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Research Alert: CFRA Maintains Buy Opinion On Shares Of Union Pacific Corporation

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $19 to $321, or 23.3x our 2027 EPS estimate, in line with peers, which are trading at an average forward P/E of 23.3x but a premium to UNP's average forward P/E during the last three years of 19.8x. We raise our 2026 EPS estimate by $0.06 to $12.66 and 2027 by $0.23 to $13.77. UNP reaffirmed its commitment to attaining a high-single-digit to low-double-digit EPS CAGR through 2027 with industry-leading operating ratio and return on invested capital. The company achieved record Q1 operating and productivity metrics, including best-ever terminal dwell (19.7 hours) and locomotive productivity. Management affirmed 2026 guidance despite fuel price headwinds, expecting pricing dollars to exceed inflation. The pending Norfolk Southern merger, targeting Q2 2027 STB approval, would create America's first transcontinental railroad, eliminating 2,400 daily handoffs and converting 10,000 lanes to single-line service.

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Research

Research Alert: CFRA Maintains Strong Sell Opinion On Shares Of Charter Communications, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target by $5 to $160, applying an EV/EBITDA multiple of 5.3x to our 2026 estimate. We lower our 2026 EPS estimate by $1.96 to $41.25 and raise 2027's by $1.00 to $50.19. CHTR reported a decline in residential revenue, primarily due to reductions in video revenue and increased allocation of costs to streaming apps. Even when excluding these allocations, the residential segment showed weak performance, with revenue per customer relationship nearly flat, indicating ongoing pressure in core business areas. It faced a loss of Internet customers, with a net decrease of 120,000 in Q1, reflecting intensified competition from fixed wireless providers, higher mobile substitution, and expanding fiber overlap. This trend signaled erosion in the subscriber base for Internet services. Video customer losses persisted, although the pace of decline improved compared to previous periods. Nevertheless, the overall trend remained negative, with video subscriptions continuing to decrease.

$CHTR
Commodities

US Natural Gas Falls for 7th Straight Week on Inventory Builds, Milder Weather Outlook

US natural gas futures posted another weekly decline amid soaring inventories, steady production, and milder weather forecasts.The front-month contract price fell over the week to $2.52 per million British thermal units, from $2.68/MMBtu on April 17.US natural gas prices have continued a downward trend into a seventh straight week, with the last weekly gain seen on March 6.The week began on a bullish note. Prices surged on Monday, supported by a dip in output and fresh uncertainties surrounding the US peace deal with Iran as the ceasefire nears an end.However, prices witnessed a sharp pullback over the rest of the week, as forecasts of high injections into inventory, along with mild weather conditions, took a toll on the market.For the week ended April 22, the May 2026 Nymex contract was down $0.11 at $2.61/MMBtu, compared with $2.72/MMBtu the prior week, the Energy Information Administration's Weekly Gas Storage Supplement said.Natural gas spot prices rose by $0.01/MMBtu to $2.76/MMBtu during the week ended April 22, according to the EIA, from $2.75 per MMBtu last week.This was attributed to a 4%, or 2.3 billion cubic feet per day, increase in total US domestic natural gas demand, compared to the prior week, along with a 10% rise in residential and commercial consumption.The Henry Hub price remained the highest recorded across all major pricing hubs in the US, on Wednesday, the EIA reported.Temperatures across the country were largely normal, ranging from 40 degrees Fahrenheit to 80 degrees Fahrenheit during the week.The EIA posted a net injection of 103 Bcf into storage for the week ended April 17, up from a net injection of 59 Bcf the previous week, bringing total gas inventories to 2,063 Bcf.During the same week last year, the EIA reported a net injection of 77 Bcf, while the five-year average for this period was an injection of 64 Bcf. This week's figures were also above the 96 Bcf forecast, according to data compiled by Investing.com.Total gas inventories at 1,970 Bcf are now 142 Bcf, or 7%, above the corresponding period a year ago, and 137 Bcf, or 7%, higher than the five-year average for this period.All regions reported a net injection in working gas during the week ended Apr. 17, with South Central seeing the highest at 40 Bcf, with its total inventories now at 879 Bcf. The Midwest and East regions reported 33 Bcf and 26 Bcf, respectively.Pinebrook Energy Advisors noted that the week's injection was the "largest on record for this early in the season," while attributing it to significantly lower weather-related demand during the period.While weather conditions continued to remain mild throughout the past few weeks, forecasts have turned bullish recently, with nearly half of the country, in the Eastern, Central and Northern regions, expected to see below-normal temperatures from May 1-7, according to the National Weather Service.A total of 35 liquefied natural gas-carrying vessels left US ports during the week, the same as the previous week, with a total capacity of 134 Bcf, up by 1 Bcf compared to the prior week.In international markets, European TTF gas prices averaged $14.27/MMBtu for the week ended April 22, $0.96/MMBtu lower than the previous week.The Japan-Korea Marker averaged $15.66/MMBtu, about $3.72/MMBtu lower than the prior week.Meanwhile, the US gas rig count increased by four from 125 the previous week to 129, in the week ending April 24, according to data from Baker Hughes (BKR) released Friday. The US had 107 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by one to 674 from 673 the previous week.

$BKR
Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of W.r. Berkley Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $3 to $72, valuing WRB shares at 15.5x our 2026 operating EPS of $4.65 and 14.3x our 2027 EPS of $5.05, compared to three-year (14x) and peer (12x) averages. WRB posted Q1 operating EPS (before investment gains or losses) of $1.30 vs $1.05 last year, exceeding our $1.09 estimate and the consensus $1.14 forecast. We applaud WRB's 6.2% rise in net written premiums in 2025, which will likely top the growth rate of many peers, but WRB's written premium growth has decelerated sharply (+1.3% Y/Y in Q1). WRB has a very facile underwriting model, and the firm can allocate underwriting capital to areas with the healthiest underwriting characteristics. Management had expressed optimism that the firm would be able to retain this competitive advantage, but Q1 written premium trends indicate that WRB's ability to produce an above-peer rate of top-line growth may prove very challenging. This could weigh on the shares, potentially imperiling their premium valuation versus peers.

$WRB