Technology

Nvidia Delivers Better-Than-Expected 4Q Results, 1Q Revenue Outlook

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Nvidia is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The company on Wednesday reported fiscal fourth-quarter revenue of $22.1 billion, up from $6.05 billion a year before and above analyst expectations of $20.4 billion. Data-center revenue surged more than 400% from a year before to hit $18.4 billion. Net income was $12.3 billion, or $4.93 a share, compared with $1.4 billion, or 57 cents a share, a year ago. Nvidia also forecast around $24 billion of sales for the first fiscal quarter, above analysts’ consensus of $22.2 billion. Shares are up 13% in recent trading. Dow Jones & Co. owns Factiva.

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Nvidia Delivered Another Beat/Raise as AI Demand Surges, BofA Says

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Nvidia (NVDA) delivered another beat and raise with its fiscal Q4 results as artificial intelligence demand is surging across several customer sets, BofA Securities said in a note to clients on Thursday. BofA raised Nvidia’s price target to $925 from $800 and kept the buy rating. The chipmaker reported fiscal Q4 non-GAAP earnings late Wednesday of $5.16 per diluted share, up from $0.88 a year earlier. Analysts surveyed by Capital IQ expected $4.64. Revenue in the quarter jumped to a record $22.1 billion from $6.05 billion a year earlier. Analysts expected $20.6 billion. “Perhaps the most important new datapoint in NVDA’s earnings call was that AI inference contributed nearly 40% of AI computing mix in FY24/CY23,” BofA said. “AI inference is correlated with revenue bearing AI which is supposed to be more competitive, as opposed to AI training which NVDA already dominates.” The investment firm also highlighted Nvidia’s comments related

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DoorDash Seen to Deliver ‘Peer-Leading’ Results, Become GAAP Profitable in 2024, Morgan Stanley Says in Upgrade

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DoorDash (DASH) is expected to continue to deliver “peer-leading” and better-than-projected consumer spend and gross order value results across its platform, Morgan Stanley said in a note Thursday. The firm said it has confidence in the food delivery company’s forward gross order value and earnings before interest, taxes, depreciation, and amortization growth, backed by a “durable” restaurant business in the US. Morgan Stanley expects DoorDash to be GAAP profitable in 2024, which is likely to result in further shareholder interest, according to the note. The firm upgraded its rating on the DoorDash stock to overweight from equal-weight and raised its price target to $145 from $135. DoorDash shares were up 5.3% in recent trading.

DoorDash Seen to Deliver ‘Peer-Leading’ Results, Become GAAP Profitable in 2024, Morgan Stanley Says in Upgrade Read Post »

Analog Devices, Inc. (NASDAQ:ADI) Stock Analyst Ratings

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Analog Devices, Inc. (NASDAQ:ADI) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/22/2024 12.58% Truist Securities $226 → $222 Maintains Buy 02/22/2024 3.96% Goldman Sachs $191 → $205 Maintains Buy 02/22/2024 16.64% Keybanc $220 → $230 Maintains Overweight 02/20/2024 3.96% Cantor Fitzgerald → $205 Reiterates Neutral → Neutral 02/12/2024 3.96% Cantor Fitzgerald → $205 Reiterates Neutral → Neutral 01/29/2024 3.96% Cantor Fitzgerald → $205 Reiterates Neutral → Neutral 01/23/2024 3.96% Cantor Fitzgerald → $205 Initiates Coverage On → Neutral 01/16/2024 -6.18% Barclays $180 → $185 Maintains Equal-Weight 12/22/2023 — Edward Jones Upgrades Hold → Buy 11/22/2023 9.03% Oppenheimer → $215 Reiterates Outperform → Outperform 11/22/2023 -11.25% Piper Sandler $190 → $175 Maintains Neutral 11/22/2023 6.5% Susquehanna $215 → $210 Maintains Positive 11/22/2023 6.5% UBS $200 → $210 Maintains Buy 11/22/2023 4.47% Truist Securities $213 → $206 Maintains Buy 11/22/2023 11.06% Morgan Stanley

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Analog Devices’ Fiscal Q2 Revenue Outlook ‘In-Line With Broad-Based Peers,’ Morgan Stanley Says

