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Research111d ago

Phillip Securities Upgrades PTG Energy to Buy from Hold; Price Target is THB10.20

BKK:PTG

Research111d ago

Emkay Global Starts WPIL at Buy with INR650 Price Target

BOM:505872NSE:WPI

Research111d ago

JM Financial Downgrades Angel One to Add from Buy; Price Target is INR350

BOM:543235NSE:ANGELONE

Research111d ago

Avendus Spark Starts Radico Khaitan at Buy with INR4,177 Price Target

BOM:532497NSE:RADICO

Research111d ago

Krungsri Securities Downgrades Delta Electronics Thailand to Reduce from Neutral, Price Target is THB232

BKK:DELTA

Research111d ago

Nomura Upgrades Anji Microelectronics Technology to Buy From Neutral, Adjusts Price Target to 320 Yuan From 175 Yuan

SHA:688019

Research111d ago

Research Alert: Hdfc Bank Fy 26 Results: Merger Synergies Starting To Materialize

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FY 26 (Mar.) net profit, which rose 7.4% to INR760.3B led by loan growth, stronger other income, and cost efficiency, met our expectations. Loan growth picked up (+12%) and deposit base strengthened (+14.3%). While the loan-to-deposit ratio of 98.4% was still high and the deposit increase was led by term deposits, it reflects HDFC's steady progress at strengthening its deposit base to improve its liquidity position and reduce reliance on wholesale funding. We think HDFC's loan momentum will sustain, led by corporates and MSMEs. We see some pressure on NIM from increased mix of term deposits and the impact of a 25-bp cut in the benchmark repo rate in December 2025, but a structural shift in HDFC's funding base will keep its NIM in a stabilized range in FY 27. We expect better cost efficiency (on the benefits of technology/digital transformation) and stable asset quality (which will keep credit costs benign) will support profitability, with HDFC expecting ROA to sustain at FY 26's level of about 1.9% in FY 27.

$HDB

Research111d ago

Research Alert: Icici Bank: Broadly Better-than-expected Fy 26 Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FY 26 (Mar.) EPADS rose 5.1% to INR149.54, beating our flattish estimate due to better-than-projected loan growth (+15.8%; of which, business banking: +24.4%; retail and corporate loans: +9% to +10%), NIM (stable at 4.32%), and non-banking income. We think robust demand from SMEs, the positive impact of the 0%-GST reform in September 2025 on consumer spending, and the strong housing market will sustain loan momentum into FY 27. We see some pressure on NIM from the 25-bp cut in the benchmark repo rate in December 2025, but expect ICICI's NIM to stay range-bound and industry leading, aided by faster growth in higher-yielding business loans and ICICI's relatively high mix of CASA deposits (at about 41.4% of total deposits at end-FY 26). Asset quality was solid. Provision charges rose 14.9% in FY 26 due to an additional standard asset provision set aside for agricultural priority sector credit facilities, but there is no change in the portfolio's asset quality. We expect provision charges to ease in FY 27.

$IBN

Research113d ago

Research Alert: CFRA Keeps Buy Rating On Shares Of Regions Financial Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 2026 earnings, we increase our 12-month target by $1 to $37, 12.5x our 2027 EPS estimate, a premium to RF's five-year forward P/E average of 9.7x, given an improving regulatory environment and exciting growth prospects. We raise our 2026 EPS estimate by $0.02 to $2.67 and increase 2027's by $0.07 to $2.95. We were a bit disappointed by Q1 results, as both net interest income and noninterest income contracted. However, RF is a well-run bank that successfully reduced costs, delivering positive operating leverage despite the weakness. Credit quality showed encouraging signs, and the bank's ROTCE of 18.3% remains superior to peers, many of whom do not expect to reach this level for at least three years. Significant upside remains. RF's CET1 ratio of 10.7% is conservative, in our view, coming in well above pre-pandemic levels. With proposed Basel III changes expected to reduce risk-weighted assets by 10%, RF is well positioned to return capital to shareholders at an accelerated rate.

$RF

Research113d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Autoliv Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain a 12-month price target of $145, based on a 2027 P/E of 11.3x, a justified discount to ALV's five-year forward P/E of 14.0x. Following a much stronger-than-expected Q1, we reiterate our Buy opinion and $145 price target on ALV. We lower our 2026 adjusted EPS estimate by $0.20 to $11.00 but keep 2027's unchanged at $12.80. In our view, the release went a long way toward easing demand-related concerns, both for the company and broader auto supplier industry. ALV remains one of our top picks in the auto supplier space, as justified by its strong track record of execution (this was its sixth consecutive earnings beat), organic net sales growth that continues to exceed global light vehicle growth by a wide margin thanks to its exposure to higher-growth manufacturers and countries (i.e., India), and generous cash returns to shareholders. While we have concerns regarding ALV's ability to hit full-year operating margin guidance, its organic net sales growth is running ahead of expectations.

