Economics News

News Price
BofA Securities analyst Andrew G. Didora reiterated a Neutral rating on the shares of Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) with a price target of $20.00. The cruise line operator, in the wake of its investor day, raised its full-year 2024 guidance across several metrics. The company raised adjusted earnings guidance from $1.32 to $1.42 per share. The updated guidance, according to the analyst, is largely in line with his $1.39 forecast, and the analyst’s estimates remain unchanged.  Norwegian Cruise Line also introduced new 2026 targets, including adjusted earnings of approximately $2.45 per share, slightly below the analyst’s $2.67 estimate. NCLH guided to net leverage of 4.5x by 2026 (BofA at 4.2x), a three-turn reduction from 2023, said the ...Full story available on Benzinga.com
Benzinga • 1mo ago
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Target Corp (NYSE:TGT) reported a first-quarter FY24 sales decline of 3.1% year-on-year to $24.531 billion and a comparable sales decline of 3.7%. The company posted an adjusted EPS of $2.03, missing the consensus estimate of $2.06. The following are the reactions of analysts after the earnings. BofA Securities – Reiterates Buy, price target of $190.00 Analyst Robert F. Ohmes said the miss versus consensus in the adjusted EPS was driven by higher selling, general and administrative costs as a percentage of sales, as gross margin of 27.7% came in ahead.  The same-store sales decline included a 1.9% decline in both traffic & ticket, noted the analyst. While discretionary sales remained soft, sales ...Full story available on Benzinga.com
Benzinga • 1mo ago
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KeyBanc analyst Justin Patterson reiterated a Buy rating on Alphabet Inc (NASDAQ:GOOGL) with a price target of $200. The analyst expects Google’s annual developer event, Google I/O 2024, to reinforce his thesis that Alphabet has a meaningful scale and AI creates new monetization opportunities. He hopes to see Gemini incorporated across Google products. Also Read: AI Focus At Google I/O: Analyst Anticipates Groundbreaking Announcements In Search, Mobile Tech While audio and visual recognition capabilities may receive increased scrutiny after OpenAI’s Monday event, he is more focused on the Android device ecosystem.  Apple Inc (NASDAQ:AAPL) and Meta Platforms Inc (NASDAQ:META) have already signaled how AI ...Full story available on Benzinga.com
Benzinga • 1mo ago
Analyst Price
Plug Power Inc (NASDAQ:PLUG) shares tanked in early trading on Friday, after the company reported disappointing results for the first quarter. The results came amid an exciting earnings season. Here are some key analyst takeaways. Piper Sandler On Plug Power Analyst Kashy Harrison maintained an Underweight rating while reducing the price target from $2.90 to $2.50. Plug Power reported a 43% year-on-year decline in first-quarter revenues, missing expectations "due to timing of electrolyzer site commissioning" and these revenues are expected to accrue in the second quarter, Harrison said in a note. Management indicated second-quarter revenues are likely to be in line with the consensus of around $200 million and revenues in the first half of the year would be one-third of the full year, which suggested revenues of around $980 million, in-line with expectations, the analyst stated. "We still expect declining revenues in ’24 as PLUG has transitioned away from sale/leasebacks for material handling which offered unsustainably attractive customer economics," he added. BMO Capital Markets On Plug Power Analyst Ameet Thakkar reiterated an Underperform rating and price target of $2.50. Plug Power's first-quarter results "missed ...Full story available on Benzinga.com
Benzinga • 1mo ago
Analyst Price
Roblox Corp (NYSE:RBLX) shares recovered slightly in early trading on Friday, after tanking in the previous session on the company’s weak outlook. The results came amid an exciting earnings season. Here are some key analyst takeaways. Goldman Sachs On Roblox Analyst Eric Sheridan maintained a Neutral rating while slashing the price target from $48 to $38. Roblox indicated it witnessed a decline in engagement in the first quarter, across regions, age cohorts and platforms, while identifying the likely cause as "a need for fresher content and more personalized experiences (as opposed to any competitive dynamic or market saturation)," Sheridan said in a note. In the near term, investors were likely to focus on "the broader month-to-month user growth/engagement patterns" to determine whether the landscape exhibits consumer fatigue or competition, the analyst stated. "Looking long term, we still see Roblox as a well-positioned company in ...Full story available on Benzinga.com
Benzinga • 1mo ago
