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Research Alert: CFRA Maintains Hold Opinion On Shares Of Posco Holdings

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target price to USD94 from USD70, valuing POSCO at 0.66x 2026 P/BV, above its three-year mean of 0.52x. Our neutral view reflects: (i) recovering steel fundamentals supported by China's 2025 crude steel output declining 4.4% Y/Y and South Korea's anti-dumping duties on Chinese steel, which provides a pricing moat for Posco; and (ii) lithium market recovery with prices surging 49% YTD through April, supporting POSCO's battery materials segment which narrowed Q1 2026 losses significantly. POSCO's Australian and Argentine lithium acquisitions bolster its battery materials growth strategy. Additionally, the new Mid-term Shareholder Return Policy (2026-2028) targeting a 35%-40% payout ratio demonstrates commitment to shareholder value. However, risks include an aggressive 61% capex increase to KRW11.3 trillion in 2026, execution challenges on international projects, and persistent margin pressures. We adjust our 2026 EPS estimate to KRW6,379 from KRW5,932 and 2027 to KRW8,036 from KRW7,820.

$PKX

Research5d ago

Propel Holdings Maintained at Buy at Stifel Canada After Q1 Results; Price Target Kept at C$32.00

Stifel Canada on Tuesday reiterated its buy rating on the shares of Propel Holdings (PRL.TO) and its C$32.00 price target following the company's first-quarter results."Propel reported an upside FQ1, underscoring strength in loan growth alongside stable credit performance, on the back of the rebound in credit quality and subsequent new origination activity we saw exiting last quarter. Importantly, credit metrics PCLs and net-charge-offs normalized this quarter, supporting a recovery in ROE and fueling yet another bump in Propel's quarterly dividend (11th consecutive raise at +6.7% to $0.24/share). Net/net - results further reinforce resilience in the non-prime consumer backdrop, in-line with recent prints from US consumer credit peers. FY guide is being maintained, reaffirming the growth trajectory ahead, while suggesting some conservatism amidst the current macro uncertainty. Conference call tomorrow at 8:30am ET (dial-in: 1-888-699-1199/webcast). Our key focus on the call will be around (1) outlook for US consumer credit quality, (2) growth outlook for LaaS, (3) pace/scale of ongoing growth investments to support US expansion/Propel Bank launch," analyst Suthan Sukumar wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $24.15, Change: $+2.25, Percent Change: +10.27%

$PRL.TO

Research5d ago

Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Aptiv 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 to $80 from $110, based on a 2027 P/E of 12.0x, a justified discount to APTV's 10-year forward P/E multiple of 23.6x. After adjusting our estimates for the recent Versigent spin-off, we lower our adjusted EPS estimates to $6.25 from $8.60 for '26 and to $6.65 from $9.30 for '27. We are maintaining our Strong Buy opinion on the shares, as the remaining company is a higher-margin business following the spin-off of the former Electrical Distribution Systems (EDS) segment. EDS generated much lower margins than the rest of Aptiv (an adjusted operating margin of 7.6% vs. 12.1% for the consolidated company in 2025). While APTV maintained prior full-year guidance, we think the guidance will prove conservative after a much better-than-expected Q1, and the stock remains one of our top picks in the auto parts and equipment sub-industry. We continue to like APTV's history of conservative guidance, strong execution, solid new business backlog, and aggressive share repurchases.

$APTV

Research5d ago

Ero Copper Maintained at Hold at Stifel Canada After Q1 Results; Price Target Kept at C$52.00

Stifel Canada on Tuesday maintained its hold rating on the shares of Ero Copper (ERO.TO) and its C$52.00 price target following the miner's first-quarter results."Ero reported Q1/26 adjusted EPS of $0.69 vs. our $0.60 (consensus $0.58) and adjusted EBITDA of $125Mln vs. our $107Mln (consensus $118Mln) on copper production of 17.3Kt (higher vs. our 16.5Kt) at C1 cash cost of $2.39/lb (in-line vs. our $2.41/lb) and gold production of 5.5Koz at gold cash cost and AISC of $2,120/oz and $4,441/oz, respectively. Strong results were partly offset by higher costs at Xavantina due to scheduled ventilation, cooling and ground-support installation (substantially complete at end of April). FY26 production, cost and capex guidance is reaffirmed, including consolidated copper of 67.5-77.5Kt at C1 of $2.15-2.35/lb, gold of 40-50Koz at AISC of $2,000-2,500/oz, and capex of $275-320Mln. At Q1/26, Ero held total liquidity of $146.2Mln, including cash of $91.2Mln (-$14Mln QoQ) and $55Mln undrawn revolving credit facility, with net debt declining to $490.7Mln (-$11Mln QoQ) and ND/EBITDA reduced to 1.04x (from 1.22x at YE25)," analyst Ralph Profiti wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $35.14, Change: $+1.79, Percent Change: +5.37%