$ALV

Research113d ago

Research Alert: CFRA Keeps Hold Opinion On Shares Of Ally Financial Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 earnings and accounting for the recently-improved geopolitical environment, we increase our 12-month target price by $11 to $51, 7.8x our 2027 EPS estimate, a discount to the peer average of 10.1x given ALLY's more volatile earnings. We increase our 2026 EPS by $0.24 to $5.46 and raise 2027's by $0.36 to $6.55. Our revenue projections are $9.0 billion in 2026 and $9.6 billion in 2027. ALLY delivered encouraging Q1 results, with continued improvement in credit quality. After several years of weakness, loan growth has now accelerated for three consecutive quarters, a positive development we have been watching closely. Q1 was particularly strong, with consumer applications reaching an all-time high of 4.4 million. That said, the interest rate environment remains a headwind, as rate cuts are unlikely to materialize until late 2026 or 2027. On the positive side, ALLY and its banking peers stand to benefit from the newly-proposed Basel III capital rules. Shares yield 2.7%.

$ALLY

Research113d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Corning 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 by $67 to $190, 60.7x our 2026 EPS estimate, a notable premium to its three-year historical average P/E at 22.5x (corrected from 65.7x previously). We see this premium as warranted, similar to competitor LITE, given the potential growth AI demand could generate. We increase our 2026 EPS estimate by $0.02 to $3.13 and raise 2027's by $0.06 to $3.91. Corning has experienced substantial growth since the roll-out of its Springboard plan, including sales growth of about 40% and earnings growth of almost 90%, as well as improvements in operating margin and return on invested capital (ROIC) into the mid-teens. There is strong demand in the optical communications space, especially related to AI-driven data center expansion, with Corning's new fiber products proving successful and surpassing market expectations. Corning sees a large opportunity in the conversion of copper to optics in data centers, which is happening faster than initially anticipated, driving further growth potential.

$GLW

Research113d ago

Research Alert: CFRA Keeps Hold Recommendation On Shares Of Truist Financial Corporation

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 price at $56, based on 10.8x our 2027 EPS estimate, a premium to TFC's five-year forward P/E average of 10.5x given an improving regulatory environment, an uptick in capital return, and improving efficiency. We raise our 2026 EPS view by $0.02 to $4.59 and keep 2027's at $5.18. We maintain a Hold rating on the stock, as the bank tends to take three steps forward then two steps back. This quarter, we were encouraged by strong fee income performance, with Investment Banking and Trading delivering their highest quarterly revenue since 2021. This is a trend we expect to continue as geopolitical conflicts appear to be subsiding. However, net interest income disappointed in Q1 and balance sheet growth remains inconsistent. On a positive note, TFC has become more optimistic and established a new long-term return on tangible common equity (ROTCE) target of 16%-18%. While this is encouraging, TFC has considerable work ahead as its ROTCE has not exceeded 14% for eight consecutive quarters.

$TFC

Research113d ago

Research Alert: CFRA Keeps Hold Recommendation On Shares Of Fifth Third Bancorp

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 reduce our 12-month target price by $1 to $56, 11.2x our 2027 EPS estimate, a wider risk premium than FITB's five-year forward P/E average of 10.3x given healthy fee income expectations and an improving regulatory environment. We lower our 2026 EPS estimate by $0.07 to $4.09 but increase 2027's by $0.10 to $5.02. This was a transformative quarter for FITB, which completed its largest acquisition in history, vaulting from the 19th to the 13th largest U.S. bank by assets. While we continue to believe the acquisition will create headwinds to organic growth, it delivered immediate benefits: credit quality improved markedly, and net interest margin expanded to 3.30%, the highest level since 2022. The trade-off came in capital, with the CET1 ratio declining 80 bps Q/Q to 10.0%, among the lowest in the peer group. However, given the likely relief from newly-proposed Basel III capital rules, we view this more modest capital position as acceptable.

$FITB

Research113d ago

Research Alert: CFRA Lowers Rating On Polestar Automotive Holding To Strong Sell From 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 target to $5 from $8, based on our DCF analysis and implying a premium to tangible book value. Our adjusted EBITDA estimates decline modestly on lower volume and higher cost assumptions, as we now assume PSNY's sales volume increases only 3% in 2026. PSNY's Q4 net loss of -$799M was well short of the -$452M consensus, but up from -$1,183M in Q4 2024. More importantly, looking ahead, management's guidance was cautious, although it still expects its global retail sales volumes to increase by low double digits over 2025 sales of 60,119 vehicles. We think this guidance is likely to prove aggressive considering slowing global EV sales growth. Regardless, shares have outperformed recently despite a December 1-for-30 reverse stock split, and we expect cash burn to remain high, raising the risk of a restructuring absent additional lifelines from Volvo/Geely Automobile Holdings Ltd. (175 HK 25 ****) or others. We forecast free cash flow of -$1.2B in 2026 after posting -$1.37B in 2025.

$PSNY

Research113d ago

Research Alert: CFRA Maintains Buy Rating On Shares Of State Street Corp.