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Dating and networking company Bumble Inc (NASDAQ:BMBL) released its first-quarter results on Wednesday, reaffirming its strong performance and outlook for 2024. The Austin, Texas-based company reported: Revenue of $268 million, a 10% year-over-year (YoY) increase, which exceeded management’s guidance. Adjusted EBITDA stood at $74 million, a 25% YoY increase, surpassing expectations. A 171.43% surprise on earnings per share (EPS) 42,000 net new users, slightly exceeding management’s guidance of 30,000 to 40,000. Also Read: The Analyst Verdict: Bumble In The Eyes Of 6 Experts The Analyst: JPMorgan’s Cory A. Carpenter has an Overweight rating on Bumble stock with a price target of $17 a share. The price target represents a 65.5% upside from the price of the stock at the time of review, i.e. $10.27. It is based on 8x their 2025E adjusted EBITDA of $389 million, “in-line with MTCH's trading multiple.” The Thesis: According to Carpenter, ...Full story available on Benzinga.com
Benzinga • 1mo ago
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Reddit Inc (NYSE:RDDT) shares are on the rise following the company’s impressive first-quarter sales performance, which surpassed expectations. Reddit’s stock surged 14.82% in pre-market trading on Wednesday, as it reporting Q1 earnings after the market closed on Tuesday. Reddit’s Q1 earnings per share (EPS) beat estimates by 5.97%, and its revenue exceeded expectations by 14.16%. The strong sales results, coupled with upbeat Q2 revenue guidance, have fueled investor optimism and driven the stock’s positive momentum. The Reddit Analyst JPMorgan analyst Doug Anmuth maintained his Neutral rating on Reddit stock, emphasizing the need for sustained execution and growth against tougher competition in the online ad market. However, he raised his price target on the stock from $47 a share to $57 a share. The raised price target is based on about 7 times estimated 2025 revenue, which also equates to about 31 times ...Full story available on Benzinga.com
Benzinga • 1mo ago
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Morgan Stanley analyst Brian Nowak reiterated an Overweight rating on Uber Technologies, Inc (NYSE:UBER) with a price target of $90. Nowak flagged that UBER’s growth-adjusted multiple is now lower than Lyft, Inc (NASDAQ:LYFT) and Maplebear Inc (NASDAQ:CART), which creates an attractive entry point.  He highlighted that this pullback has come as investors need more confidence in upward revisions. At the same time, fears around Robotaxi and autonomous driving disruption have re-emerged following the release of Tesla Inc’s (NASDAQ:TSLA) new autonomous capabilities and the announcement of its Robotaxi event on August 8.  Also Read: Tesla’s Robotaxi Plans: Potential Threat Or Future Partner For Uber? Nowak noted ...Full story available on Benzinga.com
Benzinga • 1mo ago
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Etsy, Inc. (NASDAQ:ETSY) reported worse-than-expected first-quarter financial results on Wednesday. Etsy reported first-quarter revenue of $645.954 million, which missed the consensus estimate of $646.33 million, according to Benzinga Pro. The company reported quarterly earnings of 48 cents per share, which missed estimates of 49 cents per share. Consolidated GMS (gross merchandise sales) totaled $3 billion in the quarter, down 3.7% year-over-year. "Our first quarter performance, while in line ...Full story available on Benzinga.com
Benzinga • 1mo ago
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Wedbush analyst Matt Bryson upgraded Seagate Technology Holdings Inc (NASDAQ:STX) from Neutral to Outperform with a $100 price target. The re-rating reflected an improving nearline Hard Disk Drive (HDD) demand environment that creates a likely upside to Bryson’s near-term expectations and his increased conviction that Heat Assisted Magnetic Recording (HAMR) is a “good” technology, with the ramp of HAMR only likely to augment favorable nearline trends. According to the analyst, more certainty about HAMR progress creates intermediate to longer-term room for share, margin, and profit expansion.  Also Read: Seagate Is Set for Success, Analyst Highlights Demand and Pricing Strength Bryson’s checks fit with STX’s suggestion the most recent hold-up in qualification is a component issue rather than a more significant technology ...Full story available on Benzinga.com
Benzinga • 1mo ago
Analyst Price
Snap Inc (NYSE:SNAP) shares were climbing Friday after the company reported higher-than-expected earnings for its first quarter. The results came amid an exciting earnings season. Here are some key analyst takeaways from the release. Goldman Sachs On Snap Analyst Eric Sheridan reiterated a Neutral rating while raising the price target from $13.50 to $16. Snap reported strong first-quarter revenue growth of 21% year-on-year, beating Street expectations, "driven by both direct response (+17% YoY driven by improvements to the ad platform) and brand (+12% YoY)," Sheridan wrote in a note. He added that the company's adjusted EBITDA of $46 million was "meaningfully higher" than guidance. Total DAU (daily active user) growth remained robust in the quarter, with net additions of more than 8 million, the analyst stated. The company also guided to DAU net adds of 9 million for the second quarter, he further said. Raymond James On Snap Analyst Josh Beck maintained an Outperform rating while lifting the price target from $15 to $16. Snap recorded revenues of $1.195 billion, representing 21% growth, which surpassed consensus, while also guiding to higher-than-expected growth