$ERO.TO

Research5d ago

Research Alert: CFRA Raises View On Shares Of Huntsman Corporation To Sell From Strong Sell

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by $3 to $12, based on 9.2x EV/EBITDA our 2027 estimate, in line with peers at 9.3x. We narrow our 2026 loss estimate by $0.17 to $0.25 and lower our 2027 EPS estimate by $0.05 to $0.10. While HUN is implementing aggressive pricing to offset feedstock inflation from the Middle East conflict, we remain cautious on demand sustainability. Management noted Q2 order patterns reflect seasonality, pre-buying ahead of price increases, and supply disruptions factors that may not persist into H2 2026. HUN faces structural challenges including European natural gas costs significantly higher than the U.S., pressuring its cost position. Although Polyurethanes operating rates improved to the high-80s and management targets mid-teen EBITDA margins, we believe achieving normalized profitability requires sustained demand recovery that remains uncertain given inflation concerns and mixed housing indicators. Free cash flow was -$91M in Q1, improving from -$107M Y/Y but still negative.

$HUN

Research5d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Paramount Skydance 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 by $1 to $12 using a forward TEV/EBITDA of 6.6x that bears M&A and execution risk. Our target is supported by a conservative view vs. the five-year historical average at 9.4x. We think our target is justified given uncertainties about whether PSKY will close Warner Bros. Discovery (WBD 27 ***). We do have concerns that the WBD acquisition could be challenging with excessive debt. The $31/share all-cash offer for WBD, backed by $57.5B in debt financing, represents an existential risk to PSKY's financial stability. If the deal closes in Q3 2026, the combined entity's total debt would exceed $70B (PSKY's current $13.65B plus WBD's existing debt plus new acquisition financing), creating a leverage ratio that would result in junk credit ratings, significantly higher borrowing costs, and need to drive $6B in cost synergy savings. Any regulatory delays beyond the Q3 2026 target would increase costs and prolong uncertainty, potentially leading to talent attrition or missed market opportunities.

$PSKY

Research5d ago

Research Alert: CFRA Maintains Buy Rating On Advanced Energy Industries, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We are raising our price target to $433 from $415, based on our 2027 EPS estimate and a P/E multiple of 38x, reflecting the ongoing business mix shift and growing exposure to AI infrastructure. We are increasing our 2026 and 2027 EPS estimates to $9.05 and $11.41, respectively, from $8.56 and $10.92, led by improved guidance and H2 acceleration gaining traction into 2027. AEIS delivered strong results that reflected a 102% Y/Y expansion in the Data Center segment (38% of revenue). This favorable mix shift was the primary driver behind gross margin reaching 40%+, a milestone demonstrating AEIS's enhanced earnings power. We remain mindful of risks around customer concentration and execution on its manufacturing transformation. However, we see AEIS as successfully leveraging its superior technology and quality manufacturing to capture a leading share of the high-margin secular growth in AI infrastructure.

$AEIS

Research5d ago

Dollarama Upgraded to Buy at Stifel Canada Following Share-Price Dip; Price Target Raised to C$190.00

Stifel Canada on Tuesday upgraded its rating on the shares of Dollarama (DOL.TO) to buy from hold while raising its price target to C$190.00 from C$180.00 following a dip in the company's shares."Dollarama's shares are near a 52-week low, which presents investors with an appealing entry point in our view. We are changing our recommendation to BUY for the following reasons: (1) Valuation has receded from the highs of 39x forward earnings in January 2026 and now at 29.5x, stands below the 2-year average of 33x. (2) Dollarama is likely to gain market share under a potential scenario of significant inflation in the coming year stemming from the conflict in Iran. In order to stretch their dollars further Canadians are likely to shop more at Dollarama. (3) Recent insider buying is reassuring. Both the CFO and CEO recently purchased shares at $174 and $175, respectively, higher levels than currently. Hence, with a more reasonable valuation and potential for Dollarama to gain market share due to inflationary pressures, we change our rating to BUY and increase our target price by $10 to $190," analyst Martin Landry wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $172.75, Change: $+2.26, Percent Change: +1.33%

