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Research Alert: CFRA Reiterates Hold Opinion On Shares Of The Toronto-dominion Bank

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following strong Q2 results, we raise our 12-month target price by CAD22 to CAD173, 16.6x our FY 27 (Oct.) EPS view of CAD10.42, above the peer average P/E of 13.9x, as superior credit quality and improving efficiency outweigh headwinds stemming from the asset cap on TD's two U.S. banking subsidiaries. We increase our FY 26 EPS estimate to CAD9.65 from CAD9.37 and bump up FY 27's to CAD10.42 from CAD10.22. Raymond Chun's strong performance as TD's new CEO has carried into 2026, with notable improvements across key metrics. Superior credit quality versus peers and disciplined expense management position TD to exceed its FY 2026 guidance, and we now expect 15% EPS growth (vs. 6-8% guidance) and adjusted ROE above 14% (vs. 13% guidance). However, we believe the stock already reflects this outperformance, as shares currently trade at their highest valuation since before the financial crisis, representing a 43% premium to the bank's 10-year average forward P/E.

$TD

Research31d ago

Research Alert: CFRA Reiterates Hold Opinion On Shares Of The Toronto-dominion Bank

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following strong Q2 results, we raise our 12-month target price by USD16 to USD126, 16.6x our FY 27 (Oct.) EPS view of CAD10.42(USD7.56), above the peer average P/E of 13.9x, as superior credit quality and improving efficiency outweigh headwinds stemming from the asset cap on TD's two U.S. banking subsidiaries. We increase our FY 26 EPS estimate to CAD9.65 from CAD9.37 and bump up FY 27's to CAD10.42 from CAD10.22. Raymond Chun's strong performance as TD's new CEO has carried into 2026, with notable improvements across key metrics. Superior credit quality versus peers and disciplined expense management position TD to exceed its FY 2026 guidance, and we now expect 15% EPS growth (vs. 6-8% guidance) and adjusted ROE above 14% (vs. 13% guidance). However, we believe the stock already reflects this outperformance, as shares currently trade at their highest valuation since before the financial crisis, representing a 43% premium to the bank's 10-year average forward P/E.

$TD

Research31d ago

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

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our rating on increased momentum and clarity on the defense side of the business, as Canada announced yesterday it will purchase Saab's GlobalEye airborne early warning aircraft, choosing the Swedish system over U.S. competitors Boeing and L3Harris. PM Mark Carney emphasized that the move reduces reliance on American military suppliers while supporting domestic manufacturers like Bombardier. We believe Bombardier is positioned to reap the benefits of a dramatic increase in Canadian defense spending along with a higher allocation of that spending being done domestically. As such, we raise our 12-month price target to CAD333 from CAD297. This is based on a blend of our 2027 EBITDA (13.5x, up from 13.0x) multiple target price (CAD317) and DCF target price (CAD350). Bombardier remains fairly valued to discounted on a relative value basis and we maintain our 2026 EPS estimate of $7.57 and our 2027 forecast of $9.00.

$BBD.B

Research31d ago

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

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our price target by $29 to $550, 31x our FY 27 (Oct.) EPS estimate, just below SNPS's three-year average (~33x) given recent Design IP weakness. We increase our FY 26 EPS view by $0.37 to $14.84 and lift FY 27's by $0.10 to $17.75. Shares are down 9% as SNPS's moderate beat-and-raise failed to impress investors, with AI strength still not driving significant growth given weak design starts across non-AI areas. Still, we are encouraged that management sees Q1 as the trough for Design IP (20% of Q2 sales), with Q/Q growth expected throughout FY 27 and traction growing with hyperscalers. Joint Ansys products and agentic AI monetization both live more in FY 27, but early results have been positive. Management noted "confidence is higher" in achieving its revenue synergy targets, with 20 customers now experimenting with 25+ specialized design agents. Design Automation sales continue to search for direction, growing 9% (ex-Ansys) in Q2 FY 26 vs. +12% in Q1 and +6% in Q2 FY 25.

$SNPS

Research31d ago

Research Alert: CFRA Lowers Rating On Shares Of Bristol-myers Squibb Company 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 lower our target price to $60 from $73, 9.7x our 2027 EPS estimate, a discount to BMY's 10-year historical forward P/E average. We keep our 2026 EPS estimate at $6.30 and our 2027 EPS forecast at $6.18. While we think the company has been successfully navigating a period of important transition with solid performance from its growth portfolio, we think declines in the legacy products could put pressure on top-line growth in the next quarters. While key drug Eliquis (anticoagulant) performed better than anticipated in Q1, demonstrating resilience with revenues of $4.1B, we think competition will get fiercer with generic entry as the European patent expired on May 19. We think going forward, the key focus for BMY will be pipeline progress and the evolution of sales from new drugs. However, we see top-line revenue declines in the next two years while leverage remains more elevated versus peers due to recent acquisitions. Shares of BMY rose by nearly 19% since we gave our Buy rating on September 30.