of 15% to 18% year-on-year for the second quarter, Beck said. The company attributed the slowdown in revenue growth to "tougher comps y/y and up to 3pts of seasonality impact from Ramadan and leap day in 1Q24," he added. "Significant platform highlights included Snapchat+ subscribers 3x y/y beyond 9M subscribers and spotlight time spent +125% y/y," the analyst further stated. Check out other analyst stock ratings. Morgan Stanley On Snap Analyst Brian Nowak reaffirmed an Underweight rating while raising the price target from $11 to $12. Snap's higher-than-expected revenue growth was driven by "growth across both direct response and brand ads," while advertisers saw a 75% improvement in purchase conversions, Nowak said. The company's results highlight "solid execution to ...Full story available on Benzinga.com
Benzinga • 1mo ago
Analyst Price
Electric vehicle leader Tesla Inc (NASDAQ:TSLA) reported first-quarter revenue and earnings per share that missed Street consensus estimates.  Here's a look at what analysts are saying after the report and for the future of the company.  The Tesla Analysts: Truist analyst William Stein has a Hold rating and lowers the price target from $176 to $162.  Piper Sandler analyst Alexander Potter has an Overweight rating and a price target of $205.  Bank of America analyst John Murphy upgrades shares from Neutral to Buy and has a price target of $220.  Needham analyst Chris Pierce has a Hold rating and no price target.  Mizuho analyst Vijay Rakesh has a Neutral rating and lowers the price target from $195 to $180.  Goldman Sachs analyst Mark Delaney has a Neutral rating and price target of $175.  Oppenheimer analyst Colin Rusch has a Perform rating and no price target.  Roth MKM analyst Craig Irwin has a Neutral rating and price target of $85.  Related Link: Tesla Stock Is Ripping Higher Wednesday: What’s Going On? Truist on Tesla: New products and artificial intelligence developments could help the company, Stein said in a new investor note.  "Tesla's Q1 result was modestly below consensus, but messaging around new auto products and improving AI developments were distinctly positive surprises, likely smoothing performance between the prior, growth wave and the next growth wave," Stein said.  The analyst said Tesla has several risks, which include price cuts and the overhang of CEO Elon Musk's compensation package being voted on by shareholders.  "The most important update today is that, instead of waiting for the next-gen platform to drive a wave of growth starting in late 2025, Tesla now plans to release more iterative versions of vehicles before late 2025 using aspects of the next gen platform."  The analyst said this push could help "smooth the transition" for the company's waves of growth.  Piper Sandler on Tesla: First quarter results from Tesla were better than expected, Potter said.  The analyst said investors likely expected the worst with recent reports of weak deliveries and mass layoffs. "Make no mistake: the TSLA thesis hinges ...Full story available on Benzinga.com
Benzinga • 1mo ago
Analyst Price
Leading electric vehicle company Tesla Inc (NASDAQ:TSLA) reports first-quarter financial results after market close Tuesday, April 23. Here are the key earnings estimates, what analysts are saying and key items to watch. Earnings Estimates: Analysts expect Tesla to report first-quarter revenue of $22.34 billion, according to data from Benzinga Pro. The company reported revenue of $23.33 billion in last year's first quarter. Tesla has beaten revenue estimates from analysts in three of the last five quarters. Analysts expect Tesla to report earnings per share of 51 cents in the first quarter, compared to 85 cents reported in last year's first quarter. Over the past five quarters, Tesla beat analysts' earnings per share two times, missed two times and was even one time. Tesla missed revenue and earnings per share estimates in the past two quarters compared to estimates from analysts. In its fourth-quarter financial results, the company said it was between growth waves. "In 2024, our vehicle growth rate may be notably lower than the growth rate achieved in 2023," the company said. Related Link: Tesla Q4 Earnings Highlights: Revenue Miss, EPS Miss, Model Y A Global Bestseller, Next-Gen Vehicle Update And More What Analysts Are Saying: Tesla had several well-known issues that would factor into the first quarter earnings results, Bank of America analyst John Murphy said in a new investor note. "TSLA stock has been under material pressure due to both weaker EV fundamentals and sentiment around the electrification theme," Murphy said. The analyst had a Neutral rating and price target of $220 on Tesla. Murphy said the focus from investors would be on demand and future growth plans from Tesla. "Despite near-term ...Full story available on Benzinga.com
Benzinga • 2mo ago
