red flag for the bears, though Red Hat rebounded to +10% from +8% in Q4. Thus, we expect consistent ~20% bookings growth in recent periods should support low-teens sales growth this year. Infrastructure remained robust at +12% constant currency growth, with IBM Z sales up 51% Y/Y, though growth faces tougher comps ahead. We view IBM's 110 bps of Y/Y operating margin expansion as impressive, while Consulting's resilience (sales +1%, signings +10%) should counter fears around Anthropic-related COBOL competition, at least for now.

$IBM

Research63d ago

Research Alert: Lululemon Athletica Appoints Ex. Nike Executive Heidi O'neill As Ceo

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Lululemon announced Heidi O'Neill as its next CEO effective September 8, 2026, following a search process after Calvin McDonald's departure in January amid pressure from founder Chip Wilson and activist investor Elliott Management. O'Neill brings over 30 years of performance apparel experience, including 25+ years at Nike where she helped grow the company from a $9B to $45B global leader and most recently served as President, Consumer, Product & Brand. We are in favor of the decision and believe her extensive Nike background and current board positions at Spotify, Hyatt, and Lithia & Driveway make her a well-rounded candidate to guide the turnaround at lululemon. Shares fell 5% in after-hours trading as investors digest the announcement, most likely due to Nike's share decline during her recent tenure there. Her experience overseeing Nike's global consumer and product engine, resetting brand foundation, and reducing product development timelines should accelerate speed to market at LULU.

$LULU

Research63d ago

Research Alert: Hexcel Posts Q1 Beat On Top And Bottom Lines, Strong Margin Expansion

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HXL posted Q1 adjusted EPS of $0.59 vs. $0.37 prior year, $0.15 above consensus, on sales of $501.5M (+9.9% Y/Y), beating consensus by $18M. Commercial Aerospace sales rose 18.8% Y/Y to $332.7M, led by A350, A320neo, 787, and 737 MAX programs as destocking pressures abated. The results validate our multiyear thesis on operating leverage, with 59.5% EPS growth on sub-10% sales growth as volumes recover into existing capacity. Management reaffirmed 2026 guidance for sales of $2.0B-$2.1B and adjusted EPS of $2.10-$2.30 despite geopolitical uncertainties. Adjusted operating margin expanded 360 bps Y/Y to 13.5%, demonstrating substantial fixed cost leverage. We believe HXL is well positioned to capture incremental revenue from sole-source contracts without material capacity additions, with line of sight to mid-30s incremental margins through 2027, though sustained progress remains contingent on OEM execution and supply chain stability.

$HXL

Research63d ago

Research Alert: Las Vegas Sands Beats Estimates As Marina Bay Sands Continues To Impress

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Las Vegas Sands delivered strong Q1 results with normalized EPS of $0.91, up 54% Y/Y and improving upon Q4 2025 performance, while net revenue increased 25.3% to $3.59B driven by robust growth across both regions. Consolidated adjusted property EBITDA grew 24.6% to $1.42B, though regional margin performance diverged in Macao operations experiencing 140 bps of compression to 29.9% despite generating $633M in adjusted EBITDA (+18.3% Y/Y), while Marina Bay Sands maintained exceptional 53.0% margins (+100 bps Y/Y). Gaming performance showed strength with casino revenues increasing 28.8% to $2.74B and robust rolling chip volumes at Marina Bay Sands ($18.0B vs. $8.0B in the prior year) and The Londoner Macao ($4.7B vs. $1.7B in the prior year). The company continued aggressive capital returns, repurchasing $740M of stock during the quarter and returning $5.24B to shareholders since Q4 2023, representing 14.3% of outstanding shares while maintaining its $0.30 quarterly dividend.

$LVS

Research63d ago

Research Alert: Eastgroup Properties Reports In-line Q1, Rental Growth Slows For New Leases

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:EGP reported Q1 revenue of $190M, representing a solid 9.1% Y/Y increase from $174M in the prior-year period and meeting consensus expectations for the quarter. Cash same property NOI (excluding lease terminations) grew 7.5% to $133M, though this represented a deceleration from the stronger 8.4% growth rate achieved in the previous Q4, with the increase primarily due to strong cash rental growth on new lease signings across the portfolio. The company demonstrated robust leasing momentum, with cash rental rates on new leases signed during Q1 advancing 20.3% compared to the prior year across a total of 69 leases, comprising 22 new leases and 47 renewals that collectively encompassed 2.04M square feet of leased space. Management provided updated guidance for same property NOI growth of 5.7%-6.7% for full-year 2026, representing a 10-bp sequential improvement from the previous quarter's guidance outlook.

