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AlphaValue/Baader Europe Upgrades Holcim to Buy, Boosts PT

AlphaValue/Baader Europe on Tuesday upgraded building materials company Holcim (HOLN.SW) to buy from add and raised the price target to 94.80 francs from 82.70 francs.(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)

$HOLN.SW

Research5d ago

Jyske Bank Downgrades NKT to Hold Rating, Lifts PT

Jyske Bank on Tuesday downgraded cable and cable accessories supplier NKT (NKT.CO) to hold from buy while raising its price target to 950 Danish kroner from 920 kroner.(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)

$NKT.CO

Research5d ago

Goldman Sachs Affirms Mobily at Neutral Rating, Lifts PT

Goldman Sachs on Tuesday increased the price target for mobile telecommunications company Etihad Etisalat (SASE:7020), d/b/a Mobily, to 71.20 Saudi riyals from 70.90 riyals, while maintaining its neutral rating.(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)

$SASE:7020

Research5d ago

Al Rajhi Capital Raises Sisco PT, Keeps Neutral Rating

Al Rajhi Capital on Tuesday increased the price target for investment holding company Sustained Infrastructure Holding (SASE:2190), d/b/a Sisco, to 35 Saudi riyals from 33 riyals, while reiterating its neutral rating.(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)

$SASE:2190

Research5d ago

Research Alert: Idexx Posts Solid Q1 Fueled By Innovation And Strong Cag Group Performance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:IDEXX posted strong Q1 results with EPS of $3.47 (+17% Y/Y), beating expectations by $0.06, while revenue reached $1.141B (+14% Y/Y), $30M above consensus. CAG Diagnostics recurring revenue grew 14% Y/Y to $920M, demonstrating resilient demand for core diagnostic solutions. Operating margin expanded 10 bps to 31.8%, supported by strong recurring revenue gains and operational productivity initiatives. International markets showed particular strength with CAG revenue growing 22.7% compared to 11% domestically, highlighting successful global expansion efforts, in our view. The 12% expansion in the global premium instrument installed base and 20% growth in VetLab consumables underscore continued innovation adoption. Management raised the full-year 2026 guidance, reflecting confidence in the business trajectory, in our view: IDXX sees 2026 sales in the range of $4.675B-4.760B vs. prior $4.632B-$4.720B, representing +8.6%-10.6% Y/Y growth and EPS of $14.45-$14.90 vs. prior $14.29-$14.80, reflecting +11%-14% Y/Y.

$IDXX

Research5d ago

Pason Systems Upgraded to Buy at TD

Pason Systems Inc. (PSI.TO) was upgraded to Buy from Hold at TD Securities on Tuesday.Analyst Aaron MacNeil increased his price target on shares of the Calgary-based provider of instrumentation and data management systems for drilling rigs to $18 from $13 ahead of its Q1 results on May 7."Our Energy Services coverage is at a positive inflection point amid strong commodity prices, although many stocks have already re-rated," MacNeil said in a note to clients."However, Pason has lagged despite its many positive attributes, including its high barriers to entry, strong operating leverage, low sustaining CapEx commitments, low debt and attractive yield," the analyst said."This disconnect drives our upgrade to Buy."

$PSI.TO

Research5d ago

Research Alert: Fisv Q1: Transformation Costs Mount As Growth And Margins Deteriorate

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FISV delivered challenging Q1 results with adjusted EPS of $1.79 (-16% Y/Y, beating by $0.21) on revenue of $4.68B (-2% Y/Y, missing by $50M). Organic revenue declined 4%, while adjusted operating margin compressed 810 bps to 29.7% during the "One Fiserv" transformation. We think Q1 reinforced that FISV remains in a difficult transition period where transformation investments weigh on near-term profitability while growth benefits have yet to materialize. Management emphasized early-stage execution, with CEO noting results aligned with February expectations, as the company incurred $142M in transformation expenses. Both segments showed weakness: Merchant Solutions achieved flat revenue but -1% organic decline with 780bps margin compression to 26.4%, while Financial Solutions revenue fell 5% (-6% organic) with margins down 940bps to 38.1%. We believe the May 14th Investor Day will be critical for providing visibility on when "One Fiserv" investments will generate meaningful returns to justify current challenges.

