Dell Faces ‘Tricky’ Earnings Setup Amid Subdued Near-Term Hardware Spending, Morgan Stanley Says

/ / Technology /

Dell Technologies (DELL) likely faces a “tricky” earnings setup amid subdued near-term hardware spending, which could prompt the computer maker to guide April-quarter financial results below market consensus, Morgan Stanley said Wednesday. Dell is scheduled to report fiscal Q4 results Feb. 29. Morgan Stanley projects adjusted earnings at $1.73 per share on revenue of $21.82 billion. The company’s forward-looking outlook and artificial intelligence server backlog could see “some downside risk” in next week’s report, Morgan Stanley said in a note. “This creates a tricky earnings setup, but we’re ultimately buyers on any post-earning weakness,” the brokerage said. “Eventual S&P 500 inclusion, new/notable AI server wins, and a return to PC market growth represent key stock catalysts we see over the 12 months.” Morgan Stanley raised its price target on the Dell stock to $100 from $89 while reiterating its overweight rating, according to the note.

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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: AMZN will replace WBA in the Dow Jones Industrial Average (DJIA) effective February 26, 2024. The index change was prompted by WMT’s decision to split its stock 3:1, which will reduce WMT’s index weight due to the price-weighted construction of the DJIA. By replacing WBA, the DJIA will increase its exposure to consumer retail, advertising, and cloud computing. AMZN will join MSFT and AAPL as the other Magnificent 7 stocks in the index, which together will comprise about 13% of the DJIA. By weighting, AMZN will rank 17th in the index, while MSFT is 2nd and AAPL is 15th. Our opinion on AMZN shares is Buy, as we believe 2024 will mark the second consecutive year of margin expansion and free cash flow growth, driven by additional

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Salesforce Likely to Have Mixed Trends in Fiscal Q4, Oppenheimer Says

/ / Technology /

Salesforce (CRM) will likely have mixed business trends in fiscal Q4 results, but with durable margin improvement and earnings per share growth, Oppenheimer said in a note Wednesday. Salesforce will report its Q4 results next Wednesday. Oppenheimer estimates revenue of $9.22 billion and pro forma EPS of $2.26. The investment firm’s data “around demand and pipeline momentum were mixed for [Salesforce’s] business” in the quarter, according to the note. Salesforce’s operating environment appears mostly the same as Q3 despite improved seasonality, “while the investor expectations and estimate risk appears low,” Oppenheimer said. The company is also likely to sustain double-digit revenue growth in fiscal year 2025, driven by factors including increased multiproduct penetration, pricing and AI adoption. The investment firm reiterated its outperform rating and $325 price target for Salesforce.

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Target (NYSE:TGT) Stock Analyst Ratings

/ / Consumer Discretionary /

Target (NYSE:TGT) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/21/2024 11.32% Wells Fargo $155 → $165 Maintains Overweight 02/16/2024 3.22% Stifel $141 → $153 Maintains Hold 02/07/2024 14.69% Gordon Haskett → $170 Upgrades Hold → Buy 02/01/2024 — Goldman Sachs Maintains Buy 01/16/2024 11.32% Morgan Stanley $140 → $165 Upgrades Equal-Weight → Overweight 01/04/2024 4.57% Wells Fargo $148 → $155 Maintains Overweight 11/16/2023 -5.55% Roth MKM → $140 Reiterates Neutral → Neutral 11/16/2023 -4.2% Citigroup $117 → $142 Maintains Neutral 11/16/2023 -4.87% Stifel $130 → $141 Maintains Hold 11/16/2023 -12.29% BMO Capital $120 → $130 Maintains Market Perform 11/16/2023 5.92% RBC Capital $161 → $157 Maintains Outperform 11/16/2023 -15.67% JP Morgan $113 → $125 Maintains Neutral 11/16/2023 -0.15% TD Cowen $161 → $148 Downgrades Outperform → Market Perform 11/16/2023 7.95% Telsey Advisory Group $145 → $160 Maintains Outperform 11/15/2023 18.74% Goldman

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Intel To Manufacture Microsoft Chips, CEO Satya Nadella Says