$EGP

Research63d ago

Research Alert: Now: Mixed Q1 Performance And Reduced Outlook Weighs On Stock After Hours

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:NOW posted mixed Q1 results, with revenue of $3.77B beating consensus by $20M, and non-GAAP EPS of $0.97 in line with estimates. Total revenues grew 22% Y/Y, while Subscription revenues of $3.671B increased 22% Y/Y, at the high end of the constant currency guidance. AI product adoption surged, with Now Assist customers spending over $1M in ACV growing 130%+ Y/Y, reflecting strong AI monetization momentum, alongside 16 transactions over $5M in net new ACV (up 80% Y/Y). Current RPO of $12.64B grew 22.5% Y/Y, exceeding the 20% constant currency target by 100 bps, demonstrating solid bookings momentum. However, management lowered 2026 guidance incorporating the early closure of the $2.4B Armis acquisition and geopolitical headwinds from delayed Middle East deals. The Armis deal adds 125 bps to growth but creates near-term margin pressure of ~75 bps to operating margin and ~200 bps to FCF margin, with trajectories expected to normalize in 2027.

$NOW

Research63d ago

Research Alert: Molina Healthcare: Q1 Eps Beats, Guidance Maintained

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Molina Healthcare reported mixed Q1 results, with adjusted EPS of $2.35 declining 61% Y/Y but beating the $1.94 consensus estimate. Revenue of $10.8B missed consensus by ~0.8%, with premium revenues down 4% due to membership losses that reduced total membership to 5.0M from 5.8M. We believe the largest membership losses in Marketplace reflect MOH's pricing and strategic portfolio adjustments, as well as industry pressure from ACA enhanced premium tax credit expiration. MOH reaffirmed full-year 2026 guidance of approximately $42B in premium revenue and at least $5.00 in adjusted EPS. Elevated medical costs continue pressuring results, with consolidated MCR deteriorating to 91.1% from 89.2% in the prior year, though Medicaid's 92.0% ratio was viewed favorably by management relative to expectations. We anticipate more comprehensive forward guidance during the Investor Day on May 8 and Q2 results in July. We expect MOH will face headwinds from Medicaid membership reductions under the One Big Beautiful Bill Act.

$MOH

Research63d ago

Research Alert: Txn Beats Q1 And Guides Above Views; Fcf Story Playing Out

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TXN delivered a strong Q1 beat with revenue of $4.83B (+19% Y/Y, +9% Q/Q) vs. $4.53B expected and EPS of $1.68 (+31% Y/Y) vs. the $1.37 consensus, driven by robust industrial and data center performance. Analog segment revenue of $3.92B (+22% Y/Y) with operating profit up 36% showcases TXN's franchise strength and ability to capture share as end markets recover. The diversified analog portfolio and strategic embedded processing investments position the company well for sustained growth in IoT and edge computing applications. Q2 guidance of $5.00B-$5.40B revenue and $1.77-$2.05 EPS compares favorably to consensus of $4.9B and $1.57, respectively, reflecting management confidence in demand trajectory. The dramatic FCF improvement to $4.35B (+154% Y/Y) and 23.6% of revenue demonstrates operating leverage as 300mm capacity utilization normalizes, with declining capex and enhanced CHIPS Act benefits creating powerful tailwinds for future cash generation.

$TXN

Research63d ago

Research Alert: Kmi: Natural Gas Is Hitting On All Cylinders

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:KMI delivered a solid Q1 earnings beat with adjusted EPS of $0.48 vs. $0.34, beating consensus by $0.09, while adjusted EBITDA of $2.54B rose 18% Y/Y. Natural gas segment results were strong, with transport volumes up 8% and gathering volumes surging 15%, though crude oil and condensate volumes fell 12%. We think near-term demand for natural gas logistics remains acute, driven by LNG exports and data center expansion, with pipeline utilization at 90% vs. 74% a decade ago. KMI reiterated 2026 guidance for adjusted EPS of $1.36 (+5%) and EBITDA of $8.6B (+2%), though management noted the company is tracking 3% above that pace. Project backlog edged higher to $10.1B with 92% tied to natural gas projects. The balance sheet continues improving with net debt-to-EBITDA falling to 3.6x from 3.8x, while free cash flow surged 73% to $687M. We believe the company has the financial flexibility for continued dividend growth or debt reduction, with the quarterly dividend up 2% to $0.2975.