$BMY

Research31d ago

CIBC Keeps Sector Perform, Target of C$152 at National Bk Which Notes CIBC's Canadian Consumer Credit & NIM Performance In Q2 Weigh On the Stock

(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: $150.96, Change: $-8.58, Percent Change: -5.38%

$CM.TO

Research31d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Agilent Technologies

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 from $120 to $150, 22.7x of our FY 27 EPS estimate, between A's three- and five-year historical forward averages of 21.2x and 23.3x, respectively. We raise our FY 26 EPS estimate from $5.97 to $6.04 and our FY 27 estimate from $6.57 to $6.60. Shares rallied sharply on Q2 FY 26 results that beat expectations, supported by margin expansion and a boost to financial guidance despite lingering headwinds across China, the Middle East, small/mid-size biotech, and academic/government end markets. Though we think A's gradually improving sales mix toward more services/consumables is positive, we also note that instruments (34% of Q2 revenue) saw its ninth straight quarter of order book-to-bill ratio above 1.0, supported by the ongoing instrument replacement cycle. In March, A announced a $950M acquisition of clinical pathology and antibody business Biocare Medical, which is expected to be accretive to both sales and earnings and via a higher margin product mix.

Research31d ago

Research Alert: Msft: In-house Ai Models Offer Potential New Ways To Justify Higher Ai Spend/monetize Ai

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MSFT shares are up following reports (originally cited by The Information) that it will unveil a suite of in-house AI models at its Build developer conference next week, including a new coding model designed to enhance GitHub Copilot's competitiveness against rivals like Cursor and Claude Code. The lineup will also feature models specializing in reasoning, speech, transcription, and image generation. We view this strategic shift as a positive step toward reducing MSFT's dependence on external partners (its no-cost OpenAI agreement extends to 2032). Restrictions that previously prevented MSFT's internal AI team from developing top-tier models were renegotiated in April, enabling this development. MSFT plans to position these new models as more cost-effective alternatives to slightly more capable offerings from OpenAI and Anthropic. We believe this strategy should help MSFT lower operational costs for AI features within its Office applications while building competitive in-house capabilities for the long term.

$MSFT

Research31d ago

Lundin Gold Initiated at Buy at UBS; Price Target Set at C$103.00

UBS on Thursday initiated coverage of Lundin Gold (LUG.TO) shares with a buy rating and C$103.00 price target."We initiate coverage of Lundin Gold (LUG-TSX) with a Buy rating and C$103/sh price target. Our constructive view is underpinned by high-margin production at Fruta del Norte (FDN), stable ~$1bn/yr FCF at spot, and meaningful exploration optionality that is not fully considered by the market. FDN is a world-class underground asset, characterized by high grades, consistent execution, and a long, inventory-backed mine life. Three year guidance of 475-525koz is potentially conservative, with upside from plant optimization not currently priced, AISC below $1,200/oz supporting robust margins. While still a single-asset producer, we see the market underappreciating upside from near-mine epithermal targets and a developing copper-gold porphyry corridor which could present billion dollar value. The shares have underperformed the GDX by ~40% over the past year as investors have rotated into higher-beta, more leveraged names; however, in a range-bound gold environment, we see Lundin Gold offering an attractive risk-reward as the story begins to shift from execution onto expansion," the investment bank 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: $85.32, Change: $+1.29, Percent Change: +1.54%

$LUG.TO

Research31d ago

Research Alert: Heico Corporation Q2 Fy26: Eps And Revenue Beat, Organic Growth Acceleration

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HEICO posted strong Q2 FY26 results, with EPS of $1.66 (up 48% Y/Y) beating consensus by $0.32, led by 18% consolidated organic growth and net sales rising 26% to $1.38B (10% above consensus). Net income surged 49% to $233.8M, demonstrating genuine market share capture with both segments posting double-digit organic expansion. The results validate our view that secular tailwinds aging commercial fleets, elevated OEM costs, and supply chain diversification continue enhancing HEICO's PMA market value proposition. ETG's margin recovery materialized as management predicted, with operating margins expanding to 26.5% from 22.8% in the prior year. We believe HEICO's operational leverage capabilities remain strong, with consolidated operating margins improving 290 basis points Y/Y to 25.5%. The company's balance sheet flexibility supports continued M&A execution, with operating cash flow up 43% to $292.0M and net debt-to-EBITDA at a manageable 1.74x following four acquisitions in the first half of fiscal 2026.

