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FINWIRES

Research Alert: CFRA Upgrades Opinion On Ads Of Nokia

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

We upgrade our rating to Buy (Hold) and raise the target price to USD16.00 (USD6.50) by rolling forward valuation metrics to 2027 and shifting to P/Sales (P/S) from EV/EBITDA. We apply a 3.25x P/S multiple based on Optical Network peers' five-year average on higher contribution from Optical Networks, stronger AI & Cloud demand visibility, and a more durable growth profile beyond the telecom cycle. The re-rating reflects improving earnings visibility and a structural shift in demand toward AI-driven infrastructure. While Q1 2026 results were in line with expectations, we raise 2026 revenue forecast to EUR21.5B (EUR21.1B) and 2027 to EUR23.3B (EUR22.6B) on higher Network Infrastructure growth guidance, improving supply visibility, and stronger order momentum. This also incorporates early backlog conversion and improving execution in Optical Networks. Hence, we increase 2026 EPS to EUR0.32 (EUR0.31) and 2027 to EUR0.39 (EUR0.37) on revenue mix improvement, with margin expansion expected as scale benefits materialize.

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US Markets

Intel Beats First-Quarter Views Amid AI-Driven Demand; Shares Rally After-Hours

Intel (INTC) reported first-quarter results above Wall Street's estimates as the chipmaker benefited from artificial intelligence-driven demand for its products.Adjusted earnings for the quarter rose to $0.29 per share from $0.13 a year earlier. Analysts polled by FactSet expected $0.02. Revenue grew 7% to $13.58 billion, compared with the Street's $12.42 billion view.Intel's shares climbed 16% in after-hours trading. The stock is up 81% so far this year through Thursday close."The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic," Chief Executive Lip-Bu Tan said in a statement. "This shift is significantly increasing the need for Intel's (central processing units) and wafer and advanced packaging offerings."RBC Capital Markets expected Intel to deliver a "slight" first-quarter beat amid strength in server CPU demand."While demand remains strong, management expected internal wafer supply constraints to be most acute in (the first quarter) which could limit near-term upside," RBC analyst Srini Pajjuri said in a note emailed Tuesday. "Recent media reports point to Intel raising prices which should help."For the second quarter, Intel expects adjusted EPS of $0.20 on revenue of $13.8 billion to $14.8 billion. Analysts are looking for $0.10 and $13.11 billion, respectively."We remain focused on maximizing our factory network to improve available supply and meet our customers' needs throughout the year," Chief Financial Officer David Zinsner said.Sales within the client computing segment increased 1% annually to $7.7 billion in the first quarter, while data center and AI climbed 22%. Foundry revenue surged 16% to $5.4 billion.

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Research

Research Alert: CFRA Reiterates Hold Rating On Shares Of Raymond James Financial, Inc.

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 $10 to $170, on a P/E of 12.8x our FY 27 (Sep.) EPS view vs. RJF's three-year historical forward P/E average of 13.2x and the peer average of 11.9x. We keep our FY 26 EPS estimate at $11.87 and decrease FY 27's by $0.15 to $13.25. Our revenue projections are $15.49B (+10%) in FY 26 and $16.73B (+8%) in FY 27, supported by a robust investment banking pipeline, significant investments in technology and AI, and a strong capital position to fund future growth and acquisitions. In our view, a key positive in Mar-Q was the Capital Markets segment's rebound from its prior-quarter weakness, driven by stronger investment banking revenues that culminated in a particularly strong March. Complementing this improvement, the Bank segment demonstrated strength by achieving record loans of $54.8B, fueled by a remarkable 31% Y/Y surge in securities-based lending. RJF is leveraging its over $1.1B annual technology investment to deploy proprietary AI tools that streamline operations.

$RJF
Mining & Metals

TSX Closer: Index Down As News of U.S. Reclassification Fails To Keep Fire Burning Under Cannabis Stocks

The Toronto Stock Exchange edged lower on Thursday as news of the U.S. reclassification of cannabis initially lit up cannabis stocks, but failed to keep a fire burning as investors realized full legalization of the sector will require further legislative action.The S&P/TSX Composite Index closed down 42.18 points to 33,912.93, only its fourth loss in 17 sessions, as investors also took profits after a recent run of winning days, while geopolitical tensions and uncertainty around the Iran war continue to cast a shadow over the outlook for markets.Sectors were mixed, but the two biggest movers were Health Care, down 7.7% and Info Tech, down 4.5%. The Battery Metals Index was up 4%.Within the health sector, cannabis firms lost early gains Thursday as investors at first welcomed news the Department of Justice was "immediately rescheduling FDA-approved marijuana and state-licensed marijuana from Schedule I to Schedule III", but after some more inspection seemed to conclude the move fell short of full legalization.Aurora Cannabis (ACB.TO) was down 14%, Canopy Growth (WEED.TO) fell 13%, Cronos Group (CRON.TO) was down 8% and Tilray Brands (TLRY.TO) lost 13%.BNN Bloomberg spoke with Pablo Zuanic, managing partner at Zuanic & Associates, about the implications for cannabis companies, investors and the broader industry. Among key takeaways, BNN noted the change reduces tax burdens by allowing companies to deduct operating expenses, improving cash flow, while expanded research and federal registration for operators are expected to support industry development. But, BNN also noted, cannabis remains federally illegal, and interstate trade and exports are still restricted. The move is seen as a step toward broader reform, but full legalization would require further legislative action.Of commodities, the Energy sector was up near 1.8% as West Texas Intermediate crude oil closed higher with the United States and Iran making little progress to end a war that has produced the largest-ever supply shock with shipments from the Persian Gulf region barred from the Strait of Hormuz. WTI crude oil for June delivery closed up US$2.89 to settle at US$95.85 per barrel, while June Brent oil was up US$3.07 to US$104.98.Base Metals lost near 3.2% as gold fell, remaining rangebound amid concerns high oil prices will push up inflation and force hikes to interest rates. Gold for June delivery was down US$34.00 to US$4,719.00 per ounce.

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