$KMI

Research63d ago

Research Alert: Tsla: Q1 Ahead Of Expectations; Services & Other Segment Shines

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Tesla (TSLA) posted Q1 adjusted EPS of $0.41 vs. $0.27 (+52%), ahead of the $0.35 consensus. Net sales rose 16% to $22.39B ($190M ahead of consensus) and gross margin expanded 480 bps to 21.1% (280 bps ahead of consensus). On the Automotive side, a 16% revenue increase was driven by higher average selling prices, favorable foreign exchange impacts of approximately $900M, and 6% higher volumes. The Services and Other segment was the standout performer, as revenue was up 42%, primarily driven by Full Self-Driving (FSD) subscription growth, which reached 1.28M active users (+51% Y/Y). This helped boost Tesla's cash and liquidity position, as it ended Q1 with cash and equivalents of approximately $44.7B (vs. $44.1B at the end of 2025). TSLA shares traded 4% higher after hours. One of the primary concerns weighing on TSLA's YTD performance has been its $20B+ capex guidance for 2026, which was much higher than expected. We expect any revisions to this guidance to be a key area of inquiry on its conference call.

$TSLA

Research63d ago

Research Alert: Rjf Posts Record Mar-q Revenue Driven By Investment Banking Recovery

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:RJF delivered record Mar-Q results with net revenues of $3.86B (+13% Y/Y), beating consensus by $10M, while adjusted EPS of $2.83 exceeded the Street's $2.76 estimate vs. $2.42 in the prior year. Performance was driven by broad-based strength across segments, with Private Client Group achieving record revenues of $2.81B (+13%) and Capital Markets accelerating 36% Q/Q to $464M. The diversified business model demonstrated resilience with investment banking rebounding 29% and fee-based assets reaching a record $1.04T (+20%), reflecting strong advisor recruiting capabilities. Management acknowledged the deal environment remains uncertain despite sequential improvement in investment banking activity. The firm maintained a robust 24.0% total capital ratio and returned $400M through share repurchases, with $1.5B remaining under authorization. We believe RJF's market-leading advisor recruiting, record asset levels, and strong balance sheet position the firm well for continued growth.

$RJF

Research64d ago

Research Alert: Knight-swift Misses Q1 Consensus Estimates; Margins Compress

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:KNX reported Q1 operating EPS of $0.09 vs. $0.28 prior year, missing consensus by $0.07 for the third consecutive quarter. Sales rose 1% Y/Y to $1.85B, $8M below consensus estimates. The company faces fundamental challenges, including carrier failures, wage pressures, and contractual pricing resets in structurally challenged markets. Management noted progressive improvement throughout Q1 as freight markets tightened. Consolidated adjusted operating ratio deteriorated 230 bps Y/Y to 97.0%, with Truckload's ratio falling 70 bps to 96.3% despite 1.4% improvement in revenue per loaded mile, hampered by 1.8% decline in loaded miles and weather disruptions. Less-than-Truckload's operating ratio deteriorated 540 bps to 99.6%, primarily from $18M adverse claims development, though excluding this impact, the segment showed operational progress, with tonnage per day up 4.1% and weight per shipment increasing 5.2%. Logistics revenue declined 9.9% Y/Y, with compressed margins from capacity constraints.

$KNX

Research64d ago

Research Alert: Crown Castle Inc. Q1: Revenue And Ffo Beat, Fiber Sale Expected To Close In Q2

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CCI reported Q1 revenue of $1.01B, down 4.8% Y/Y from $1.06B but beating consensus estimates by $16M. Site rental revenues declined 5% Y/Y to $961M, primarily driven by the anticipated $49M impact from DISH contract terminations and $5M from Sprint cancellations. Management left site rental revenue guidance unchanged at -5% at the midpoint to $3.85B for the full year. Excluding the impact of DISH and Sprint churn this year, management expects 3.5% organic growth for 2024. However, organic growth moderated to 3.1% in Q1 from 3.9% in the prior-year quarter, indicating some softening in underlying leasing momentum across the tower portfolio. The DISH contract terminations continue to represent a significant operational and financial headwind for CCI's near-term performance trajectory, though the company appears to be successfully managing through this challenging transition period while maintaining its full-year revenue outlook and guidance.

