Apple Shares Likely to Trade Down After Fiscal Q1 Results, UBS Says

/ / Technology /

Apple (AAPL) shares are likely to trade down after its fiscal Q1 earnings report as estimates for fiscal 2024 and 2025 are expected to be revised, UBS said in a report sent Friday. The firm projects H1 iPhone shipments of 128 million units, compared with the project of about 128.5 million units a year earlier. The investment firm expects roughly 4% revenue growth in fiscal 2024 and 3% growth in fiscal 2025, compared to the consensus of 4% and 6%, respectively. The “iPhone still comprises roughly 50% of total revenue dampening growth of services that should account for 24% of the mix,” UBS analysts said. The iPhone sales are taking a hit from competition in China, it said. “At an average [average selling price] of roughly $900, lost share in China could pressure iPhone revenue by slightly more than $7 billion, a 3.5% iPhone revenue headwind and [around] 1.9% total […]

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Mastercard Inc. (NYSE: MA) Stock Analyst Ratings

/ / Industrials /

Mastercard Inc. (NYSE: MA) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/01/2024 8.29% BMO Capital $480 → $490 Maintains Outperform 01/18/2024 2.1% Mizuho $420 → $462 Maintains Buy 01/11/2024 6.52% Goldman Sachs $433 → $482 Maintains Buy 01/11/2024 12.71% Oppenheimer → $510 Upgrades Perform → Outperform 01/08/2024 4.97% Keybanc $430 → $475 Maintains Overweight 12/20/2023 — Monness, Crespi, Hardt Initiates Coverage On → Neutral 12/12/2023 6.08% Jefferies $425 → $480 Maintains Buy 12/07/2023 9.39% Tigress Financial $476 → $495 Maintains Strong Buy 12/05/2023 4.97% BMO Capital → $475 Assumes → Outperform 10/31/2023 -7.18% Mizuho $435 → $420 Maintains Buy 10/30/2023 3.87% Barclays $479 → $470 Maintains Overweight 10/27/2023 -4.53% RBC Capital $441 → $432 Maintains Outperform 10/27/2023 4.31% BMO Capital $488 → $472 Maintains Outperform 10/27/2023 -2.98% Morgan Stanley $443 → $439 Maintains Overweight 10/27/2023 -0.11% Raymond James $453 → $452

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CFRA Keeps Hold Opinion On Shares Of Starbucks Corporation

/ / 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: We cut our 12-month target to $102 from $107, 25.2x our FY 24 (Sep.) EPS, below SBUX’s five-year average forward P/E of 31.2x. We trim our FY 24 EPS to $4.04 from $4.06 but raise FY 25’s to $4.65 from $4.63. SBUX posted FQ1 (Dec.) EPS of $0.90, $0.04 below consensus. Revenue of $9,425M (+8.2% Y/Y) was $200M below consensus. Operating income rose to $107M, with margin widening 130 bps Y/Y to 15.8%, in line with consensus. SBUX cut its FY 24 comp sales guidance, as U.S. traffic softened (+1% comp transactions). International also suffered from issues in the Middle East and a sluggish recovery in China, which heightened pricing competition (-7% comp average ticket). However, we’re positive on SBUX’s pricing power in the U.S. (+4% comp

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Boeing Delivered ‘Strong’ Q4 Results, Focus Is Inventory Liquidation, RBC Says

/ / Industrials /

Boeing (BA) posted “strong” Q4 results backed by its free cash flow and “positive” commercial airplane operating margins, but the focus is now on inventory draw-down and supply chain stability, RBC Capital Markets said in a note to clients emailed Thursday. “The story for 2024 is about inventory liquidation as the FAA keeps a lid on near-term MAX production increases,” said RBC analysts Ken Herbert and Stephen Strackhouse. The investment firm kept the company’s outperform rating and cut the price target to $260 from $285. For its Q4, Boeing posted a narrower core loss of $0.47 per share from its $1.75 per-share loss a year earlier. Analysts surveyed by Capital IQ expected a core loss of $0.79 per share. Revenue for the quarter increased to $22.02 billion from $19.98 billion a year earlier. Analysts expected $21.08 billion. While Boeing has “withheld providing detailed 2024 guidance,” it indicated that the $4.4

