CIBC Confirms Outperformer Rating and Target of US$28 on Docebo After Inspire 2026 Conference

-- CIBC Capital Markets maintained its outperformer rating and price target of US$28.00 on the shares of Docebo (DCBO.TO, DCBO) following the company's annual Inspire user conference in Miami.

The bank noted the company preannounced "stronger-than-expected" preliminary first-quarter expectations, raised 2026 guidance, and announced several enhancements to the core platform and a number of AI-enabled product releases at the conference. The increase in outlook, the bank believes, is directly attributed to strength in the underlying enterprise business and includes two more-than $1 million enterprise expansion deals signed in Q1.

"Overall we came away from the conference increasingly confident in F2026 (increased) guidance, supported by solid underlying ARR growth and a refreshed go-to-market and product strategy that refocuses on enterprise and consistent platform improvement," said analyst Erin Kyle. "We continue to view shares as attractively valued, trading at 7.3x 2027E EV/EBITDA and 1.6x 2027E EV/Sales which is a discount to small-cap SaaS peers at ~8x and ~2x, respectively."

CIBC expects double-digit growth in annual recurring revenue (ARR) to continue to be supported by growth in the underlying business, with a gradually declining impact from Dayforce churn offset by high double-digit ARR growth from the 365Talents business, as the year progresses. It revised its estimates to reflect stronger-than-expected Q1 results and raised full-year guidance for consolidated revenue, subscription revenue and adjusted EBITDA.

For fiscal 2026, CIBC forecast subscription revenue growth of 11% and adjusted EBITDA margins of 20.3% for the full year. It also increased its adjusted EBITDA estimate for fiscal 2027 and now model margins of 22.2%.

"We expect margin expansion should be supported by continued operating leverage in G&A and S&M as the company leverages AI internally," added Kyle.

Price: $24.24, Change: $-2.00, Percent Change: -7.62%

CVR Energy Reports Q1 Production Gains as Utilization Reaches 97%

CVR Energy (CVI) reported Q1 earnings Wednesday, showing total production of 211,812 barrels per day, up from 116,575 b/d a year earlier.The company reported total throughput of 214,268 b/d for the quarter ended Mar. 31, up from 120,377 b/d, a year earlier.Coffeyville refinery gathered crude throughput rose to 50,723 b/d in the quarter, from 26,728 b/d a year earlier, CVR Energy said.Other domestic crude throughput increased to 62,045 b/d from 12,348 b/d, while Canadian crude throughput rose to 17,384 b/d, compared with 640 b/d a year earlier, the company said.Coffeyville produced 74,789 b/d of gasoline for the quarter versus 18,940 b/d a year earlier, while distillate output increased to 57,138 b/d from 20,233 b/d, the company said.Other liquid products declined to 4,439 b/d for Q1, down from 6,324 b/d a year earlier, while solids output rose to 5,981 b/d from 1,321 b/d, CVR Energy said.Wynnewood refinery throughput for gathered crude declined to 58,154 b/d compared with 68,572 b/d a year earlier, the company added.Other domestic crude throughput increased to 11,556 b/d for the quarter, up from 573 b/d, the company said.Wynnewood produced 36,699 b/d of gasoline for Q1, compared with 39,740 b/d a year earlier, while distillate output rose to 30,343 b/d from 24,948 b/d, the company said.Other liquid products declined to 2,413 b/d from 5,058 b/d, while solids output remained largely unchanged at 10 b/d versus 11 b/d, CVR Energy said.Crude utilization reached 96.8% of capacity, compared with 52.7% a year earlier, reflecting improved operating performance across refining assets, the company said.For Q2, the company expects total refining throughput between 200,000 b/d and 215,000 b/d, with crude utilization projected at 92% to 99%, it said.

$CVI

Research Alert: Strength In Japan Propelled Aflac's Q1 Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AFL reported Q1 2026 adjusted EPS of $1.75 versus $1.66 (+5.4%), topping our $1.58 estimate but missing the $1.80 consensus view, with currency headwinds creating a $0.02 negative impact. Net EPS surged to $1.98 from $0.05 (+3,860%) due to a significant swing in investment performance, with net gains of $49M versus $963M in losses. We view the strong underlying insurance operations as encouraging despite persistent Japanese yen weakness affecting results. Management is expected to update its 2026 outlook and sales forecast on tomorrow's conference call. Japan showed particular strength with new annualized premium sales surging 25.5% to 17.7B ($113M), due to successful product launches including Anshin Palette medical insurance and Miraito cancer insurance. U.S. sales growth of 2.9% to $318M primarily reflected group products, though we expect continued distribution challenges given the company's dependence on independent agents in an increasingly digital marketplace.

$AFL

Intuitive Surgical Insider Sold Shares Worth $291,887, According to a Recent SEC Filing

Amy L Ladd, Director, on April 28, 2026, sold 619 shares in Intuitive Surgical (ISRG) for $291,887. Following the Form 4 filing with the SEC, Ladd has control over a total of 120 common shares of the company, with 120 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1035267/000178175026000002/xslF345X05/edgardoc.xml

$ISRG

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