Financials

CFRA Reiterates Buy Rating On Shares Of Morgan Stanley

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: As a leading global investment bank, we think MS is poised to benefit from a potential rebound in M&A and debt/equity underwriting in the year ahead. We raise our 12-month target $15 to $105 on a forward P/E of 14.8x our 2024 earnings estimate, above the three-year historic average at 13.0x given our view of a cyclical rebound in MS’s businesses. We keep our earnings estimates for 2023 at $5.90 and 2024 at $7.10, both above consensus at $5.61 and $6.59. Even during a risk-off market, we think MS gained wallet share in the past year, with several European banks having retrenched from investment banking. The Fed’s signal of potential rate cuts in 2024 is likely to get corporates positioned for higher capital raising, debt refinancing, and […]

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Stifel Reports November 2023 Operating Data

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ST. LOUIS, Dec. 21, 2023 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE:SF) today reported selected operating results for November 30, 2023 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “In November, client money market and insured balances increased by more than 1% from October’s levels, as cash sorting activity continues to slow. Total client assets increased by 6% and total fee-based assets increased by 7% from the prior month, driven by strong equity and fixed income markets, as well as continued recruiting activity. Institutional Group revenues have improved from third quarter levels as investment banking activity increased from the prior quarter. Delays in M&A closings, however, continue to impact revenue.” Selected Operating Data (Unaudited) As of % Change (millions)

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Blackstone (NYSE:BX) Stock Analyst Ratings

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Blackstone (NYSE:BX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/20/2023 16.36% Piper Sandler → $150 Assumes → Overweight 10/20/2023 -18.55% Oppenheimer $107 → $105 Maintains Outperform 10/20/2023 -12.34% Wells Fargo $118 → $113 Maintains Overweight 10/20/2023 -27.08% BMO Capital $97 → $94 Maintains Market Perform 10/20/2023 -6.91% Morgan Stanley $125 → $120 Maintains Overweight 10/10/2023 -10.01% Barclays $110 → $116 Maintains Equal-Weight 10/06/2023 -12.34% HSBC → $113 Initiates Coverage On → Hold 09/05/2023 -3.03% Morgan Stanley $125 → $125 Reiterates Overweight → Overweight 07/24/2023 -13.12% Goldman Sachs $98 → $112 Maintains Buy 07/21/2023 -9.24% Oppenheimer $115 → $117 Maintains Outperform 07/21/2023 -3.03% Morgan Stanley $116 → $125 Maintains Overweight 07/21/2023 -24.75% BMO Capital $93 → $97 Maintains Market Perform 07/21/2023 -8.46% Wells Fargo $104 → $118 Maintains Overweight 07/21/2023 -13.89% JP Morgan $102 → $111 Downgrades Overweight → Neutral 07/21/2023 -9.24%

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Timing of FactSet’s Earnings Guidance Revision Surprising, RBC Capital Markets Says

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The timing of FactSet’s (FDS) earnings guidance revision is surprising given the company typically revisits its forecast in its fiscal second quarter, RBC Capital Markets said in a note emailed Wednesday. FactSet on Tuesday lowered its fiscal 2024 adjusted earnings guidance to between $15.60 and $16 per diluted share from $15.65 to $16.15 per share anticipated previously. It also lowered its revenue guidance to a range of $2.20 billion to $2.21 billion from $2.21 billion to $2.23 billion previously. Given the limited visibility, the guidance is likely not fully de-risked, RBC Capital noted. While FactSet still views its fiscal second half pipeline favorably, it does face a number of headwinds in the form of pricing pressure and delayed decision-making by clients due to budget constraints, the firm said. RBC Capital maintained its Sector Perform rating on the stock with a price target of $464.

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CFRA Retains Hold Opinion On Shares Of Wells Fargo & Company

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our target price by $10 to $52, 10.2x our 2024 EPS estimate, below the three-year historic average of 11.7x given stagnant growth expectations. We decrease our 2023 EPS view by $0.05 to $5.19 and raise 2024’s by $0.04 to $5.12. After trading relatively flat through the first 10 months of 2023, shares have surged in recent weeks and now sit 21% higher for the year. Still, we view the recent rally as reasonable as falling long-term interest rates and decreasing recessionary odds justify a higher multiple, in our view. WFC is more exposed to commercial real estate office loans (3.4% of total loans) than its large bank peers and clear credit deterioration has been identified in recent quarters with further degradation expected in Q4. However,

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FactSet Research Systems (NYSE:FDS) Stock Analyst Ratings