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BofA Securities analyst Justin Post reiterated a Buy rating on Meta Platforms Inc (NASDAQ:META) with a price target of $550. The analyst marginally increased his first-quarter estimates for positive ad checks and Easter benefits but lowered second-quarter and 2024 estimates for recent U.S. dollar depreciation.  Post estimates first-quarter revenue of $36.4 billion (up 27% Y/Y) above Street at $36.2 billion.  Also Read: Google’s DeepMind to Lead Unified AI Charge as Company Seeks to Outpace Microsoft He expects ad revenue to grow 26% year over year to $35.5 billion (vs. the Street at $35.4 billion), with 2 points of Q/Q acceleration.  Post estimates EBITDA at $20.9 billion and EPS at $4.48, above Street at $20.3 billion and $4.33, respectively.  For users, Sensor Tower suggests healthy Instagram users & time spent (though Facebook time ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Johnson & Johnson (NYSE: JNJ) reported better-than-expected first-quarter earnings on Tuesday. The company posted adjusted EPS of $2.71, up 12.4% year over year, beating the consensus of $2.64. The pharma giant reported sales of $21.38 billion, up 2.3% year over year, almost in line with the consensus of $21.39 billion, according to data from Benzinga Pro. Johnson & Johnson also raised its quarterly dividend by 4.2% from $1.19 per share to $1.24 per share. Johnson & Johnson said it expects fiscal year 2024 operational sales of $88.7 billion-$89.1 billion versus prior guidance ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Monday, in an interim analysis of Marinus Pharmaceuticals Inc’s (NASDAQ:MRNS) phase 3 RAISE trial, evaluating intravenous (IV) ganaxolone as a treatment for refractory status epilepticus (RSE), failed to meet pre-defined “stopping criteria.” Marinus has completed RAISE enrollment at approximately 100 patients, with topline results expected in the summer of 2024. The company said the future development of IV ganaxolone in refractory status epilepticus will be assessed following a review of the final RAISE study results. An independent Data Monitoring Committee (DMC) recommended continuing the study. Cantor Fitzgerald said it shifted focus to oral ganaxolone (O-GNX), which is progressing in the global Phase 3 TrustTSC study for tuberous ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Tuesday, Oppenheimer upgraded Avalo Therapeutics Inc (NASDAQ:AVTX), noting that its AVTX-009 is a promising drug candidate and looks forward to a Phase 2 topline data in 2026 in hidradenitis suppurativa (HS) and additional updates. In March, Avalo Therapeutics announced the acquisition of a Phase 2-ready anti-IL-1β mAb, which it refers to as AVTX-009, originally developed by Eli Lilly And Co (NYSE:LLY). Avalo announced a private placement of $185 million in gross proceeds, including an initial gross upfront investment of $115.6 million. Oppenheimer says that the company is preparing to advance ‘009 for Phase 2 development in hidradenitis suppurativa (HS), showing confidence in its potential. While topline data won’t be available until 2026, there’s consideration to also ...Full story available on Benzinga.com
Benzinga • 2mo ago
Analyst Price
Leading streaming company Netflix Inc (NASDAQ:NFLX) is set to report first-quarter financial earnings on April 18. An analyst sizes up expectations for Netflix's upcoming report. The Netflix Analyst: Piper Sandler analyst Matt Farrell has a Neutral rating. Farrell also raised the price target from $550 to $600. Related Link: Netflix Revamps Film Division with Genre-Specific Focus Under New Leadership The Analyst Takeaways: After a strong fourth quarter from Netflix, expectations are elevated for the streaming giant in the first quarter, Farrell said. Sentiment for Netflix went from "better than feared" in the third quarter to "how big is the beat" now, after the fourth-quarter report, he added. "We believe investors are looking for material upside to the 4.5 million net adds number for Q1," Farrell said. Netflix reported 13.12 million net ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Friday, Agenus Inc (NASDAQ:AGEN) released updated results from its Phase 1 clinical trial of botensilimab and balstilimab (BOT/BAL) combination therapy for metastatic colorectal cancer (CRC) that is not microsatellite instability-high (MSS) or deficient mismatch repair (dMMR).  These findings build upon the compelling clinical activity demonstrated by BOT/BAL across nine different cancer types in Agenus’ broad clinical development program. In the Phase 1 trial of 77 patients with refractory MSS-CRC without active liver metastases, a 23% overall response rate (ORR) was observed after a median follow up of 13.6 months at the data cutoff of March 1, 2024.  The median duration of response in 18 responders has not yet been reached. The estimated 12-month and 18-month overall survival (OS) rates were 71% and 62%, respectively. The median OS was 21.2 months. The Phase 2 trial has completed enrollment and the ...Full story available on Benzinga.com
Benzinga • 2mo ago
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BMO Capital Markets analyst Keith Bachman reiterated the Outperform rating on Microsoft Corporation (NASDAQ:MSFT), raising the forecast to $465 from $455. Per the analyst, Microsoft’s valuation is reasonable on an EV/FCF and P/E basis, but not inexpensive.  The analyst writes that AI can help support longer-term growth, and the durable growth opportunities warrant a premium valuation. Microsoft is well positioned in the gaming market, particularly since leading content and scale are sources of competitive advantage. In the December quarter, gaming generated 11% of total revenues. While ...Full story available on Benzinga.com
