Cisco Systems Fiscal Q2 Likely to Show Pressure in Networking Segment, BofA Says

Cisco Systems’ (CSCO) fiscal Q2 results are expected to highlight the weakness in the networking market amid a depleted order backlog, BofA Securities said Monday in an earnings preview. With backlog largely depleted, BofA said it is projecting a 9% and 7% product revenue decline in fiscal Q2 and fiscal 2024, respectively, led by Service Provider spending slowdown, Cloud Providers digesting previous purchases, and Enterprises responding to the economic cycle. “With backlog drawdown now offering limited support post-1Q, coupled with weak underlying spending initiatives, we believe growth will go through a steep correction in FY24 and model product revenue to decline 9%, 13% and 12% YoY in the next three quarters, respectively,” BofA said. BofA expects Cisco’s fiscal 2024 and 2025 product revenue to rebase at around $40 billion to $41 billion, compared with consensus estimates of $41 billion and $42 billion, respectively. Cisco’s reported plan to lay off “thousands” […]

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Trade Desk Likely to See ‘Revenue Re-acceleration’ in 2024, RBC Says

Trade Desk (TTD) is likely to see “revenue re-acceleration” this year as “solid” Q4 results set up the company for 2024, RBC Capital Markets said in a Saturday note. “The broader macro environment remains uneven, but we continue to pick up signs of improvement to start the year with Q1 likely being stronger than Q4 when adjusting for seasonality,” RBC said. The investment firm estimates Q4 revenue to be close to the 2.2% average beat in the past four quarters but noted that it expects the company to issue a “prudently conservative” Q1 outlook. RBC said current investor concerns revolve around the potential impacts of Google cookie deprecation and Amazon’s (AMZN) Advertising Video On Demand inventory. These concerns have been “overblown” but will still be “challenging” to dismiss near term, RBC added. Trade Desk is set to release its Q4 results on Feb. 15. RBC maintained its outperform rating on

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Target’s Top-Line Trends Seen Pressured in Fiscal Q4, UBS Says

Target’s (TGT) top-line trends likely continued to be pressured in fiscal Q4, though the retailer has a “compelling” setup into 2024, UBS Securities said in a note Monday. The brokerage projects Target’s fiscal Q4 earnings at $2.42 per diluted share on revenue of $31.61 billion. The market consensus is for $2.40 and $31.81 billion, respectively, according to UBS. The firm sees the retailer’s fiscal Q4 comparable sales falling 5.5%, compared with the market consensus for a 4.5% drop. “Our baseline thesis on Target is that it will get back to growing both its sales and profits this year, which will propel its stock higher,” UBS analysts Michael Lasser, Zeyn Burak and Mark Carden said in the note. “Its upcoming print should provide evidence that it has the tools to make this happen in the coming quarter.” UBS has a buy rating on the Target stock, with a $174 price target.

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PepsiCo’s 2024 EPS Outlook ‘Has Room for Upside,’ Wedbush Says

PepsiCo’s (PEP) current earnings per share guidance of at least $8.15 for 2024 “has room for upside” as commodity costs normalize and productivity increases, Wedbush said in a note Monday. The firm said it increased its EPS forecast for the food and beverage company to $8.15 from $8.13 and cut its reported revenue estimate to $94.45 billion from $96.40 billion for 2024 to take into account PepsiCo’s updated outlook. For 2025, the firm expects the company to have EPS of $8.87 on revenue of $99.03 billion. “The company should have a path to deliver on their long-term targets coming off three consecutive years of robust top and bottom line growth,” Wedbush said. Wedbush maintained its outperform rating and $195 price target on PepsiCo stock.