$DOL.TO

Research5d ago

Gibson Energy Maintained at Hold at TPH Following Q1 Results; Price Target at C$28.00

Tudor, Pickering, Holt on Tuesday maintained its hold rating on the shares of Gibson Energy (GEI.TO) with a C$28.00 price target following first-quarter results from the oil infrastructure and marketing company."light Negative. GEI reported Q1'26 Adj. EBITDA of C$139MM, below both TPHe at C$146MM and consensus of C$144MM, primarily driven by a rise in G&A costs and a restructuring charge. Infrastructure Adj. EBITDA was C$156MM (TPHe C$154MM), a modest beat supported by higher throughput volumes (+14% y/y to 221MM bbls) across all major facilities, though revenue was lower, which management attributed to geopolitical disruptions affecting demand for certain services at Gateway. Marketing Adj. EBITDA came in at C$3MM (TPHe C$2MM), as higher crude differentials and volatility in March offset continued headwinds from Canadian heavy oil backwardation and TMX-related flow shifts. Company-level G&A came in at ~C$19MM (TPHe C$11MM), reflecting continued investments in technology, cost allocation changes from the restructuring, and commercial team expansion. The company also incurred C$8MM of restructuring costs related to a headcount reduction, with C$4MM of the cash portion added back in the DCF calculation," analyst AJ O'Donnell wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $28.52, Change: $-1.66, Percent Change: -5.50%

$GEI.TO

Research5d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Lattice Semiconductor

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 $130 from $110, on an above-peer and historical P/E of 55x our 2027 EPS estimate to reflect growth prospects, a cyclical recovery, and content gain potential. After better-than-expected Q1 results and Q2 guidance, we increase our 2026 EPS to $1.82 from $1.54 and 2027 to $2.37 from $2.00. LSCC's Industrial & Embedded segment is recovering nicely, growing over 20% sequentially in Q1, while channel inventory normalized from three months to two, signaling strengthening end-demand and supply chain stabilization. The announced acquisition of AMI is expected to be immediately accretive, combining AMI's high-margin, software-centric firmware business with LSCC's FPGA hardware to create complete system-level solutions for AI. We are also encouraged by accelerated bookings and a strong backlog extending into 2027. We believe LSCC's "everywhere companion chip" strategy of providing complementary FPGAs that enhance rather than compete with CPUs and GPUs is proving highly effective.

$LSCC

Research5d ago

Research Alert: Et: A Slight Q1 Miss, But Raised Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ET posted Q1 earnings per unit of $0.35 vs. $0.37 consensus, missing by $0.02 primarily due to higher interest expenses rather than operational weakness. Despite the earnings miss, adjusted EBITDA rose 20% to $4.94B and distributable cash flow increased 17% to $2.70B, led by robust volume growth across segments. The partnership achieved multiple volume records including NGL terminal volumes (+19%), NGL exports (+19%), and crude oil transportation (+8%), with the NGL segment generating $1.16B EBITDA (+19%). Management raised 2026 adjusted EBITDA guidance to $18.2B-$18.6B from $17.45B-$17.85B, representing a $550M increase at the midpoint. Growth capital expenditures are expected to reach $5.5B-$5.9B, with emerging demand drivers from data centers and power generation supporting future growth, including the approved $600M Springerville Lateral Project and agreements to serve new power plant loads delivering ~300 MMcf/d of gas supply.