$FISV

Research5d ago

RBA Global Price Target Raised to US$150 at RBC

RBC Capital Markets raised its price target on RBA Global Inc. (RBA.TO, RBA) to US$150 from US$146.Analyst Sabahat Khan maintained an Outperform rating on shares of the global marketplace company following its quarterly results."RBA reported Q1 ahead of consensus (2026 guidance also taken higher), with results reflecting a 5th consecutive quarter of share gains for IAA, strong underlying cost control, and continued M&A activity, all of which we view positively," Khan said in a note to clients."That said, our investor discussions indicate that AI-related concerns have weighed on the shares recently, which we believe is unjustified given RBA's business model/competitive positioning/moat," the analyst said."At a 2026E P/E of 22.8x, we continue to see compelling value in the shares."

$RBA$RBA.TO

Research5d ago

Argus Upgrades Chipotle Mexican Grill to Buy From Hold, Price Target is $40

Chipotle Mexican Grill (CMG) has an average rating of overweight and mean price target of $43.83, 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)

$CMG

Research5d ago

Research Alert: Transdigm Posts Q2 Fy 26 Beat, Strong Sales Growth Masks Margin Contraction

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TransDigm posted Q2 FY 26 (Sep.) results with net sales of $2,544M (+18% Y/Y, 3% above consensus) on 11% organic growth, while adjusted EBITDA rose 15% to $1,337M, with margins compressing 140 bps to 52.6%. Adjusted EPS of $9.85 (+8% Y/Y) beat consensus by $0.38, though the divergence between 18% revenue growth and 12% earnings growth reflects elevated interest costs from debt-funded acquisitions and a negative mix shift. The $2.2B JPE/VSA acquisition represents a strategic shift toward PMA businesses that management acknowledges will not achieve typical TransDigm margins. Management raised FY 26 guidance with sales of $10,300M-$10,420M (+17% Y/Y at midpoint) and adjusted EPS of $38.83-$40.21 (+6% Y/Y). We remain concerned about the aggressive $3.2B acquisition pipeline pressuring leverage and financial flexibility. The strategic pivot toward lower-margin PMA businesses, combined with acquisition dilution, represents a departure from TransDigm's historical margin expansion that warrants scrutiny.

$TDG

Research5d ago

Research Alert: Pfe Q1 Tops Expectations, Fueled By Diversification And Solid Pipeline Progress

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PFE delivered solid Q1 results with adj. EPS of $0.75, down 18% Y/Y but beating the consensus view of $0.72, while revenues grew 5% Y/Y to $14.5B, a solid $700M above the consensus estimate. Excluding Covid products, the underlying business showed robust 7% operational growth, with launched and acquired products delivering 22% Y/Y growth to $3.1B. We view the diversification strategy as positive, with strong oncology momentum including Padcev (+39% Y/Y to $591M) and Lorbrena (+32% Y/Y to $305M) highlighting Pfizer's evolving portfolio strength. Management reaffirmed the 2026 guidance of $59.5B-$62.5B in revenues and $2.80-$3.00 adjusted EPS. We believe the accelerating pipeline momentum is encouraging, with multiple positive Phase 3 readouts including Elrexfio and Padcev studies, plus plans to initiate approximately 20 pivotal studies in 2026. In our view, the company's focus on business development over share repurchases reflects appropriate capital allocation as Pfizer continues its post-Covid transition.

$PFE

Research5d ago

Research Alert: Race Q1: An Uncharacteristic Earnings Miss; 2026 Guidance Maintained

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Ferrari (RACE) posted Q1 adjusted EPS of EUR2.33 vs. EUR2.30 (+1%), short of the EUR2.37 consensus. The miss was due to weaker-than-expected margins, as net revenue rose 3% to EUR1.85B (EUR20M ahead of consensus) on higher prices, partially offset by a 4.4% drop in shipments. RACE's EBIT margin contracted 60 bps to 29.7% (40 bps shy of consensus). The revenue growth was supported by higher prices, while the decline in shipments was a function of planned model changeover activities. Looking at RACE's 4.4% Y/Y volume decline in Q1, the drop was entirely attributable to EMEA (-14%), as shipments in the other three regions were all higher. RACE maintained prior full-year guidance. RACE shares are currently trading 2% lower in pre-market trading following the miss. The miss was uncharacteristic for a company with one of the strongest earnings track records in the industry. In our view, RACE's lack of volume growth continues to present a challenge to margins given the high fixed cost nature of auto manufacturing.