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Fiserv, Inc. (NYSE: FI) Stock Analyst Ratings

Fiserv, Inc. (NYSE: FI) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/12/2024 14.19% Barclays $150 → $165 Maintains Overweight 02/08/2024 8.66% BMO Capital $152 → $157 Maintains Outperform 02/07/2024 21.81% B. Riley Securities $152 → $176 Maintains Buy 02/07/2024 0.35% Truist Securities $140 → $145 Maintains Hold 02/07/2024 -1.72% Morgan Stanley $133 → $142 Maintains Equal-Weight 02/07/2024 9.35% RBC Capital $144 → $158 Maintains Outperform 02/07/2024 3.81% Stephens & Co. $140 → $150 Maintains Equal-Weight 01/18/2024 7.97% Mizuho $150 → $156 Maintains Buy 01/08/2024 10.73% Keybanc → $160 Upgrades Sector Weight → Overweight 12/22/2023 21.12% Tigress Financial $160 → $175 Maintains Buy 12/05/2023 5.2% BMO Capital → $152 Initiates Coverage On → Outperform 11/16/2023 3.81% UBS $140 → $150 Maintains Buy 11/16/2023 3.81% Mizuho $140 → $150 Maintains Buy 11/16/2023 -0.34% RBC Capital → $144 Reiterates Outperform → Outperform 11/16/2023 3.81%

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

Analog Devices, Inc. (NASDAQ:ADI) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/12/2024 5.02% Cantor Fitzgerald → $205 Reiterates Neutral → Neutral 01/29/2024 5.02% Cantor Fitzgerald → $205 Reiterates Neutral → Neutral 01/23/2024 5.02% Cantor Fitzgerald → $205 Initiates Coverage On → Neutral 01/16/2024 -5.23% Barclays $180 → $185 Maintains Equal-Weight 12/22/2023 — Edward Jones Upgrades Hold → Buy 11/22/2023 10.14% Oppenheimer → $215 Reiterates Outperform → Outperform 11/22/2023 -10.35% Piper Sandler $190 → $175 Maintains Neutral 11/22/2023 7.58% Susquehanna $215 → $210 Maintains Positive 11/22/2023 7.58% UBS $200 → $210 Maintains Buy 11/22/2023 5.53% Truist Securities $213 → $206 Maintains Buy 11/22/2023 12.19% Morgan Stanley $225 → $219 Maintains Overweight 11/17/2023 15.26% Morgan Stanley $176 → $225 Upgrades Equal-Weight → Overweight 11/13/2023 2.46% UBS $210 → $200 Maintains Buy 10/11/2023 -9.84% Morgan Stanley $185 → $176 Maintains Equal-Weight 09/18/2023 10.14% Susquehanna

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Target (NYSE: TGT) Seen With Sales Rebound In 2024

Target (NYSE: TGT)  may be on track for a sales rebound in 2024, with several tailwinds returning for the company, according to UBS analysts. They say in a research note that moderating inflation on consumables will give shoppers more cash to spend on discretionary goods, which will benefit Target. The company will also be lapping easier comparisons in 2024, as 2023 saw less promotional activity than 2022 and the company’s sales took a hit in May and June from backlash to its Pride Month collection. Cost cuts and smaller losses from shrink will likely boost profit as well. The analysts back their buy rating and price target of $174. Shares rise 2% to $149.48.

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Qualcomm (NASDAQ: QCOM) Stock Analyst Ratings

Qualcomm (NASDAQ: QCOM) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/12/2024 -2.68% Cantor Fitzgerald → $150 Reiterates Neutral → Neutral 02/01/2024 7.05% Piper Sandler $140 → $165 Maintains Overweight 02/01/2024 10.29% Rosenblatt $160 → $170 Maintains Buy 02/01/2024 -2.68% Cantor Fitzgerald → $150 Reiterates Neutral → Neutral 02/01/2024 16.78% Keybanc $165 → $180 Maintains Overweight 02/01/2024 3.8% Mizuho $155 → $160 Maintains Buy 02/01/2024 10.29% JP Morgan $173 → $170 Maintains Overweight 02/01/2024 3.8% Citigroup → $160 Downgrades Buy → Neutral 01/23/2024 -2.68% Cantor Fitzgerald → $150 Initiates Coverage On → Neutral 01/19/2024 13.54% Canaccord Genuity $152 → $175 Maintains Buy 01/18/2024 3.8% Rosenblatt → $160 Reiterates Buy → Buy 01/16/2024 0.56% Barclays $140 → $155 Maintains Overweight 01/16/2024 7.05% Keybanc $145 → $165 Maintains Overweight 01/12/2024 3.8% Citigroup → $160 Upgrades Neutral → Buy 12/08/2023 -14.36% Morgan Stanley $119 →

