Technology

CFRA Downgrades Shares Of Lam Research Corporation To Hold From Buy

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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 raise our price target by $36 to $777, 25x our CY 24 EPS view of $31.07, a premium to Lam’s 3-year historical average (~19x) and above our previous multiple (24x) on LRCX’s rising exposure to key technology inflections and increasing confidence that the memory market is entering an upcycle. We raise our FY 24 (Jun.) EPS view to $29.33 from $28.73 and lower FY 25’s to $35.08 from $35.43. Memory grew to 48% of Dec-Q sales (vs. 38% in Sep-Q), driven by growth in DRAM (31% vs. 23%), largely a result of continuing demand for high-bandwidth memory to support AI applications. We see this continuing in CY 24 and expect memory will account for a larger proportion of sales, supported by stable shipments into China. We […]

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Apple Vision Pro 2024 Sales Poised to Soar Following ‘Very Impressive’ Launch, Wedbush Says

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Apple (AAPL) is likely to ship and sell nearly 600,000 Vision Pro mixed-reality headsets this year, up from an initially estimated 460,000 units, following a “very impressive” launch, Wedbush Securities said Wednesday. The brokerage’s initial estimates suggest the technology giant sold “close to” 180,000 Vision Pro units over the weekend, Wedbush analysts, including Daniel Ives, said in a note. “While many on the Street are dismissing Vision Pro as noise, we strongly disagree.” “We believe this is just the start for this new form factor, with our industry checks showing the next version of Vision Pro 2 will have much lower price points in the sub $2k area code, as Apple looks to push more aggressively towards its golden installed base,” the analysts said. Wedbush maintained its outperform rating and $250 price target on the Apple stock.

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Intel Likely to See ‘Modest’ Q4 Outperformance, BofA Says

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Intel (INTC) is likely to see “modest” outperformance in Q4, but could miss Q1 consensus amid multiple headwinds, BofA Securities said in a Tuesday note. While BofA forecasts Q4 to be in line with or slightly ahead, with projected figures of $15.1 billion in sales and 46.5% gross margin, it expects a miss in Q1, pointing to headwinds such as Mobileye outlook cut, PC seasonality, weak industrial/auto, networking and muted enterprise. “We tweak down Q1 and CY24 sales, but believe the GM trajectory could surprise to the upside as INTC benefits from its cost restructuring actions, leading to higher EPS,” BofA said. The brokerage reiterated its neutral rating on Intel with a price objective of $50.

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Texas Instruments Seeing Weakness Compared With Peers, Morgan Stanley Says

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Texas Instruments (TXN) is seeing weakness compared with its peers, despite a tactically bullish view for mean reversion, Morgan Stanley said in a note Wednesday. The company attributed this weakness partly to its approach to non-cancellable orders, the brokerage firm said, adding that while there is some truth to that, there were bigger contributing factors. Texas Instruments faced significant challenges due to “extreme” shortages in less strategic personal electronics markets, resulting in substantial inventory fluctuations and share loss, Morgan Stanley noted. Personal Electronics, constituting over 20% of revenue at its peak, declined by 50% between Q2 2022 and Q1 2023, causing earlier weakness. While industrial revenue declined slightly more than peers in the first half of 2023, automotive still grew 20% year over year in September, the firm said. Texas Instruments also has lower distribution revenue compared with peers, which could reduce inventory a bit, the firm said. Despite a

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ASML Holding N.V. (ASML) Q2 2024 Earnings Call Transcript Summary

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The following is a summary of the ASML Holding N.V. (ASML) Q2 2024 Earnings Call Transcript: Financial Performance: ASML reported Q4 2023 net sales of €7.2 billion, fueled by business in installed base and EUV systems. Net system sales of €5.7 billion were largely spearheaded by Logic (63%) and Memory (37%). Gross margin for the quarter was 51.4%, majorly driven by installed base business. The net income in Q4 was €2 billion (28.3% of net sales), resulting in an EPS of €5.21. ASML’s total net sales for the year 2023 grew 30% to €27.6 billion, with a gross margin of 51.3%. Net income for 2023 was €7.8 billion (28.4% of net sales) yielding an EPS of €19.91. ASML concluded 2023 with free cash flow generation of €3.2 billion and returned €3.3 billion to shareholders via dividends and share buybacks. Looking forward to Q1 2024, ASML anticipates net sales between €5

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Meta Platforms (NASDAQ:META) Stock Analyst Ratings

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Meta Platforms (NASDAQ:META) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 14.96% Raymond James $425 → $450 Maintains Strong Buy 01/22/2024 2.19% RBC Capital → $400 Reiterates Outperform → Outperform 01/19/2024 4.75% JMP Securities $380 → $410 Maintains Market Outperform 01/17/2024 6.02% Piper Sandler $355 → $415 Maintains Overweight 01/11/2024 20.07% Mizuho $400 → $470 Maintains Buy 01/10/2024 20.07% Mizuho $400 → $470 Maintains Buy 01/09/2024 1.42% BMO Capital → $397 Initiates Coverage On → Market Perform 12/27/2023 7.3% Wedbush $350 → $420 Maintains Outperform 11/22/2023 11.13% Tigress Financial $380 → $435 Maintains Strong Buy 11/14/2023 3.47% Stifel → $405 Reiterates Buy → Buy 10/26/2023 3.47% Truist Securities $390 → $405 Maintains Buy 10/26/2023 2.19% RBC Capital → $400 Reiterates Outperform → Outperform 10/26/2023 -9.31% Piper Sandler $365 → $355 Maintains Overweight 10/26/2023 -10.58% Wedbush → $350 Reiterates Outperform → Outperform