/ / Technology /

Intel Corporation (NASDAQ:INTC) and Microsoft Corporation (NASDAQ:MSFT) announced that Microsoft will be using Intel’s 18A process to manufacture its own chip design. The Details: The announcement was made Wednesday at Intel Foundry Direct Connect by Microsoft CEO Satya Nadella. “We are in the midst of a very exciting platform shift that will fundamentally transform productivity for every individual organization and the entire industry,” Nadella said. “To achieve this vision, we need a reliable supply of the most advanced, high-performance and high-quality semiconductors. That’s why we are so excited to work with Intel Foundry, and why we have chosen a chip design that we plan to produce on Intel 18A process.” Intel also announced the launch of Intel Foundry as a more sustainable systems foundry business designed for the AI era and an expanded process roadmap. “AI is profoundly transforming the world and how we think about technology and the silicon that powers it,” said

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Intuit Inc. (NASDAQ:INTU) Stock Analyst Ratings

/ / Technology /

Intuit Inc. (NASDAQ:INTU) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/21/2024 11.46% Wells Fargo $615 → $710 Maintains Overweight 01/29/2024 6.43% Oppenheimer $610 → $678 Maintains Outperform 01/25/2024 9.89% Keybanc $670 → $700 Maintains Overweight 12/15/2023 9.89% Susquehanna → $700 Initiates Coverage On → Positive 11/29/2023 -1.89% Mizuho $600 → $625 Maintains Buy 11/29/2023 -5.81% Stifel $550 → $600 Maintains Buy 11/29/2023 -10.52% Morgan Stanley $525 → $570 Maintains Overweight 11/29/2023 0.47% BMO Capital $605 → $640 Maintains Outperform 11/29/2023 -4.24% Oppenheimer $530 → $610 Maintains Outperform 11/29/2023 2.19% Citigroup $565 → $651 Maintains Buy 11/29/2023 -3.46% Wells Fargo $575 → $615 Maintains Overweight 11/29/2023 3.61% Barclays $570 → $660 Maintains Overweight 11/29/2023 0.78% Piper Sandler → $642 Reiterates Overweight → Overweight 11/27/2023 -26.22% JP Morgan $410 → $470 Maintains Neutral 09/29/2023 3.61% Wolfe Research $600 → $660 Maintains Outperform 09/29/2023

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Intuit Expected to Post 2Q Revenue, Profit Growth — Earnings Preview

/ / Technology /

Intuit is scheduled to report its second-quarter results Thursday after the market closes. Here’s what you need to know. NET INCOME: The tax preparation software maker is expected to post $184.1 million in net income, up from $168 million a year earlier, according to FactSet. REVENUE: The Mountain View, Calif.-based company is expected to post $3.39 billion in revenue for the quarter ended Jan. 31, compared with $3.04 billion in the prior-year period, according to FactSet. Intuit previously forecast revenue to grow between 11% and 12% in the quarter. ADJUSTED EARNINGS: Stripping out one-time items, earnings are expected to come in at $2.30 a share, according to FactSet.

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Micron, Seagate, Western Digital Poised for Upswing, Driven by NAND Price Surge, Analyst Forecasts

/ / Technology /

Mizuho analyst Vijay Rakesh had a Buy rating on Micron Technology, Inc (NASDAQ:MU) with a price target of $100. Rakesh had a Buy rating on Seagate Technology Holdings Plc (NASDAQ:STX) with a price target of $100. Rakesh had a Buy rating on Western Digital Corp (NASDAQ:WDC) with a price target of $$66. The March quarter is witnessing a notable acceleration in NAND contract pricing, with a 30% quarter-over-quarter increase, surpassing both previous estimates and the consensus expectation of a 10% rise. The analyst stated that this trend will likely continue through 2024, with projected quarterly increases in NAND contract pricing and yearly growth in NAND content by 10-15%. AI handsets may see a significant rise in NAND storage, potentially reaching 1-2TB, doubling the current capacity. Additionally, as per Rakesh, AI training servers are likely to benefit from substantial DRAM gains, especially with High Bandwidth Memory (HBM). The industry’s NAND Capital Expenditures (Capex) are predicted to remain conservative,

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NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024

/ / Technology /

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024 — Record quarterly revenue of $22.1 billion, up 22% from Q3, up 265% from year ago — Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up 409% from year ago — Record full-year revenue of $60.9 billion, up 126% SANTA CLARA, Calif., Feb. 21, 2024 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago. For the quarter, GAAP earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago. For fiscal 2024, revenue was up 126% to $60.9 billion. GAAP earnings per diluted share

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