$HEI

Research31d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Capri Holdings

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 $1 to $27, based on 12x our FY 27 EPS estimate and below the company's three-year average forward P/E multiple of 12.5x, reflecting our view that shares are undervalued and do not need to see multiple expansion to appreciate significantly. We believe the earnings rebound for Capri will be substantial after the company cleaned up its balance sheet and returns its focus to improving profitability at its largest brand, Michael Kors. We raise our FY 27 EPS estimate by $0.50 to $2.25 and initiate our FY 28 EPS estimate at $2.75. CPRI posted a mixed FQ4 but guided for EPS well above consensus ($2.15). Our opinion is that the earnings story should rebound rapidly to above $3 a share in the next three years and potentially sooner as inventory improves and the company turns its focus to efficient operations. In FQ4, Michael Kors revenue declined 5.5% while Jimmy Choo increased 5.3%. CPRI sees a small increase in revenues at both Michael Kors and Jimmy Choo in FY 27.

$CPRI

Research31d ago

Research Alert: CFRA Keeps Hold Rating On Shares Of Hormel Foods Corporation

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 price by $2 to $25, 16.7x our FY 26 (Oct.) EPS view, a discount to HRL's three-year historical forward P/E average of 19.2x given margin erosion. We keep our FY 26 EPS estimate unchanged at $1.50 and FY 27's at $1.56 on respective revenue projections of $12.39B (+2%) and $12.78B (+3%). We are encouraged by HRL's continued top-line momentum, delivering its sixth consecutive quarter of organic net sales growth with all three segments contributing. In our view, the double-digit adjusted EPS growth, fueled by margin expansion and improved manufacturing performance, was a key positive. However, we believe the guidance for a more challenging third quarter, due to cost pressures and a planned inventory rebalancing, is a point of caution. This effectively shifts the bulk of expected bottom-line growth to the fourth quarter, though we note management remains confident in achieving the upper half of its annual earnings range.

$HRL

Research31d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Li Auto

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 price to USD16 from USD20, which now implies a 2027 P/E of 18.6x. Our substantial downward revision in forecasts (i.e., cutting 2026 EPS to CNY1.79 from CNY5.20 and 2027 EPS to CNY5.86 from CNY9.15) is induced by the Q1 2026 results. Vehicle margin collapsed to 6.1%, gross margin fell to 7.9%, and the company recorded a net loss of CNY2.3 billion compared with net income of CNY646.6 million in the same period of 2025. Free cash flow turned negative, indicating that the profitability recovery will take longer than previously anticipated. The unfavorable product mix, seasonal delivery declines, and raw material price fluctuations cited by management are likely to persist through much of 2026. While the company's strong cash position, ongoing share repurchase program, and technological advances provide a floor under the stock, the depth of Q1 margin compression and Q2 guidance of revenue declines compel us to lower our earnings trajectory.

$LI

Research31d ago

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

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target price to $53, from $45, on a forward P/E of 24x our FY 27 EPS projection of $2.19, below its three-year average. We raise our FY 26 EPS forecast to $1.93 from $1.84, and raise our FY 27 EPS estimate to $2.19 from $2.15. NTNX reported solid Q3 results, with revenue of $703M fueled by over-20% TCV bookings growth, though supply chain headwinds persist. ARR grew 15% Y/Y to $2.435B. While hardware lead times are starting to normalize for some vendors, others are extending as long as six months, reducing revenue conversion visibility in the short term. That said, we believe underlying demand remains healthy, and we note traction with external storage solutions as customers increasingly book ahead to navigate hardware shortages, a partial offset to revenue pressures. Net dollar retention declined 100 bps from 107% in Q2, impacted by delayed revenue recognition due to the server supply constraints. Margins outperformed as non-GAAP operating margin rose 80 bps Y/Y.

$NTNX

Research31d ago

Research Alert: CFRA Lowers Opinion On Shares Of Snowflake Inc. To Buy From Strong Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our price target by $40 to $280, using an EV/sales ratio of 17x on our FY 27 (Jan.) sales view, above SNOW's three-year average (~14x) on AI tailwinds. We lift our FY 27 EPS estimate by $0.15 to $2.17 (sales view +$181M to $6.13B) and raise FY 28's by $0.33 to $3.21 (sales +$310M to $7.69B). SNOW's FY 27 product revenue guidance was increased materially (to 31% from 27% prior), with annual revenue growth now set to accelerate for the first time since the IPO. The bump primarily reflects the inclusion of consumption patterns for Cortex Code (GA in Feb.), where we expect accelerating adoption to also benefit core platform consumption. SNOW's new $6B deal with AWS (more than double its prior commitment) reflects confidence and should bring significant volume discounts and product efficiencies, helping SNOW raise its operating margin guidance to 13.5% for FY 27 (from a prior 12.5% view). Our downgrade is valuation-based as we see a less attractive buying opportunity with shares up ~30% this morning.