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IBM RELEASES FOURTH-QUARTER RESULTS

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IBM RELEASES FOURTH-QUARTER RESULTS PR Newswire ARMONK, N.Y., Jan. 24, 2024 Revenue growth in all segments; Strong margin expansion and cash generation ARMONK, N.Y., Jan. 24, 2024 /PRNewswire/ — IBM (NYSE: IBM) today announced fourth-quarter 2023 earnings results. “In the fourth quarter, we grew revenue in all of our segments, driven by continued adoption of our hybrid cloud and AI offerings. Client demand for AI is accelerating and our book of business for watsonx and generative AI roughly doubled from the third to the fourth quarter,” said Arvind Krishna, IBM chairman and chief executive officer. “For the year, revenue growth was in line with our expectations, and we exceeded our free cash flow objective. Based on the strength of our portfolio and demonstrated track record of innovation, for 2024 we expect revenue performance in line with our mid-single digit model and about $12 billion in free cash flow.” Fourth-Quarter Highlights

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IBM Revenue Growth Tops Expectations on Strong AI Demand — WSJ

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By Dean Seal International Business Machines’ profit rose in the fourth quarter as strong demand for artificial intelligence pushed revenue higher than analysts had expected. Shares are up 23% over 12 months and rose to a nine-year high of $174.86 in Wednesday trading. Chief Executive Arvind Krishna said client demand for AI is accelerating and that IBM’s book of business for its generative AI platform Watsonx roughly doubled between the third quarter and the fourth. Each of the legacy tech giant’s segments reported higher revenue. The biggest gain came from IBM’s consulting business while its infrastructure unit logged a smaller bump. The top line of IBM’s software business, its largest by revenue, rose 3% to $7.5 billion as growth from its cloud-computing subsidiary Red Hat and smaller gains from automation and AI more than offset a 5% decline from its security division. IBM’s quarterly report, by the numbers: — Revenue

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ServiceNow Reports Fourth Quarter and Full-Year 2023 Financial Results

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ServiceNow Reports Fourth Quarter and Full-Year 2023 Financial Results — ServiceNow exceeds guidance across all Q4 2023 topline growth and profitability metrics; raises 2024 subscription revenues and operating margin outlook — Subscription revenues of $2,365 million in Q4 2023, representing 27% year-over-year growth, 25.5% in constant currency — Total revenues of $2,437 million in Q4 2023, representing 26% year-over-year growth, 24% in constant currency — Current remaining performance obligations of $8.60 billion as of Q4 2023, representing 24% year-over-year growth, 23% in constant currency — 168 transactions over $1 million in net new ACV in Q4 2023, up 33% year-over-year SANTA CLARA, Calif.SANTA CLARA, Calif.–(BUSINESS WIRE)–January 24, 2024– ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced financial results for its fourth quarter ended December 31, 2023, with subscription revenues of $2,365 million in Q4 2023, representing 27% year-over-year growth and 25.5%

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Lam Research Guides For Q3 EPS of $6.50-$8.00 on Revenue of $3.4-$4.0 Billion, Vs CIQ Analyst Consensus of $6.63/Share on Revenue of $3.8 Billion

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Lam Research Guides For Q3 EPS of $6.50-$8.00 on Revenue of $3.4-$4.0 Billion, Vs CIQ Analyst Consensus of $6.63/Share on Revenue of $3.8 Billion.

Lam Research Guides For Q3 EPS of $6.50-$8.00 on Revenue of $3.4-$4.0 Billion, Vs CIQ Analyst Consensus of $6.63/Share on Revenue of $3.8 Billion Read Post »

ServiceNow’s Stock Wavers Despite Strong Subscription Sales, Revenue Jump as AI Products Gain Hold

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By Jon Swartz The software company is riding the momentum of a 27% jump in quarterly subscription sales and an aggressive push into artificial intelligence ServiceNow Inc.’s stock bounced between slight gains and losses in after-hours trading Wednesday, after the company reported a quarterly bounce in revenue on strong subscription sales. “The gen-AI solutions we put into the marketplace in one quarter outsold any other product we put in the market,” ServiceNow (NOW) Chief Executive Bill McDermott said in an interview Wednesday. The software company is riding the momentum of a 27% jump in quarterly subscription sales to $2.37 billion, and an aggressive push into artificial intelligence through partnerships with Nvidia Corp. (NVDA), Amazon.com Inc.’s (AMZN) AWS and others. ServiceNow posted fiscal fourth-quarter net income of $295 million, or $1.44 a share, compared with net income of $150 million, or 74 cents a share, in the year-ago quarter. Adjusted earnings

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IBM Q4 Non-GAAP Earnings, Revenue Rise; 2024 Sales Guidance Set

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IBM (IBM) reported Q4 non-GAAP diluted earnings late Wednesday of $3.87 per share, up from $3.60 a year earlier. Analysts polled by Capital IQ expected $3.80 normalized. Revenue in the quarter ended Dec. 31 rose to $17.4 billion from $16.7 billion a year earlier. Analysts surveyed by Capital IQ expected $17.3 billion. The company said it expects 2024 constant currency revenue growth consistent with its mid-single-digit model. At current foreign exchange rates, the currency will likely be about a one-point headwind to revenue growth. Analysts polled by Capital IQ expect $63.4 billion.

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