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Caterpillar Q4 Earnings May Miss Consensus Amid ‘Fundamental Headwinds,’ UBS Says

/ / Industrials /

Caterpillar’s (CAT) Q4 earnings may trail market expectations as recent data indicate “fundamental headwinds” not fully reflected in the consensus, UBS Securities said Thursday in a report. The heavy equipment manufacturer is scheduled to report Q4 results Monday with UBS projecting earnings at $4.51 a share, compared with Wall Street’s $4.75 consensus. “URI, Volvo and Komatsu December quarter results leave us with increased conviction in our view that momentum in the business is slowing,” UBS said. “For Q4, we have a cautious fundamental bias into the print, but investors should be prepared for the possibility of short covering post-Q4 results,” given Caterpillar’s crowded short position, the report said. UBS increased its price target on Caterpillar to $240 from $209 and maintained its sell rating. Caterpillar shares rose 1.6% in recent Thursday trading.

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Target Stock Can Rally 25%, Goldman Sachs Says — Barrons.com

/ / Consumer Discretionary /

By Teresa Rivas After a difficult 2023, Target stock rose 1.4% on Thursday as investors welcomed a vote of confidence from Goldman Sachs. If the bank’s estimates are right, the shares could jump another 25%. Analyst Kate McShane added Target to Goldman Sachs’ Conviction List, with a Buy rating and a $176 target for the share price. Even with the stock’s morning pop, to $141, that level — considerably higher than the average analyst price target of $153 — implies Target can increase its value by about a quarter over the next 12 months. That would be a welcome change from 2023, when the stock lost more than 6% as the S&P 500 soared 24%. Once a pandemic darling, Target has been hit with various obstacles that have hurt the shares. Inflation crimped consumers’ budgets for the discretionary items that make up the bulk of Target’s business, it has been

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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 02/01/2024 — Goldman Sachs Maintains Buy 01/16/2024 13.87% Morgan Stanley $140 → $165 Upgrades Equal-Weight → Overweight 01/04/2024 6.97% Wells Fargo $148 → $155 Maintains Overweight 11/16/2023 -3.38% Roth MKM → $140 Reiterates Neutral → Neutral 11/16/2023 -2% Citigroup $117 → $142 Maintains Neutral 11/16/2023 -2.69% Stifel $130 → $141 Maintains Hold 11/16/2023 -10.28% BMO Capital $120 → $130 Maintains Market Perform 11/16/2023 8.35% RBC Capital $161 → $157 Maintains Outperform 11/16/2023 -13.73% JP Morgan $113 → $125 Maintains Neutral 11/16/2023 2.14% TD Cowen $161 → $148 Downgrades Outperform → Market Perform 11/16/2023 10.42% Telsey Advisory Group $145 → $160 Maintains Outperform 11/15/2023 21.46% Goldman Sachs → $176 Maintains Buy 11/15/2023 10.42% Guggenheim $160 → $160 Maintains Buy 11/15/2023 15.25% DA Davidson $177 → $167 Maintains Buy 11/15/2023 -2% Deutsche Bank $123

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JPMorgan Chase & Co. (NYSE: JPM) Stock Analyst Ratings

