PTC Inc 3QF26 Review — Modest ARR Beat and Deferred ARR Strength Set Outlook for FY27E Growth for Acceleration PTC reported a strong 3QF26, with constant-currency ARR and FCF both coming in modestly ahead of consensus, while reported revenue missed due to a single large contract duration item. CC ARR ex-divested businesses grew 9.1% yoy, above the high end of the 8%–9% guidance range, which prompted management to raise the low end of FY26E constant-currency ARR growth to 9%–9.5% (prior: 7.5%–9.5%). On the c ...

July 30, 2026 03:21 AM GMT Houlihan Lokey Inc | North America Quick Take on F1Q27 (C2Q26) Earnings Result: Ongoing Headwinds In Middle Market M&A | What's Changed | | | | --- | --- | --- | | Houlihan Lokey Inc (HLI.N) | From | To | | Price Target | $187.00 | $177.00 | We expect the stock to underperform following this quarter's EPS miss (-18%) mainly on Corporate Finance (M&A) revenue, as ongoing headwinds that began in F4Q26 persisted through F1Q27. Our Key Takeaways: | M Downloaded by zouguanzhong@cramc.h ...

Initial Reaction: Positive Heading into the print, our conversations suggested that while there were some concerns around shifts in the cost trajectory, MDLZ remained one of the more well liked names across Packaged Food given improving organic sales growth coupled with the potential for strong EPS growth in '27. Against that backdrop, we think the print will be viewed favorably as the company delivered a solid beat driven by better top line growth, stronger GM, and a benefit from a lower tax rate. From a g ...

Consolidated revenue grew +9.3% y/y, above UBSe. Adj. EBITDA came in broadly in line with our estimates (+1.6%), with Adj. EBITDA margins expanding 32bps y/y to 14.3%. Earnings of P$5.5bn came below our expectations (-21.1%), mainly due to higher financial expenses (+16.4% above UBSe) and higher minority income (EBIT - 3.9% below UBSe on higher D&A). FEMSA Retail revenue reached P$152.1bn (+10.2% y/y), +2.6% above UBSe. Segment EBITDA margin came in at 12.3% (-7bps y/y), -44bps below our forecast. ab 28 Jul ...

利率决议与市场反应 - 美联储维持联邦基金利率目标区间在3.5%至3.75%不变[1] - 会议前市场对7月加息25个基点的预期为30.5%[1] - 决议公布后市场对9月加息预期小幅升温至62.4%[1] - 利率决议分歧加剧，9位官员支持不变，3位官员（哈马克、卡什卡利和洛根）支持加息25个基点[1][4] 政策声明与前瞻指引 - 会议声明将“重申”保持充足准备金的政策改为“继续执行”，削弱了前瞻指引[1][4] - 美联储主席沃什强调坚决贯彻2%的通胀目标，不认为本次会议决定是“暂停”[1][6] 经济与通胀背景 - 经济活动以稳健速度扩张，但通胀率仍高于2%的目标，部分反映能源等领域供应冲击[4] - 沃什表示6月CPI降温对7月决策影响不大，关注通胀趋势而非单点数据[1][6] 未来风险与市场展望 - 短期内市场资金面压力未释放完毕，油价在80美元/桶以上波动[1] - 7-8月通胀数据将是关键线索，若通胀回落不及预期，市场波动率或加强[1]

ab 28 July 2026 First Read Xylem Inc Margins come in better, driving 2Q beat Our Take Global Research Equities | United States | | | --- | --- | | Industrial, Diversified | | | 12-month rating | Neutral | | 12m price target | US$129.00 | | Price (27 Jul 2026) | US$120.16 | | RIC: XYL.N BBG: XYL US | | | Trading data and key metrics | | | 52-wk range | US$152.95-106.34 | | Market cap. | US$29.2b | | Shares o/s | 243m (COM) | | Free float | 100% | | Avg. daily volume ('000) | 654 | | Avg. daily value (m) | US ...