$ET

Research5d ago

Research Alert: CFRA Keeps Buy Opinion On Adss Of Hsbc Holdings Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our target price to USD100 (from USD108), applying a 12.5x P/E to our unchanged 2026 EPADS forecast. This slight moderation from our previous 13.5x multiple reflects a higher near-term risk premium to account for the uncertainty introduced by the one-off credit and geopolitical provisions. We maintain our 4-STARS (Buy) recommendation and view the negative market reaction to Q1 results as an opportunity. We believe the market over-penalized the stock for headline 'noise' from large, specific provisions, while overlooking the underlying strength of business, which was validated by 18.7% adjusted RoTE, exceptional momentum in the Wealth franchise (USD39B net new money), upgraded NII guidance to ~USD46 billion, and a clearer path to resuming share buybacks. While we maintain our 2026 EPS forecast at USD1.60, we raise our 2027 EPS to USD1.80, underscoring our confidence that the fundamental earnings power of the franchise will continue to grow.

$HSBC

Research5d ago

Update: BofA Securities Upgrades Ulta Beauty to Buy From Neutral, $685 Price Target

(Updated to include BofA's commentary)BofA Securities upgraded Ulta Beauty (ULTA) to buy from neutral, expecting consistent sales growth and better flowthrough.The company's 26% shares pullback off its 52-week high has brought elevated investor expectations down to earth, analyst Lorraine Hutchinson wrote in a Tuesday note.The firm has a differentiated model, developed around breadth of assortment, large store base, and over 46 million loyalty members who make up roughly 95% of sales, Hutchinson said."A more competitive market raises the execution bar, but it also gives customers more points of cmparison across channels," the analyst mentioned.Ulta Beauty has an average rating of overweight and mean price target of $695.71, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $531.03, Change: $+13.03, Percent Change: +2.52%

$ULTA

Research5d ago

Research Alert: Peg Reports Strong Q1 Beat; On Track For $4.2b Capex And 7% Eps Growth In 2026

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PEG reported Q1 2026 adjusted EPS of $1.55 vs. $1.43 (+8.4% Y/Y, +8.5% vs. consensus), supported by higher PSE&G margins from regulated infrastructure investments and customer growth, partially offset by higher depreciation and interest expense. PSEG Power earnings increased due to higher realized power prices and lower O&M costs, offset by lower generation volumes. We see the company as on target for $4.2B full-year 2026 capex guidance after deploying ~$0.8B in Q1, while PEG maintained long-term targets including $24B-$28B total capex for 2026-2030 and a 6%-7.5% rate base CAGR. Management reaffirmed its 2026 EPS guidance of $4.28-$4.40, representing ~7% growth at the midpoint. Both residential electric and gas customers increased ~1% on a trailing-12-month basis, which we think reflects continued execution of the regulated investment program. Annualized dividends were increased ~6% to $2.68 for 2026. We view this as a competitive growth rate amongst Multi-Utility peers.

$PEG

Research5d ago

Research Alert: CFRA Cuts View On Shares Of On Semiconductor Corp. To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We up our 12-month target to $110 from $75, on a P/E of about 26x our 2027 EPS view of $4.28, above peers/historical to reflect growth opportunities and margin expansion. We raise our EPS estimate for 2026 to $3.04 from $2.92 and keep 2027 at $4.28. We believe that ON is strategically positioned to capitalize on growth in AI infrastructure, with solutions spanning the entire power tree from grid to processor, as the shift to higher-voltage architectures increases content per server rack. In automotive, ON is capturing demand in cost-optimized vehicles with its Treo platform. We believe its diversified exposure to AI-driven growth extends beyond data centers, as immense power demands create a "halo effect" driving adjacent markets like energy storage systems and microgrids. We see a path to achieving a long-term gross margin over 50% (high-30% in Q1), supported by improving factory utilization (77% in Q1) and product mix from new technologies like Treo. However, at current multiples we see valuation as full.

$ON

Research5d ago

Research Alert: Ipgp: Strong Revenue Growth; Margins Impacted By Tariffs, Litigation Settlement

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:IPGP delivered Q1 results with revenue of $265M (+17% Y/Y), beating consensus of $257M and marking the second consecutive quarter of double-digit growth, though profitability was impacted by tariff pressures and a $13.5M TRUMPF litigation settlement. North America surged 27%, Asia grew 14%, and Europe was up 4%, while emerging growth products maintained 53% of total revenue. We believe the TRUMPF settlement removes a significant overhang, allowing management to focus on executing the diversification strategy toward higher-value applications. Management provided Q2 guidance of $260M-$290M revenue with adjusted EPS of $0.25-$0.55, suggesting continued near-term margin pressure. Constructive demand indicators including book-to-bill above 1.0 for the second consecutive quarter and the company's strong balance sheet with $481M in cash provide flexibility to navigate current challenges while investing in long-term growth initiatives.

