DoorDash Likely Invested $600 Million Last Year in New Verticals, International

/ / Technology /

DoorDash appears to have spent at least $600 million last year on new verticals and international business, while maintaining healthy core profitability, JMP Securities analysts say in a research note. They started sifting through the company’s disclosures in recent years to break out the contributions of the core U.S. restaurants business and other operations and say $1.8 billion in EBITDA is achievable in 2024 with a potential $2.6 billion in 2025. Both estimates are above the FactSet consensus. “With better visibility into core economics, we raise our DoorDash price target to $160 from $130 prior,” the analysts add. DoorDash is off 1% to $138.84

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United Parcel Service’s (UPS) Latest Financial Targets Likely ‘Carry Risk,’ BofA Says

/ / Industrials /

United Parcel Service’s (UPS) latest three-year financial targets topped market expectations, though they likely “carry risk” as the company has previously missed its multiyear objectives, BofA Securities said Wednesday. The package delivery company outlined the targets Tuesday, including eyeing 2026 revenue of about $108 billion to $114 billion and adjusted operating margin above 13%. BofA said it was looking for $105 billion and 12%, respectively. The company’s outlook implies earnings of about $13.40 per share, roughly 20% above BofA’s estimate, the brokerage said. “UPS has missed its multiyear targets set at its last few analyst meetings, thus we expect its outlook to carry risk,” BofA analyst Ken Hoexter said in a note. The company’s revenue is expected to increase at a mid-single digit rate, which Hoexter said was above the industry growth rate of 2.6%, excluding Amazon.com (AMZN). “This appears to be an aggressive return-to-growth outlook, despite sustained weakness in

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Boeing Had a Good Week Cleaning House – but Now Comes the Hard Part

/ / Industrials /

These 7 steps can give Boeing a path to recovery By several accounts, this long-overdue reckoning resulted from a revolt by the company’s airline customers. This was Boeing’s best week in many years. A dysfunctional management team was ousted. President and CEO David Calhoun will step down at the end of the year. Board chairman Larry Kellner announced that he would not stand for reelection. Stan Deal, CEO of Boeing Commercial Airplanes, left the company immediately. By several accounts, this long-overdue reckoning resulted from a revolt by the company’s airline customers, concerned about missed production plans, uncertain new model-certification schedules, and high-profile incidents resulting from manufacturing “quality escapes.” Now comes the hard part. Getting Boeing (BA) back on track will take years, maybe decades. Here’s what to watch for as the company tries to restore itself to health: 1. Who gets the top job? Calhoun, like 2005-2015 CEO Jim McNerney,

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Jefferies Announces First Quarter 2024 Financial Results

/ / Financials /

Jefferies Announces First Quarter 2024 Financial Results NEW YORK–(BUSINESS WIRE)–March 27, 2024– Jefferies Financial Group Inc. (NYSE: JEF) Q1 Financial Highlights — Net earnings attributable to common shareholders of $150 million, or $0.66 per diluted common share, and net earnings attributable to common shareholders from continuing operations of $157 million, or $0.69 per diluted common share. Adjusting our results this quarter for a pre-tax loss of $55 million associated with our investment in Weiss Multi-Strategy Advisers, which recently announced it is closing down, our net earnings attributable to common shareholders from continuing operations was $196 million16, or $0.8716 per diluted common share. Of the pre-tax loss to us of $55 million, $30 million reduced our Asset Management net revenues and $25 million increased our non-compensation expenses. — Annualized return on adjusted tangible total equity from continuing operations1 of 9.8%. Adjusting for the impact of the loss on Weiss, our annualized

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Jefferies Financial Group Fiscal Q1 Earnings, Revenue Rise; Dividend Maintained

/ / Financials /

Jefferies Financial Group (JEF) reported fiscal Q1 earnings Wednesday of $0.66 per diluted share, up from $0.54 a year earlier. Three analysts polled by Capital IQ expected $0.75. Net revenue in the quarter ended Feb. 29 rose to $1.74 billion from $1.28 billion a year earlier. Two analysts surveyed by Capital IQ expected $1.52 billion. The company’s board maintained a quarterly cash dividend at $0.30 a share, payable on May 30 to shareholders of record on May 20.