行业投资评级 - 评级：增持 [5] 报告核心观点 - AI大时代下，更大的存储容量、更快的片间互联带宽催生对先进封装的需求，同时更复杂的芯片设计对测试提出更高要求，国内先进封装与测试产能需要快速发展以满足不断增长的需求 [2] - 超节点发展带动国产算力芯片进入黄金发展期，国内先进封装、测试产能目前供不应求，建议关注相关封测厂商 [1][5] 行业现状与驱动因素 - 大模型训练需要高算力、大存储量和高效互联，芯片存储量和片间互联带宽成为关键指标 [5] - 提升芯片存储量的两种方法：采用更先进工艺提升晶体管密度；采用3D封装将存储贴在芯片上以加大存储面积 [5] - 提升带宽的新讨论方向：使存储与计算模块靠得更近以缩短传输距离；采取改变计算与存储排列方式的存算一体架构 [5] - AI计算平台通过异构集成CPU、GPU/NPU及DPU等构建协同架构，对芯片测试提出更大挑战 [5] - 测试测量行业需攻克超高速接口、异构系统集成复杂度、光电融合及面向AI计算集群的系统级测试等技术难点 [5] 市场供需与价格动态 - AI投资周期正加速行业迈向“晶圆代工2.0”时代，其特征是晶圆制造、先进封装和测试能力的深度融合 [5] - 在台积电、三星电子等巨头持续加码产能的背景下，以CoWoS为代表的先进封装技术仍有约10%的供需缺口 [5] - 先进封装环节涨价：日月光将包括CoWoS/FoCoS在内的各类先进封装技术报价最高涨价幅度超过20% [5] - 测试代工环节涨价：利扬芯片因部分测试产能需求紧张，自2026年4月1日起对小部分测试服务价格调涨10%-15% [5] - 涨价原因：反映原材料价格上涨及资本开支增加带来的投资成本考量 [5] 国内产业动态与投资建议 - 近期国内封测厂密集公告扩产投资计划，例如：汇成股份计划投资75亿元建设“HITS先进封装研发产业化项目”；甬矽电子计划投资103亿元建设微电子高端集成电路IC封装测试三期项目 [5] - 伴随国内算力芯片、超节点发展，国内先进封装、测试产能需要扩产以满足国内算力芯片设计公司不断增长的需求 [5] - 建议关注的公司包括：盛合晶微、汇成股份、利扬芯片、甬矽电子、长电科技 [5]

ab 28 July 2026 Global Research Enovis Corp Key Launches Improving Growth Outlook. Buy at $51 PT. Integration headwinds moving behind us, 2H26 set-up favorable We are assuming coverage of ENOV with a Buy rating and $51 PT. We think investor focus for ENOV has primarily surrounded Lima integration headwinds, especially given the impact on FCF generation -- a key pushback from investors. But with Lima integration now in its final innings, we see set-up from here as positioned favorably with the company now pr ...

Global Research Initiation of Coverage ab 28 July 2026 Integra LifeSciences Holdings Corp Cleaning Up. Neutral at $19 PT. Our View: We initiate coverage of IART with a Neutral rating and a $19 price target. Despite recent regulatory and operational difficulties and a historically high leverage profile, IART's fundamental building blocks are relatively sound: IART is a category leader across end- markets that are themselves structural MSD growers, so the Street's expectations on organic numbers (+2-3% from 3 ...

Ac t i o n | 29 Jul 2026 21:29:28 ET │ 12 pages IDEX Corp. (IEX.N) Growth Focus Continues To Gain Traction CITI'S TAKE Accelerating growth led by IEX's "advantaged markets" we think is contributing to likely "stronger for longer" topline and EPS growth potential and we're also encouraged by signs of improvement in IEX's industrial businesses that, if sustained, could be an incremental tailwind over time. With favorable secular dynamics underpinning durable demand trends in IEX's advantaged markets and given ...