$CCI

Research64d ago

Research Alert: Csx Beats Q1 Consensus Estimates, Reflecting Improved Efficiency

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CSX reported Q1 EPS of $0.43 vs. $0.34 in the prior year, beating consensus by $0.04, while revenue of $3.48B met estimates and rose 2% Y/Y. Operating margin expanded significantly to 36.0% from 30.4%, reflecting a 560-bp improvement that underscores operational efficiency progress. We view this as a solid turnaround after CSX missed expectations in the prior quarter due to weak industrial demand. Revenue growth was driven by higher merchandise pricing, strong 6% intermodal volume growth, and increased fuel surcharge revenue. CSX achieved meaningful operational improvements with train velocity up 7% to 18.9 mph, dwell time improving 7% to 10.7 hours, and carload trip plan performance rising 7% to 74%. The company delivered solid expense management as total costs declined $153M despite inflationary pressures, with labor expenses down $9M even after absorbing $41M in inflation increases, demonstrating workforce optimization benefits that reduced average rail headcount by 1,177 employees.

$CSX

Research64d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Moody's Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing Q1 earnings, we raise our 12-month target price by $30 to $610, on a forward P/E of 32.3x our 2027 earnings estimate, a premium to peers given superior growth prospects that are less susceptible to AI disruption. We increase our 2026 EPS estimate to $16.92 from $16.89 and bump up 2027's to $18.91 from $18.45. Our revenue projections are $8.3 billion for 2026 and $8.9 billion for 2027. In February, we upgraded MCO shares, believing concerns about AI disruption were overblown. Still, despite this view, we would have given MCO a pass this quarter as the Iran conflict put a damper on economic sentiment. However, MCO delivered strong results with both Ratings and Analytics segments growing at a healthy 8% clip. The company also maintained its full-year 2026 adjusted EPS guidance of $16.40-$16.70. Most notably, AI proved to be a tailwind rather than a headwind this quarter, as Ratings revenue benefited from several large AI-related financing deals from hyperscalers.

$MCO

Research64d ago

Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of East West Bancorp, 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 target price by $10 to $165, 14.5x our 2027 EPS estimate, a wider risk premium than the peer average of 10.0x given demographic advantages and expected market share gains. We raise our 2026 EPS view by $0.32 to $10.73 and increase 2027's by $0.26 to $11.36. Our revenue estimates are $3.2 billion and $3.4 billion, respectively. EWBC shares justifiably reached a record high today, driven by the bank's continued outperformance in loan and deposit growth versus industry peers. Management's guidance was especially positive and notably was unaffected by the Iran conflict. In fact, EWBC raised its 2026 net interest income outlook by 100 bps to 6%-8% growth, while simultaneously lowering its expected net charge-offs by 5 bps to 15-25 bps. Still, despite strong credit quality and a track record of EPS growth exceeding peers, EWBC maintains a defensive position for a potential economic downturn, supported by robust capital levels and a strengthened loan loss reserve.

$EWBC

Research64d ago

Research Alert: CFRA Maintains Buy Rating On Shares Of Manhattan Associates 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 price to $166 from $192, on a forward P/E of 31x our 2026 EPS projection of $5.34, below its three year average. We increase our 2026 EPS estimate to $5.34 from $5.20 and our 2027 EPS forecast to $5.89 from $5.87. MANH reported strong Q1 2026 results, with revenue of $282M, up 7.4% Y/Y (vs. 3.2% in Q1 2025), beating consensus by $8.5M, due to cloud subscription growth of 24% and services revenue growth of 4%. We are encouraged by the acceleration in cloud revenues in Q1, as well as solid RPO growth of 24%, reflecting improved execution and demand, despite investor concerns of the impact of macroeconomic uncertainty. Over 55% of new cloud bookings came from net new logos, demonstrating continued market expansion. The company noted that 23% of on-premise customers have converted or started conversion to cloud, with AI as a driver. Taken together, the strength in Q1 results, raised guidance, and AI monetization on the horizon keep us positive on MANH.

$MANH

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