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 $19 to $164, using a forward P/E of 13.3x our 2026 earnings estimate, compared to the three- and five-year historical averages of 13.5x and 13.0x, respectively. We think strong execution and low-teen Y/Y earnings growth are key drivers. We lift our 2026 EPS view by $0.65 to $12.35 and 2027's by $1.00 to $13.50 on projected revenue of $15.4B in 2026 and $15.7B in 2027. STT reported exceptional Q1 2026 results, demonstrating the strength of its diversified fee-based business model and disciplined execution. It realized return on equity of 11.6% and return on tangible common equity of 17.6%, vs 10.6% and 16.4% a year ago due to some one-time items. With book value at $87.33 and net tangible book value at $56.59, the current price multiples to these metrics are 1.7x and 2.6x, which we view as reasonable, provided we see earnings growth. STT shares currently trade at a 510-bp discount to the S&P 500, and capital returns were $400M in share buybacks and $233M in dividends in Q1 2026.

$STT

Research113d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of The Travelers Companies, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 12-month target price of $315, valuing TRV shares at 11.4x our 2026 operating EPS estimate of $27.74 (raised by $2.09 on April 17) and at 11.2x our 2027 EPS estimate of $28.05 (raised by $0.40). Our target multiples assume TRV shares trade in line with the three-year average forward multiple of 11x and compare to the peer average of 12x. At current levels, we view the shares as fairly valued, versus peer and historical averages. We applaud TRV's risk management skills, and note the turnaround in Q1 underwriting profitability (a $1.17B profits versus a $305M year-ago loss) amid a 66% drop in catastrophes and improved favorable prior-year loss development trends. However, TRV's top-line growth has stalled amid a more competitive pricing environment, and Q1 operating revenues were flat, Y/Y, and net written premiums fell by 2%, Y/Y. We think the top-line erosion removes a catalyst from the shares.

$TRV

Research113d ago

Research Alert: CFRA Initiates Coverage On Shares Of Medline Inc. With A Hold Rating

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month price target of $52 is 31.5x our 2027 EPS estimate (starts at $1.65; 2026 EPS estimate is $1.47), a premium to MDLN's 28.6x forward average since IPO in December 2025. Though MDLN generates significantly lower revenue than large pharma distributors such Cardinal Health (CAH 212 ****), MDLN's vertically integrated model and vast product portfolio supports much stronger operating margins than peers, in our view. We anticipate 8.5%-9.0% sales growth in 2026, toward the high end of MDLN's organic growth guidance, supported by new customer signings, though offset somewhat by potential headwinds for health care utilization levels due to coverage losses from the OBBBA legislation and the recent expiration of the ACA enhanced premium tax credits, which may pose a drag on medical-surgical product sales. Positively, we see strong sales visibility with $2.4B of new customer signings during 2025, including a long-term partnership with the U.S. Department of Veterans Affairs (VA).

$MDLN

Research113d ago

Lassonde Industries Maintained at Buy at Stifel Canada; Price Target Kept at C$280.00

Stifel Canada on Friday reiterated its buy rating on the shares of Lassonde Industries (LAS-A.TO) and its C$280.00 price target as it hosted investor meetings with fruit juice and snacks company."We recently hosted investor meetings with Lassonde. Most of the discussions focused on growth plans and investments. We believe Lassonde is under-appreciated given its depressed valuation. The company has (1) organic revenue growth opportunities from recently introduced formats and further penetration in various distribution channels, (2) cost savings opportunities with the New Jersey plant, and (3) M&A opportunities. Lassonde's recent acquisition, Summer Garden, has been a success with a smooth integration and healthy synergy realization. This provides the company with credibility to make further acquisitions. It is not clear how long valuation will remain depressed, below 10x forward earnings, and what catalyst could help valuation re-rate closer to its historical level of 13x. A potential return to historical valuation would represent a stock price of $360, up more an upside of more than 50% from current levels. We believe the current share price provides investors with an appealing entry point," 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://finwires.com/en/contact)Price: $230.00, Change: $-0.21, Percent Change: -0.09%

$LAS-A.TO

Research113d ago

Research Alert: CFRA Keeps Hold Opinion On Adss Of Ericsson

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our Hold rating and raise our 12-month target to USD13 from USD11, based on an EV/EBITDA multiple of 6.9x (7.0x), in line with its five-year average, applied to our 2027 EBITDA estimate of SEK47.9B. The multiple reflects a cautious stance on margin expansion given input cost pressures and a still-flat Radio Access Network (RAN) market. As Q1 2026 results were seasonally in line with expectations, we maintain our 2026 revenue estimate at SEK243B and 2027 at SEK249B, supported by stable demand from 5G deployments and improving contribution from Cloud Software and Services, partly offset by weaker North America trends. Hence, we also maintain our 2026 EPADS at SEK8.99 and 2027 at SEK9.23, reflecting cost discipline and improving mix, partly offset by ongoing input cost pressures. Earnings growth remains gradual, with near-term performance influenced by deal timing and cost headwinds, while margin improvement is expected to be supported by efficiency measures and improving business mix over time.

$ERIC

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