$IPGP

Research5d ago

Research Alert: Hog: Eps A Penny Short Of Consensus; Prior 2026 Guidance Maintained

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Harley-Davidson (HOG) posted Q1 EPS of $0.22 vs. $1.07 (-79%), a penny short of consensus. The miss was due to weaker-than-expected margins, as motorcycle revenue fell 2% to $1.06B ($60M ahead of consensus), led by a 3% drop in motorcycle shipments. The core Harley-Davidson Motor Company (HDMC) segment, representing the company's traditional motorcycle business, experienced a dramatic 84% decline in operating income to $19M despite revenue being down only 2%. This operating leverage deterioration was led by gross margin compression of 390 bps to 25.3%. The company maintained prior 2026 guidance, which suggests no further deterioration is anticipated from the current levels. HOG shares are trading 1% higher in early trading on Tuesday. We think some investors were hopeful that HOG might be turning a corner, but it is clear the company has more challenges ahead, as it continues its long-term struggle against the global secular decline in motorcycle demand.

$HOG

Research5d ago

Research Alert: Agco Beats Top- And Bottom-line Q1 Estimates; European Markets Outperform

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AGCO delivered a Q1 beat with adjusted EPS of $0.94 topping expectations and doubling from $0.41 in the prior year, while net sales reached $2.3B (+14.3% Y/Y). Underlying sales growth was a more modest 4.7%, but still positive given ongoing headwinds facing agricultural equipment markets. AGCO's concentration in European markets has helped navigate the current environment, with Europe/Middle East delivering 16.2% operating margins and +9% organic growth. The company achieved near-record first-quarter margins in Europe while advancing multi-year structural transformation initiatives. Regional performance was highly mixed, with Europe/Middle East strength (68% of sales) offsetting significant Americas weakness. Adjusted operating margins expanded to 4.6% from 4.1%, reflecting effective cost discipline and pricing execution. We believe AGCO's operational execution and strength in high-horsepower equipment and precision agriculture technologies position it well for continued market share gains.

$AGCO

Research5d ago

Research Alert: Cummins: Data Center Boom Offsets Truck Weakness In Q1

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CMI delivered mixed Q1 results with revenues rising 3% to $8.4B, though EBITDA margins compressed to 15.4% from 17.9%, reflecting divergent performance between power generation and truck manufacturing businesses. Power generation continued standout performance, with Power Systems achieving 19% revenue growth to $2.0B and EBITDA margins expanding to 29.5%, while Distribution posted 7% growth to $3.1B with improving margins, both benefiting from unprecedented data center demand for backup power systems. Conversely, truck-exposed segments faced headwinds, with Engine sales declining 4% to $2.7B and margins compressing to 10.4%, while Components fell 5% to $2.5B. Management raised full-year guidance, projecting revenue growth of 8-11% (up from 3%-8%) and EBITDA margins of 17.75%-18.50% (up from 17.0%-18.0%). We see North American on-highway markets showing signs of recovery off trough conditions, while continued momentum in power generation demand supports the raised outlook despite being early in the year.

$CMI

Research5d ago

Research Alert: Ball Corporation: Q1 Results Beat Expectations, Strong Volume Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Ball delivered Q1 2026 EPS of $0.94 (+22.1% Y/Y), beating consensus by $0.10, with sales rising 16.3% to $3.60B, led by higher volumes and aluminum pass-through pricing. Comparable operating earnings advanced 9.9% to $387M, though lagging revenue growth highlights that margin expansion remains a work in progress. We view the volume momentum as positioning Ball favorably, with EMEA delivering particularly strong performance (+20.7% operating earnings) reflecting sustainability-led aluminum conversion. Management reaffirmed 2026 guidance for 10%+ EPS growth and FCF exceeding $900M. Leverage increased to 3.39x due to seasonal working capital but should decline as the company progresses toward FCF targets, while maintaining $800M shareholder return commitment. We expect Q2-Q3 results to provide clearer evidence of operational leverage materializing, as we project EBITDA margins to improve from 15.3% in 2026 to 16.0% in 2027 as the $500M productivity program completes and capacity optimization takes effect.

$BALL

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