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Lam Research (NASDAQ:LRCX) Stock Analyst Ratings

Lam Research (NASDAQ:LRCX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/12/2024 -2.02% Cantor Fitzgerald → $900 Reiterates Neutral → Neutral 01/29/2024 -2.02% Cantor Fitzgerald → $900 Reiterates Neutral → Neutral 01/29/2024 -4.2% Susquehanna $655 → $880 Maintains Neutral 01/26/2024 -0.72% Goldman Sachs $700 → $912 Maintains Buy 01/25/2024 6.14% Citigroup $800 → $975 Maintains Buy 01/25/2024 1.79% Mizuho $900 → $935 Maintains Buy 01/25/2024 3.42% Stifel $850 → $950 Maintains Buy 01/25/2024 -0.72% Goldman Sachs $700 → $912 Maintains Buy 01/25/2024 3.42% Raymond James $850 → $950 Maintains Outperform 01/25/2024 -10.19% Barclays $750 → $825 Maintains Equal-Weight 01/25/2024 -2.02% Needham $800 → $900 Maintains Buy 01/23/2024 -9.64% Cantor Fitzgerald → $830 Initiates Coverage On → Neutral 01/19/2024 -7.46% Raymond James $725 → $850 Maintains Outperform 01/16/2024 -7.46% Stifel $750 → $850 Maintains Buy 01/16/2024 -18.35% Barclays $600 → $750 Maintains Equal-Weight

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Texas Instruments (NASDAQ:TXN) Stock Analyst Ratings

Texas Instruments (NASDAQ:TXN) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/12/2024 4.76% Cantor Fitzgerald → $170 Reiterates Neutral → Neutral 02/09/2024 1.68% Truist Securities $166 → $165 Maintains Hold 02/02/2024 2.29% Truist Securities $168 → $166 Maintains Hold 02/02/2024 4.76% Cantor Fitzgerald → $170 Reiterates Neutral → Neutral 01/24/2024 -7.57% Barclays $160 → $150 Maintains Equal-Weight 01/24/2024 -10.03% Morgan Stanley $138 → $146 Maintains Underweight 01/24/2024 23.24% Susquehanna $205 → $200 Maintains Positive 01/24/2024 1.06% Mizuho $170 → $164 Maintains Neutral 01/24/2024 4.76% Cantor Fitzgerald $180 → $170 Maintains Neutral 01/24/2024 3.52% Truist Securities $169 → $168 Maintains Hold 01/24/2024 23.24% Keybanc $180 → $200 Maintains Overweight 01/23/2024 17.08% Rosenblatt → $190 Reiterates Buy → Buy 01/23/2024 10.92% Cantor Fitzgerald → $180 Initiates Coverage On → Neutral 01/19/2024 20.16% UBS $170 → $195 Upgrades Neutral → Buy 01/16/2024 -1.4% Barclays $165

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Airbnb Q4 Results to At Least Meet Estimates Amid Strong Bookings, BofA Says

Airbnb (ABNB) is likely to meet or even beat Q4 estimates as travel data points to strong bookings in November and December and with marketing savings also providing support, BofA Securities said Monday in an earnings preview. With Q4 average daily rate now seen at $155, up from the previous estimate of $154, BofA expects bookings and revenue for the quarter at $15.4 billion and $2.18 billion, respectively, compared with street forecasts of $15.1 billion and $2.16 billion. The brokerage projects Q4 EBITDA at $651 million, compared with consensus of $645 million. For the current quarter, BofA forecasts bookings and revenue of $23.2 billion and $2.08 billion, respectively, compared with street estimates of $22.9 billion and $2.06 billion. BofA now expects full-year 2024 revenue and EBITDA at $11.4 billion and $4.2 billion, respectively, up from its previous forecasts of $11.1 billion and $4.06 billion. But despite Airbnb’s potential upside from

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