$SNOW

Research31d ago

King Copper Discovery Initiated at Speculative Buy at Stifel Canada; Price Target at C$1.75

Stifel Canada on Thursday initiated coverage of King Copper Discovery (KCP.V) with a speculative buy rating and a C$1.75 price target."We are initiating coverage on King Copper Discovery with a SPECULATIVE BUY rating and C$1.75/sh target price. Led by a team of high horsepower geologists [accolades include Thayer Lindsley Medal for discovery at Oyu Tolgoi] and industry veterans, KCP is laser focused on advancing the Colquemayo porphyry copper project in Peru. Since 2020, outsized NAVPS creation for Cu explorers in the Andes has been driven by a combination of i) sizable lithocap identification [Filo del Sol 37.1km2, Valeriano 9km2, Colquemayo >19km2] and ii) management teams with access to capital; we think KCP has both. Filo grew NAVPS 839% from 2020 to the C$4.5B 2024 acquisition, NGEX +9573% and ATEX 488% since 2022. In a market that pays for growth, we see outsized value creation for early stage copper porphyry assets amongst a backdrop of producers' lack of incentive to spend on exploration," analyst Cole McGill 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)

$KCP.V

Research31d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Best Buy Co., Inc.

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 $8 to $77 using a forward P/E of 11.7x compared to the three-year historical average at 11.6x and the five-year average at 12.0x. We are increasing our FY 27 (Jan.) EPS estimate by $0.02 to $6.60 and FY 28's by $0.25 to $7.05. Both periods are subject to the risk of a slower U.S. economy and higher cost of living that hurts consumer discretionary spending, including consumer electronics and appliances. A new CEO brings vitality and the experience to create new merchandising and operational changes that should fuel higher top-line growth and wider margins. Our revenue projections are $42.0B in FY 27 and $42.6B in FY 28. Same-store comp sales guidance is -1.0% to +1.0%, which excludes new initiatives to drive higher sales per square feet in existing store (management stated on the earnings call that empty space in stores may represent a sales opportunity). Key gaming, computing, mobile phones and services categories are major sales growth drivers.

$BBY

Research31d ago

Research Alert: CFRA Maintains Hold Opinion On Shares Of Best Buy Co., Inc.

$BBY

Research31d ago

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

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 $210, on P/E of 13.8x our CY 27 EPS view, well below historical/peer averages. We raise our FY 27 (Jan.) EPS to $14.09 from $13.19 and FY 28's to $15.18 from $14.77. While we note software headwinds (seat growth pressures, competitive dynamics, enterprise shift to AI Agents, and increasing competition from Anthropic/OpenAI's enterprise tools), we remain optimistic that CRM will successfully pivot to a more consumption-based, Agentic Enterprise model. Agentforce ARR has now reached $1.2B (+205% Y/Y), and combined AI and Data ARR has hit $3.4B (+200% Y/Y), as AI is moving from pilot to production at scale. The platform has delivered 3.8B Agentic Work Units (+111% Q/Q) and processed 28.6T tokens (+152% Q/Q), providing concrete evidence of customer adoption and value realization beyond just bookings. At less than 12x our CY 27 view, the current valuation is enticing, especially if CRM can manage to accelerate organic revenue growth later this year (not our base case though).

$CRM

Research31d ago

Capitan Silver Initiated at Speculative Buy at Stifel Canada; Price Target at C$3.75

Stifel Canada on Thursday initiated coverage of the shares of Capitan Silver (CAPT.V) with a speculative buy rating and a C$3.75 price target."We are initiating coverage on Capitan Silver with a SPECULATIVE BUY rating and a C$3.75/sh target price. Led by the former Argonaut Gold Mexican team [alongside former Penoles CEO Fernando Alanis Ortega on the BoD], CAPT is advancing the high grade, scalable Cruz de Plata project in Mexico. Where silver producers are i) set to generate double the FCF in 2026 over the prior decade combined and ii) experiencing muted volume growth to 2028, we think multiple expansion on already healthy multiples is driven by primary silver growth. The newly consolidated CdP has already shown scale via connecting the dots between continuous historic workings, (Stifel exploration target 116MMoz AgEq) and we see potential to double this through a straight forward 2026 program. The kicker: the top 50 intervals (g*m) from the first 50 holes drilled on CdP have averaged just 7% less than the same sample at Las Chispas," analyst Cole McGill 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: $2.19, Change: $+0.02, Percent Change: +0.92%

$CAPT.V

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