Benzinga • 2mo ago
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RBC Capital analyst Rishi Jaluria reiterated Salesforce Inc (NYSE:CRM) with an Outperform and raised the price target from $325 to $350. The analyst hosted investor meetings with Valmik Desai, Director of Investor Relations, and Brooke Bakewell, Senior Manager of Investor Relations, which focused on Generative Artificial Intelligence, Data Cloud, margins, and macro. Jaluria noted that customers are enthusiastic about generative AI and, in many cases, are turning to Salesforce to help with their AI strategies.  Also Read: Salesforce Spends $20M on Einstein Image Rights, Securing AI Brand Dominance and Guinness Record That said, with Copilot in public beta and no release date set yet, it will likely take time before GenAI conversations translate into meaningful revenue (fiscal 2025 guidance assumes no GenAI contribution).  The analyst noted that the company believes it is well-positioned to benefit from AI because Salesforce, especially Sales/Service Cloud, serves as a control plane where people spend the vast majority of their day and a store for the majority of customer-centric data.  Salesforce’s first signs of ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Keybanc analyst Justin Patterson maintained Spotify Technology SA (NYSE:SPOT) with an Overweight rating and raised the price target from $300 to $350. Spotify will report its first-quarter fiscal 2024 results before the market opens on April 23. Patterson refined his estimates and framed vital factors to watch.  The analyst now expects 2024 revenue of €15.4 billion and 2025 revenue of €18.0 billion, which reflects slightly higher ARPU growth. His 2024 operating profit decreases by 20% due to social charges, while 2025 increases by 2% due to higher revenue.  Finally, Patterson introduced 2026 revenue of €20.6 billion and an operating profit of €2.2 billion, which assumes 14% revenue growth, 29.9% ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Mizuho analyst John Roberts upgraded the shares of Ecolab Inc (NYSE:ECL) from Neutral to Buy and raised the price target from $216 to $260. According to the analyst, ECL appears back to its historical beat-and-raise visibility. The analyst noted that the company had almost 25 years of meeting or exceeding quarterly consensus estimates before the pandemic. Meanwhile, the analyst added that ECL is not resilient against travel/hospitality collapses, which happened during the pandemic & immediately post-9/11.  Greater cleanliness protects customer ...Full story available on Benzinga.com
Benzinga • 2mo ago
Analyst Price
Technology giant Apple Inc (NASDAQ:AAPL) is set to report second-quarter financial results after market close on May 2, 2024, with investors and analysts ready to hear more about several catalysts, including question marks over demand in China. A leading analyst previewed the second quarter earnings with several catalysts that could lead to a strong second half of fiscal 2024. The Apple Analyst: Goldman Sachs analyst Michael Ng had a Buy rating on Apple and lowered the price target from $232 to $226. Related Link: Apple Q1 Earnings Beat Estimates As Cupertino Snaps 4-Quarter Revenue Decline Streak; Stock Slides On China Weakness The Analyst Takeaways: Second-quarter iPhone revenue could decline 11% year-over-year to $45.9 billion, according to estimates from the analyst. "The overall industry environment for smartphones and PCS is improving, which should be supportive for AAPL product sales in C2024/25 (calendar years 2024, 2025)," Ng ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Needham analyst Quinn Bolton reiterated a Buy rating on Marvell Technology Inc (NASDAQ:MRVL) with a price target of $95. On Thursday, Marvell hosted its Accelerated Infrastructure for the AI Era Event, at which it laid out its Data Center expectations and growth drivers. Growth opportunities include custom computing, cloud optics, AEC DSPs, silicon photonics (SiPho), and Ethernet switching.  Marvell’s key announcements included the company’s third North American hyperscaler customer for custom silicon, likely to generate more revenue than its first two hyperscaler customers combined, expectations for AI revenue to exceed $1.5 billion and $2.5 billion in fiscal 2025 and fiscal 2026, respectively, and an updated Data Center TAM that will exceed $75 billion in 2028 with Marvell’s goal to secure 20% share of this TAM long-term. Also Read: Marvell Technology Poised To Expand Leadership In AI Chip Market, Analyst Sees Market Potential Worth Billions Should the company achieve ...Full story available on Benzinga.com
Benzinga • 2mo ago
Analyst Price
