CFRA Keeps Hold Opinion On Shares Of Crown Castle Inc.

/ / Real Estate /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our price target by $25 to $87, applying an EV/EBITDA multiple of 14.5x to our 2024 estimate, a discount to CCI’s 10-year average multiple of 21.5x, reflecting a weaker macro outlook, continued Sprint churn, and a pullback in 5G spend from major telcos (i.e., Verizon, AT&T, and T-Mobile). We lower our 2023 adjusted FFO (AFFO) estimate by $0.03 to $7.52 and our 2024 estimate by $0.55 to $6.91. CCI reported Q3 2023 AFFO of $1.77 vs. $1.85, a $0.03 consensus miss on revenues that came in slightly below consensus ($1,667M vs. $1,689M). Site rental revenues rose 1% Y/Y as organic growth remained positive, with Towers +4% Y/Y, Fiber +3% Y/Y, and Small Cells +3% Y/Y. Looking to 2024, we expect Sprint churn and a challenging

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CFRA Maintains Hold Opinion On Shares Of American Airlines Group Inc.

/ / Consumer Discretionary /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We cut our 12-month target by $7 to $13, 6.0x our 2024 EPS view ($2.17 from $3.26; 2023’s cut to $2.43 from $3.01), below AAL’s 2018-2019 historical forward average of 6.9x. We think a discount is merited due to rising unit costs. Q3 EPS of $0.38 vs. $0.69, beat consensus by $0.12. Q3 passenger revenues were flat Y/Y, as AAL’s international segment (+5%) was not enough to offset the 2% decline within its domestic segment (69% of Q3 passenger revenues). In Q3, AAL finalized a new labor contract with its pilots, including $9.6B in total compensation (increasing pay by 46% over the next four years); however, AAL noted that it has yet to finalize a deal with its flight attendants and agents, which we think will place

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CFRA Downgrades Opinion On Shares Of Alcoa Corporation To Strong Sell From Hold

/ / Basic Materials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target by $21 to $14, as we value AA at an EV/EBITDA of 5.1x our 2024 EBITDA estimate, which is in line with AA’s three-year average forward EV/EBITDA. We decrease our 2023 EPS estimate by $1.30 to a loss per share of $2.33 and shift 2024’s from an EPS of $2.91 to a loss per share of $0.57. AA posted a Q3 adjusted loss per share of $1.14 vs. a loss per share of $0.33, $0.07 better than consensus, with a top-line beat of 0.7%. The biggest factors leading to our bearish outlook are 1) consensus estimates that are too optimistic for 2024, in our view; 2) AA is currently hemorrhaging cash, with negative free cash flow of $76M during Q3 and negative

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CFRA Maintains Hold Opinion On Shares Of Truist Financial Corporation

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target price by $1 to $30, 8.6x our 2024 EPS estimate, below TFC’s five-year forward P/E average of 11.0x, given weaker credit quality expectations. We raise our 2023 EPS estimate by $0.05 to $3.76 and increase 2024’s by $0.03 to $3.50. TFC posted adjusted Q3 EPS of $0.84 vs. $1.24 a year ago, $0.01 above consensus. Net interest income (-2% Q/Q) degradation slowed in the quarter as the bank saw 4 bps of improvement in its net interest margin. However, balance sheet optimization led to a 3% decline in loan balances as results reflect the sale of the bank’s student loan portfolio and a 6% drop in indirect auto. As a result, TFC saw a boost to its capital ratios (CET1 ratio +30

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CSX Corp. Announces Third Quarter 2023 Results

/ / Industrials /

CSX Corp. Announces Third Quarter 2023 Results JACKSONVILLE, Fla., Oct. 19, 2023 — CSX Corp. (NASDAQ: CSX) today announced third quarter 2023 operating income of $1.30 billion compared to $1.58 billion in the prior year period. Net earnings of $846 million, or $0.42 per diluted share, compared to $1.11 billion, or $0.52 per diluted share, in the same period last year. “Over the third quarter, our efforts centered on delivering the reliable customer service that has allowed us to remain resilient and successfully maneuver through mixed markets,” said Joe Hinrichs, president and chief executive officer. “Our merchandise business remained solid, and our coal operations delivered strong volume growth. As we approach year-end, we are proud of the cohesive culture taking shape across our ONE CSX team that is helping to drive positive business results, and we are encouraged to see improving sequential trends in some of our key end markets.”

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