/ / Financials /

JPMorgan Chase & Co. (NYSE: JPM) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/01/2024 — Goldman Sachs Maintains Buy 01/30/2024 36.78% Oppenheimer $232 → $238 Maintains Outperform 01/30/2024 27.01% Morgan Stanley $191 → $221 Maintains Overweight 01/16/2024 33.33% Oppenheimer $234 → $232 Maintains Outperform 01/16/2024 14.94% Piper Sandler $190 → $200 Maintains Overweight 01/16/2024 11.49% BMO Capital $192 → $194 Maintains Market Perform 01/09/2024 9.2% Deutsche Bank $140 → $190 Upgrades Hold → Buy 01/04/2024 8.05% B of A Securities $177 → $188 Maintains Buy 01/02/2024 21.84% Barclays $186 → $212 Maintains Overweight 12/18/2023 — Daiwa Capital Upgrades Outperform → Buy 11/16/2023 39.66% Oppenheimer $233 → $243 Maintains Outperform 10/16/2023 -2.3% Piper Sandler $168 → $170 Maintains Overweight 10/16/2023 -1.72% BMO Capital $167 → $171 Maintains Market Perform 10/16/2023 33.91% Oppenheimer $215 → $233 Maintains Outperform 10/16/2023 9.77% Morgan Stanley $187

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Oracle Stock Is Up. Analysts See a Rise in Demand and New Business, Especially for AI. — Barrons.com

/ / Technology /

By Eric J. Savitz Analysts Ari Terjanian and Max Lenhardt write in a research note that checks with Oracle partners found demand has improved relative to the company’s fiscal second quarter ended in November. The analysts also see a pickup in new business signings, in particular for artificial-intelligence customers and for the company’s Oracle Cloud Infrastructure unit generally. “We believe ORCL has seen some improvement in AI signings, potentially tied to improved supply availability,” they write. The Cleveland analysts also report that Oracle partners are adding staff to their practices, tied to a growing backlog of related work and expectations for improving end demand, with Oracle continuing to take market share both in enterprise apps and in the cloud. Oracle is also seeing a pickup in signings tied to the company’s recently expanded partnership with Microsoft, Terjanian and Lenhardt add. In December, Oracle announced the availability of its database software

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AT&T (NYSE:T) Stock Analyst Ratings

/ / Telecommunications /

AT&T (NYSE:T) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/01/2024 10.56% Citigroup $19 → $20 Maintains Buy 02/01/2024 16.09% JP Morgan $18 → $21 Upgrades Neutral → Overweight 01/31/2024 60.31% Tigress Financial $28 → $29 Maintains Buy 01/31/2024 10.56% Barclays $17 → $20 Maintains Equal-Weight 01/25/2024 32.67% Deutsche Bank $23 → $24 Maintains Buy 01/19/2024 16.09% Oppenheimer → $21 Upgrades Perform → Outperform 12/13/2023 10.56% Wells Fargo $17 → $20 Maintains Overweight 10/23/2023 -0.5% Citigroup $17 → $18 Maintains Buy 10/23/2023 5.03% Morgan Stanley $20 → $19 Maintains Equal-Weight 10/20/2023 2.27% Scotiabank → $18.5 Upgrades Sector Perform → Sector Outperform 10/12/2023 -6.03% JP Morgan $18 → $17 Maintains Neutral 08/29/2023 -6.03% Citigroup → $17 Upgrades Neutral → Buy 08/10/2023 -22.61% RBC Capital $19 → $14 Maintains Sector Perform 08/03/2023 10.56% Morgan Stanley $20 → $20 Reiterates Equal-Weight → Equal-Weight 07/27/2023 10.56%

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Amazon.com Announces Fourth Quarter Results

/ / Consumer Discretionary /

Amazon.com Announces Fourth Quarter Results SEATTLE–(BUSINESS WIRE)–February 01, 2024– Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its fourth quarter ended December 31, 2023. Fourth Quarter 2023 — Net sales increased 14% to $170.0 billion in the fourth quarter, compared with $149.2 billion in fourth quarter 2022. Excluding the $1.3 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 13% compared with fourth quarter 2022. — North America segment sales increased 13% year-over-year to $105.5 billion. — International segment sales increased 17% year-over-year to $40.2 billion, or increased 13% excluding changes in foreign exchange rates. — AWS segment sales increased 13% year-over-year to $24.2 billion. — Operating income increased to $13.2 billion in the fourth quarter, compared with $2.7 billion in fourth quarter 2022. — North America segment operating income was $6.5 billion, compared with an operating loss of $0.2 billion in

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