Shares of CarMax Inc (NYSE: KMX) were falling in early trading on Friday, after the company reported downbeat earnings for its fiscal fourth quarter. The results came amid an exciting earnings season. Here are some key analyst takeaways from the release. Needham On CarMax Analyst Chris Pierce reiterated a Buy rating, while reducing the price target from $99 to $91. Hopes of an industry recovery have been pushed out due to expectations of Federal Reserve delays interest rate cuts, “putting the burden of growth on share gains,” Pierce said in a note. CarMax gained share in three of the five months, starting in October, the analyst stated. “A linear path to share gains would clearly be preferable, but we ...Full story available on Benzinga.com
Benzinga • 2mo ago
Analyst Price
Arista Networks Inc (NYSE: ANET) shares tanked in premarket trading on Friday, amid concerns around AI stocks trading at a premium. Although ethernet could prevail in the AI era, the company is unlikely to be a big winner of this trend, according to Rosenblatt Securities. The Arista Networks Analyst: Mike Genovese downgraded the rating for Arista Networks from Buy to Sell while slashing the price target from $330 to $210. The Arista Networks Thesis: The stock is trading at a significant premium, as investors see the ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Applied Digital Corporation (NASDAQ: APLD) reported worse-than-expected third-quarter financial results on Thursday. Revenue of $43.3 million, up 208% Y/Y, missed the consensus of $51.9 million. Adjusted loss of 24 cents per share, missed the consensus for a loss of 10 cents per share, according to data from Benzinga Pro. Adjusted EBITDA loss came in at $(2.3) million compared to an adjusted EBITDA of $0.9 million in the prior year.  "During the quarter, Applied Digital encountered several challenges ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Constellation Brands Inc (NYSE: STZ) reported better-than-expected fourth-quarter financial results on Thursday. Constellation Brands reported fourth-quarter FY24 sales growth of 7.1% year-on-year to $2.14 billion, beating the analyst consensus estimate of $2.10 billion. Comparable EPS, excluding Canopy EIE, was $2.30. Comparable EPS of $2.26 beat the consensus estimate of $2.09, according to data from Benzinga Pro. “We also generated strong operating cash flow, which enabled continued execution of our capital allocation priorities including: reducing our net leverage ratio from 3.6x to 3.2x, returning over $900 million to shareholders in dividends and share repurchases, and deploying ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page. Citigroup cut the price target for Starbucks Corporation (NASDAQ: SBUX) from $102 to $95. Citigroup analyst Jon Tower maintained a Neutral rating. Starbucks shares fell 0.1% to close at $85.90 on Thursday. See how other analysts view this stock. Citigroup slashed the price target for Tesla, Inc. (NASDAQ: TSLA) from $196 to $180. Citigroup analyst Itay Michaeli maintained a Neutral rating. Tesla shares gained 1.7% to close at $174.60 on Thursday. See how other analysts view this stock. Needham cut CarMax, Inc. (NYSE: KMX) price target from $99 to $91. Needham analyst Chris Pierce maintained a Buy rating. CarMax shares fell 9.2% to close at $71.98 on Thursday. See how other analysts view this stock. Mizuho cut the price target for Phillips 66 (NYSE: Full story available on Benzinga.com
Benzinga • 2mo ago
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CarMax Inc (NYSE: KMX) reported weaker-than-expected fourth-quarter earnings on Thursday. CarMax reported a fourth-quarter FY24 sales decline of 1.7% year-on-year to $5.63 billion, missing the analyst consensus estimate of $5.79 billion. EPS of 32 cents missed the consensus estimate of 49 cents, according to data from Benzinga Pro. The company sold 287,603 units through combined retail and wholesale channels, a decrease of 0.9% year-over-year. The company opened four stores in the fourth quarter and had a total of 245 used car stores as of February 29, 2024. "We are encouraged by the performance of our business during the fourth quarter. We reported growth in ...Full story available on Benzinga.com
Benzinga • 2mo ago
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During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout. Benzinga readers can review the latest analyst takes on their favorite stocks by visiting our Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy . Below are the ratings of the most accurate analysts for three high-yielding stocks in the industrials sector. Kennametal Inc. (NYSE: KMT) Dividend Yield: 3.34% Barclays analyst Julian Mitchell maintained an Equal-Weight rating and cut the price target from $25 to ...Full story available on Benzinga.com
Benzinga • 2mo ago
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The Progressive Corporation (NYSE: PGR) is expected to release earnings results for its first quarter, before the opening bell on April 12, 2024. Analysts expect the Mayfield Village, Ohio-based company to report quarterly earnings at $3.17 per share, up sharply from 65 cents per share in the year-ago quarter. Progressive is projected to report quarterly revenue of $17.43 billion, compared to $15.87 billion in the year-earlier period, according to data from Benzinga Pro. On March 15, Progressive reported February earnings of $1.24 per share and net income of $737.1 million. Progressive shares fell 1.9% to close at $202.26 on Thursday. Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. ...