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FactSet Research Systems (NYSE:FDS) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/20/2023 4.25% Stifel $436 → $469 Maintains Hold 12/08/2023 6.69% Deutsche Bank $471 → $480 Downgrades Buy → Hold 09/22/2023 2.24% B of A Securities $450 → $460 Maintains Neutral 09/22/2023 3.13% RBC Capital → $464 Reiterates Sector Perform → Sector Perform 09/22/2023 -3.09% BMO Capital $419 → $436 Maintains Market Perform 09/22/2023 -21.76% Morgan Stanley $332 → $352 Maintains Underweight 09/22/2023 -18.43% Goldman Sachs $380 → $367 Maintains Sell 09/05/2023 4.69% Deutsche Bank $461 → $471 Maintains Buy 08/25/2023 3.13% RBC Capital $500 → $464 Downgrades Outperform → Sector Perform 06/27/2023 6.69% Barclays $520 → $480 Maintains Overweight 06/26/2023 -6.87% BMO Capital $424 → $419 Maintains Market Perform 06/23/2023 -26.21% Morgan Stanley $335 → $332 Maintains Underweight 06/23/2023 -15.54% Goldman Sachs $365 → $380 Maintains Sell 06/15/2023 0.02% B

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J.P. Morgan Asset Management Appoints a New Member for Canada Advisor Business Jay Rana Joins J.P. Morgan Asset Management in Canada

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J.P. Morgan Asset Management appoints a new member for Canada Advisor Business Jay Rana joins J.P. Morgan Asset Management in Canada Canada NewsWire TORONTO, Dec. 20, 2023 TORONTO, Dec. 20, 2023 /CNW/ — J.P. Morgan Asset Management in Canada, today, announced that Jay Rana will be joining the newly formed Canada Advisor Business, effective January 1, 2024. In this new role, he will be responsible for bringing J.P. Morgan Asset Management’s industry leading global alternative investment capabilities to financial advisors across the country, maintaining relationships and assisting clients in understanding the firm’s investment solutions. Mr. Rana has over 25 years of experience with both Canadian and global asset management organizations and, most recently, served as Senior Vice President at Pimco, where he was responsible for the Chairman’s Business. “J.P. Morgan Asset Management has a long-standing history of serving institutions and sub-advisory clients in Canada, and we look forward to bringing

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FactSet Reports Results for First Quarter 2024

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FactSet Reports Results for First Quarter 2024 — Q1 GAAP revenue of $542.2 million, up 7.4% from Q1 2023. — Organic Q1 ASV plus professional services of $2,185.0 million, up 7.1% year over year. — Q1 GAAP operating margin of 34.9%, up approximately 80 bps year over year, and adjusted operating margin of 37.6%, down approximately 70 bps from the prior year. — Q1 GAAP diluted EPS of $3.84, up 9.1% from the prior year, and adjusted diluted EPS of $4.12, up 3.3% year over year. — Fiscal 2024 guidance update: expected ASV plus professional services growth of 5-7%, GAAP revenue growth of 5.5-6%, adjusted operating margin increase of 10-50 bps, and adjusted diluted EPS growth of 6-9%. — FactSet has published an AI Blueprint describing plans to responsibly deploy AI solutions to its clients. FactSet Mercury, launched last week, features a new large language model-based workflow tool for junior

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FactSet Lowered FY24 Revenue Outlook To $2.20B-$2.21B From $2.21B-$2.23B Vs. $2.22B Est., Adj EPS To $15.60-$16.00 From $15.65-$16.15 Vs $16.08 Est.

/ / Financials /

FactSet Lowered FY24 Revenue Outlook To $2.20B-$2.21B From $2.21B-$2.23B Vs. $2.22B Est., Adj EPS To $15.60-$16.00 From $15.65-$16.15 Vs $16.08 Est.

FactSet Lowered FY24 Revenue Outlook To $2.20B-$2.21B From $2.21B-$2.23B Vs. $2.22B Est., Adj EPS To $15.60-$16.00 From $15.65-$16.15 Vs $16.08 Est. Read Post »

FactSet Posts Higher 1Q Revenue, Grows Wealth-Management Users

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FactSet Research Systems posted higher revenue and earnings in its fiscal first quarter, lifted by a rising tally of wealth-management users tapping the company’s data platform. The Norwalk, Conn.-based company, whose offerings include analytics and data products, posted a profit of $148.6 million, or $3.84 a share, for the three months ended Nov. 30, compared with $136.8 million, or $3.52 a share, in the same period last year. Stripping out one-time items, including amortization, adjusted earnings came to $4.12 a share. Analysts surveyed by FactSet expected adjusted earnings of $4.11 a share. Revenue rose more than 7% to $542.2 million, compared with the $540.3 million expected by analysts, according to FactSet. Annual subscription value plus professional services was $2.18 billion at the end of the quarter, up from $2.04 billion a year ago. User count rose by 17,111 to 207,083 during the quarter, driven by an increase in wealth management

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