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Analog Devices’ (ADI) forecast for a 16% quarter-over-quarter drop in fiscal Q2 revenue “was slightly worse than expected but in-line with broad-based peers,” Morgan Stanley said in a note Wednesday. The company said Wednesday that it expected fiscal Q2 revenue of $2.10 billion at the midpoint, which Morgan Stanley said is lower than its estimate of $2.39 billion and the Street’s $2.36 billion. “We see reasons to be encouraged across inventory management, margin resilience, and booking improvements,” the firm said. Analog Devices appears to be “better positioned” than peers in the coming quarters, the firm said, adding that the company remains its “preferred name” within the analog space. “At this stage of the cycle we have a preference towards names with higher [average selling price], a lower internal manufacturing footprint, and less automotive exposure,” Morgan Stanley said. Morgan Stanley maintained the overweight rating on Analog Devices stock and cut the

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DoorDash’s Stock Slid After Earnings. New Bull Sees a Buying Opportunity. — Barrons.com

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By Emily Dattilo DoorDash stock has slipped since the food-delivery company reported earnings earlier this month, and Morgan Stanley thinks it’s time to buy. Analysts led by Brian Nowak upgraded the stock to Overweight from Equal Weight and raised their price target to $145 from $135 in a Thursday report titled “DASHing Growth and Profitability.” After posting mixed fourth-quarter results on Feb. 15, DoorDash shares have fallen 9.2% through Wednesday’s close, according to Dow Jones Market Data, but Morgan Stanley is optimistic. “On growth, the company continues to deliver peer-leading and better than expected consumer spend and gross order value (“GOV”) results across its expanding platform…and we see that continuing,” the analysts wrote. As of the fourth quarter, nearly half of the company’s monthly active users were DashPass subscribers, and subscribers tend to spend more than nonsubscribers, they explained. “We use this growing loyal (and more frequent) subscriber base to

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DoorDash’s Stock Took a Hit After Earnings. Morgan Stanley Says Not to Worry.

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Analysts say stock could eventually reach $175 When delivery app DoorDash Inc. reported quarterly earnings last week, investors raced to the exits. But Morgan Stanley analysts on Thursday said to buy the dip, arguing that the company’s restaurant, grocery and non-grocery delivery business still had plenty of room to grow. Analysts there upgraded the stock to overweight, their most positive rating, from equal-weight, and raised their price target to $145 from $135. And they said the stock could get to $175 if their profit expectations play out better than planned over the next few years. Shares of DoorDash (DASH) were up 5% on Thursday. “We see DASH’s core product addressing ($2.6 trillion) of offline spend across its U.S. restaurant, international restaurant and U.S. grocery / new vertical businesses,” Morgan Stanley said in a research note. “While not our base case, as a bull case, DASH’s emerging non-grocery retail business (delivering

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Analog Devices Faces Outlook Cuts but Holds Strong in Auto and Industrial, Analysts Optimistic

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Oppenheimer analyst Rick Schafer reiterated an Outperform rating on Analog Devices, Inc (NASDAQ:ADI) with a price target of $215. The company reported mixed results Wednesday. The first-quarter print was in line, while the second-quarter sales and EPS outlook missed 11% and 19%, respectively. This “expected” cut is ADI’s fourth consecutive cut this correction, the analyst flagged. Hybrid manufacturing supports a normalized gross margin of ~75%. ADI’s product diversification and core position in auto/industrial remain intact, Schafer noted. ADI trades 26x Schafer’s calendar year 2025 EPS vs. analog peer Texas Instruments Inc’s (NASDAQ:TXN) 28x. Rolling correction dampens visibility and pace of recovery in the near term, but the analyst noted a better second half. Schafer noted that ADI’s margin/growth profile, FCF return, and proven execution support a multiple in line with TXN. He sees long-term growth led by auto/ industrial and remains a long-term buyer. Bolton projects second-quarter revenue and EPS of $2.10 billion and $1.39

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Intuit Reports Strong Second Quarter Results and Reiterates Full Year Guidance

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Intuit Reports Strong Second Quarter Results and Reiterates Full Year Guidance Small Business and Self-Employed Group Revenue Grew 18 Percent MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–February 22, 2024– Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the second quarter of fiscal 2024, which ended January 31. “We had another strong quarter as consumers and small businesses continue to rely on Intuit’s platform to power their prosperity,” said Sasan Goodarzi, Intuit’s chief executive officer. “We have great momentum innovating across our products, and we’re well on our way to becoming the trusted assistant that our customers use to fuel their financial success.” Financial Highlights For the second quarter, Intuit: — Grew total revenue to $3.4 billion, up 11 percent. — Increased Small Business and Self-Employed Group revenue to $2.2 billion, up 18 percent; grew Online Ecosystem revenue to $1.7

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