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CFRA Maintains Buy Opinion On Shares Of Fiserv, Inc.

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: FI’s share price has shown strength (+19% year-to-date) and we believe there is still more upside given improving fundamentals and strong revenue growth with high profitability. We raise our 12-month target by $20 to $180 using a forward P/E of 18.1x, in line with its three-year forward average. We keep our 2024 EPS view at $8.65 and 2025’s at $9.95; our revenue forecast is $19.6B (+9%) in 2024 and $21.4B (+9%) in 2025. In our view, FI’s core merchant business solutions, Carat and Clover, will drive revenue growth by tapping into the digital payment surge. With Clover set to enter five new international markets by 2025 and the e-commerce boom, FI’s Merchant segment, which is integrated with online tools, is poised for expansion fueled by trends like

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CFRA Keeps Buy Opinion On Shares Of Amazon.com, Inc.

/ / Consumer Discretionary /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Today, AMZN raised its investment in AI startup Anthropic by $2.75 billion, bringing its total stake to $4 billion after an initial $1.25 billion investment last September. As part of this partnership, Anthropic will use Amazon Web Services (AWS) as its primary cloud provider and leverage AWS’s Trainium and Inferentia chips to build, train, and deploy future foundational AI models. These models are now available on Amazon’s Bedrock platform, which also hosts large language models from other major AI companies like AI21 Labs, Cohere, Meta, Mistral AI, and Stability AI, as well as Amazon’s own models. Earlier this month, Anthropic released the Claude 3 model family, which includes Claude 3 Haiku, Claude 3 Sonnet, and Claude 3 Opus. Claude 3 Opus is the most intelligent chatbot of

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Jefferies Gives Positive Sign On Dealmaking Thaw

/ / Financials /

Dealmaking is coming back and it’s boosting results for Jefferies Financial Group. The company’s investment banking revenue was up 28% sequentially and 31% from a year earlier. CEO Richard Handler and President Brian Friedman say in a joint statement that there was “modest improvement” in the deals market, and Jefferies saw greater mergers and acquisitions and underwriting activity. The executives expect market-share gains and momentum in investment banking to continue. Jefferies shares edge down 1.3% to $45.50 after-hours.

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CFRA Keeps Sell Opinion On Shares Of The Boeing Company

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $164, cut $8, reflects a 24x multiple of projected 2025 EPS. The applied multiple is slightly below BA’s long-term historical forward average, but merited, in our view, by high regulatory risk. We cut our 2024 EPS estimate by $1.42 to $1.75 and 2025’s by $0.32 to $6.85. BA has delivered just 54 commercial aircraft in the first two months of Q1, a sharp slowdown from 79 units in the same period of 2023. In our view, this is reflective of the FAA-imposed slowdown on BA’s flagship 737 MAX production line, and it is too early to determine when that slowdown may end. We think BA has a long road ahead of it to restore its reputation for engineering quality, but the recent

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Walmart Hits Pause Button on Vizio Deal After ‘Informal’ Antitrust Talks

/ / Consumer Discretionary /

Walmart Inc. (WMT) and Vizio Corp. (VZIO) said late Wednesday they are going to refile paperwork related to their proposed merger after the retail giant held “informal” antitrust talks with the Federal Trade Commission and the Justice Department. Walmart in a securities filing said it notified the agencies that it will withdraw and refile a premerger notification “in order to give the antitrust agencies additional time to review the proposed transaction.” The notification was originally sent on Feb. 26, and the refile is expected on Friday. Shares of Walmart were down a fraction in the extended session Wednesday, and shares of Vizio fell 1%.

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