Benzinga • 2mo ago
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State Street Corporation (NYSE: STT) is set to release earnings results for its first quarter before the opening bell on April 12, 2024. Analysts expect the Boston, Massachusetts-based company to report quarterly earnings at $1.50 per share, down from $1.52 per share in the year-ago period. State Street is projected to report quarterly revenue of $3.06 billion, compared to $3.1 billion in the year-earlier quarter, according to data from Benzinga Pro. On Feb. 1, State Street completed its acquisition of CF Global Trading for an undisclosed amount. State Street shares fell 0.6% to close at $73.91 on Thursday. Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers ...
Benzinga • 2mo ago
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Nike Inc (NYSE:NKE) shares are trading higher Thursday following an upgrade from BofA Securities. What Happened: BofA analyst Lorraine Hutchinson upgraded Nike from Neutral to Buy on Thursday and raised the price target from $110 to $113, noting that “it’s time to just do it.” Full-year earnings estimates for Nike have fallen 35% over the last two years. When paired with the fact that the stock is trading at 10-year lows on a price-to-earnings basis, BofA believes it’s time to buy. “We are upgrading Nike to Buy (from Neutral) as estimates finally look achievable, Nike ...Full story available on Benzinga.com
Benzinga • 2mo ago
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On Wednesday, Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) agreed to acquire Alpine Immune Sciences Inc (NASDAQ:ALPN) for $65 per share or approximately $4.9 billion in cash.  Evercore notes the deal as a surprise move as it is unusual for Vertex, which has often been critiqued for capital allocation, building up piles of cash amounting to $13.7 billion before the acquisition.  The analyst notes it as a solid acquisition and aligned with Vertex’s emerging footprint in nephrology following the advancement of inaxaplin in APOL1-mediated kidney disease and early-stage candidate VX-407 for autosomal dominant polycystic kidney disease.  Related: Vertex’s Next-Generation Cystic Fibrosis Program Shows Efficacy With Reduced Burden, Provides Growth Opportunity: Goldman Sachs. Evercore analyst sees Alpine’s lead molecule, ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Walker & Dunlop, Inc. (NYSE:WD) shares are trading lower after Wedbush analyst Jay McCanless downgraded the stock to Neutral from Outperform and cut the price target to $95 (from $130). The analyst’s re-rating reflects the expectation that a higher for longer rate environment will again put pressure on transaction volumes this year. The analyst says that the rate of volatility is showing no signs of easing and fears that the consistent rate of volatility seen thus far through ...Full story available on Benzinga.com
Benzinga • 2mo ago
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BofA analyst Wamsi Mohan maintained a Buy rating on Apple Inc (NASDAQ:AAPL) with a price target of $225. Mohan noted that historically, Apple investors have tended to look at existing products and the profitability associated with those products and services to measure the company’s future performance.  He went back to 2018 to see where the 2023 consensus gross margins were in 2018.  Also Read: Apple’s New Office Space in Coral Gables Signals Further Expansion into Latin America The Street was modeling fiscal 2023 gross margins for Apple at 39%, but Apple printed 44% gross margins, significantly exceeding (500bps) original expectations.  Mohan noted that the Street continues to underestimate Apple’s long-term gross margin potential across both products and Services yet again.  He emphasized about 180bps of Product gross margin upside and about 150bps of Services margin upside over the next few years.  He noted that Apple’s ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Morgan Stanley analyst Keith Weiss maintained Microsoft Corp (NASDAQ:MSFT) with an Overweight and raised the price target from $465 to $520. Weiss highlighted that as investors hone in on the Generative AI cycle and look to identify assets able to monetize and compound the benefits of these innovations, he extended his discrete Microsoft forecast to 5-years, highlighting the durable EPS story enabled by their strong secular positioning.  Weiss expected Microsoft’s leadership position for multiple secular growth trends to translate into a 14% revenue CAGR and 16% EPS CAGR through fiscal 2029.  Weiss noted that Microsoft’s improving positioning for Public Cloud drives an increasing share of the overall IT wallet, as evidenced by Microsoft Commercial revenues gaining 3.5% points of share within IDC’s overall software market estimates over the past five years.  The analyst ...Full story available on Benzinga.com
Benzinga • 2mo ago
Analyst Price
Scotiabank analyst Cameron Bean changed the rating for a few North American Natural Gas companies following their revised forecasts about commodity price deck and industry outlook. The analyst continues to expect congestion and low prices to prevail into the summer but sees green shoots on the horizon, with weaker U.S. production volumes in H2 FY24 and the commissioning of new North American LNG export facilities in late 2024 and 2025. Bean continues to project a price of $4.00/mmBtu but expects significant price volatility as North America adds considerable new LNG export capacity over the next three to five years.  Also, the analyst expects a rougher ride for AECO prices, with potential carnage during the summer, but anticipates the startup of LNG ...Full story available on Benzinga.com