$RACE

Research5d ago

Research Alert: Dupont Q1 Eps Tops Expectations; Margins And Cash Flow Surge

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:DuPont reported impressive Q1 2026 results with adjusted EPS of $0.55 versus $0.36 in the prior year, beating consensus estimates of $0.48, while net sales rose 4% (beating our 3% forecast) with organic growth of 2% and operating EBITDA margins that expanded 230 bps to 24.6% from 22.3%. Operating cash flow more than tripled to $232M from $77M, and transaction-adjusted free cash flow surged to $147M from $8M year-over-year, with operating EBITDA rising 15% to $414M. We applaud these results, as DuPont delivered strong performance across all metrics while completing its strategic portfolio transformation demonstrating pricing power with a 1% pricing contribution and significant margin expansion despite mixed end-market conditions. With the Aramids divestiture now closed and $1.8B of proceeds in hand, management is well-positioned to accelerate shareholder returns while investing in its higher-margin Healthcare and Water Technologies businesses.

$DD

Research5d ago

Research Alert: Ferguson Reports Solid Q1 With Margin Gains And Robust Capital Deployment

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Ferguson's Q1 2026 sales/EPS of USD7.47B/USD2.13 beat consensus estimates of USD7.41B/USD2.03, with net sales increasing 3.6% Y/Y, led by 2.8% organic growth and 0.8% acquisition contributions. Gross margin expanded 30 bps to 31.0%, while operating margin improved 120 bps to 8.2%, demonstrating operational excellence despite mixed end-market conditions. We are positive about the strong margin expansion, robust 8% non-residential growth offsetting the 1% residential decline, and disciplined capital allocation, including USD236M in share repurchases and a new USD2.0B buyback program. Ferguson maintained its 2026 guidance for low- to mid-single-digit sales growth with adjusted operating margins of 9.4%-9.8%, reflecting confidence in continued market outperformance. We believe the company's diversified end-market exposure and value-added distribution model position it well to capitalize on long-term growth drivers, including water infrastructure and large capital projects.

$FERG

Research5d ago

Daiwa Securities Downgrades Win Semiconductors to Hold from Outperform; Price Target is NT$505

Win Semiconductors (TWO:3105) has an average rating of hold and mean price target of NT$426.27, 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)

$TWO:3105

Research5d ago

Research Alert: Adm: Solid Q1 Results; Guidance Raised As Expected On Biofuel Policy Clarity

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Archer-Daniels-Midland (ADM) delivered solid Q1 2026 results, with adjusted EPS of $0.71 (+1% Y/Y) beating consensus by $0.05. The company raised full-year 2026 guidance to $4.15-$4.70 (consensus: $4.23) from $3.60-$4.25, supported by the March 2026 Renewable Fuel Standard finalization, which provides crucial policy clarity. This regulatory certainty supports the biofuels sector and strengthens ADM's investment thesis. Carbohydrate Solutions was the standout performer, with operating profit surging 48% to $356M as ethanol operations capitalized on strengthening margins from the improved policy environment. While AS&O faced headwinds with operating profit declining 34% to $273M due to mark-to-market impacts, its underlying operational performance showed resilience. The Nutrition segment continued its recovery trajectory with 42% growth in operating profit to $135M. We believe the combination of regulatory clarity and strong operational execution positions ADM well for improved earnings performance through 2026.

$ADM

Research5d ago

Equirus Securities Downgrades Central Depository Services (India) to Add from Buy; Price Target is INR1,300

Central Depository Services (India) (NSE:CDSL) has an average rating of overweight and mean price target of 1,321.14 Indian rupees, 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)

$NSE:CDSL

Research5d ago

UB Kay Hian Upgrades Siam Cement to Buy from Hold; Price Target is THB290

Siam Cement (BKK:SCC) has an average rating of overweight and mean price target of 225.46 baht, 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)

$BKK:SCC

Research5d ago

Research Alert: Ferguson Reports Solid Q1 With Margin Gains And Robust Capital Deployment

$FERG

Research5d ago

Research Alert: Eaton: Q1 Results Surpass Targets; Data Center Demand Surging

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ETN delivered record Q1 sales of $7.5B (+17% Y/Y) with 10% organic growth exceeding its 5-7% guidance range, while operating EPS reached a record $2.81 (+3%), topping consensus of $2.73. Strong operational execution was evident despite margin pressures from M&A and capacity investments. We see ETN's $11B in strategic acquisitions, including Boyd Thermal ($9.6B) and Ultra PCS ($1.5B), as aligning the company further with high-growth, high-margin data center and aerospace markets. Management lifted organic sales growth guidance to 9-11% from 8%, projecting segment margins of 24.1-24.5% for 2026 and operating EPS of $13.05-$13.50. Order momentum accelerated with Electrical Americas bookings up 42% organically and total backlog expanding significantly (Electrical +48%, Aerospace +28%). We view ETN as well-positioned for accelerated growth following the planned Mobility spin-off by Q1 2027, capitalizing on electrification and digitalization trends.

$ETN

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