Benzinga • 2mo ago
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BofA Securities analyst Justin Post reiterated a Buy rating on Meta Platforms, Inc. (NASDAQ:META), with a forecast of $550. According to the analyst, AI/ML integrations are playing a crucial role in boosting usage and ad spending in 2024, aiding critical areas of content engagement, ad creative generation, campaign optimization, ad measurement, and back-end campaign cost savings for advertisers. The analyst is also upbeat about Meta’s highlights at a recent investor conference, which focused on big AI improvements and opportunities around AI agents (using LLAMA3), Meta’s recommendation engine, and the unification of the video platform to drive more views.  On ...Full story available on Benzinga.com
Benzinga • 2mo ago
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BofA Securities analyst Andrew G. Didora reiterated a Buy rating on the shares of Delta Air Lines Inc (NYSE:DAL) and raised the price target from $53 to $55. Yesterday, Delta reported a first-quarter 2024 operating revenue growth of 8% year-over-year to $13.748 billion, and the adjusted EPS was $0.45, above the consensus of $0.36. Both the unit revenue and unit cost outlooks were about 100 basis points better than the analyst modeled, which drove the EPS upside. The analyst thinks there were more pros than cons ...Full story available on Benzinga.com
Benzinga • 2mo ago
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American Eagle Outfitters Inc (NYSE: AEO) reported upbeat fourth-quarter earnings in March. The company is poised to generate revenue growth across its brand portfolio, with 3% to 5% consolidated revenue growth in its flagship brand and Aerie, according to JPMorgan. The American Eagle Outfitters Analyst: Matthew Boss upgraded the rating from Neutral to Overweight, while raising the price target from $26 to $31. The American Eagle Outfitters Thesis: A profitability inflection could translate to operating income growth of mid-to-high teens, Boss said in the upgrade note. Check out other analyst stock ratings. After meeting the management team at American ...Full story available on Benzinga.com
Benzinga • 2mo ago
Analyst Price
Truist Securities analyst Joseph Civello downgraded Deckers Outdoor Corp (NYSE:DECK) stock to Hold from Buy and cut the price target to $864 from $983. The analyst wrote that Truist Card Data indicated HOKA's Direct-to-Consumer (DTC) growth decelerated in mid-February and remained softer through March.  Consequently, the analyst lowered the segment growth forecast to 25% (to $190 million) from ~40% (to $210 million). The analyst ...Full story available on Benzinga.com
Benzinga • 2mo ago
Stocks Price
Scotiabank analyst Paul Y. Cheng upgraded Chevron Corporation (NYSE:CVX) to Sector Outperform from Sector Perform and increased the price target to $195 (from $170). The analyst says that Chevron has the highest oil torque among the integrated super majors, and can enjoy macro tailwinds over the next few years.  Also, the analyst remains optimistic that Chevron will prevail in the arbitration against Exxon ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Airbnb Inc (NASDAQ:ABNB) shares are trading lower after Needham analyst Bernie McTernan downgraded the stock from Buy to Hold. The market has an overly optimistic view of Airbnb’s potential to leverage artificial intelligence (AI) to disrupt the global online travel agency (OTA) industry, McTernan says. The analyst projected first-quarter revenue and EPS of $2.05 billion and $0.73. Airbnb CEO Brian Chesky spoke on a February earnings call about expanding beyond the company’s core business. McTernan inferred this as AI-enabled OTA, where consumers could book an entire trip, not just a short-term rental. This makes a lot of sense, as it leverages Airbnb’s scale. Consumers will likely come to the platform earlier in the booking journey. Plus, the emergence of generative AI can provide a differentiated product. However, he also flagged that the shift is coming at a time when Airbnb growth is slowing and converging with Booking Holdings Inc (NASDAQ:BKNG) and Expedia Group, Inc (NASDAQ:EXPE) after ...Full story available on Benzinga.com
Benzinga • 2mo ago
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Wells Fargo & Company (NYSE: WFC) is expected to release earnings results for its first quarter, before the opening bell on April 12, 2024. Analysts expect the San Francisco, California-based company to report quarterly earnings at $1.09 per share, down from $1.23 per share in the year-ago quarter. Wells Fargo is projected to report quarterly revenue of $20.2 billion, compared to $20.73 billion in the year-earlier period, according to data from Benzinga Pro. Wells Fargo said Jason M. Rosenberg will join the company on April 15 as Head of Public Affairs, reporting to CEO Charlie Scharf and joining the company's Operating Committee. Wells Fargo shares fell 1.1% to close at $56.94 on Wednesday. Benzinga readers can access the latest analyst ...
Benzinga • 2mo ago