Netflix Q4 Results Outperform Bullish Expectations, Morgan Stanley Says; Price Target Raised

/ / Consumer Discretionary /

Netflix’s (NFLX) Q4 results and projections for 2024 indicate the entertainment and streaming company is “outperforming our more bullish expectations,” Morgan Stanley said Wednesday in a report. The company added 13.1 million new subscribers in Q4, showcasing a healthy growth runway Morgan Stanley said. Morgan Stanley expects Netflix to increase its free cash flow by 60% from 2024 to 2026. The company will continue to benefit from net additions from paid sharing in the next few quarters, and in the long term, paid sharing will expand Netflix’s total addressable market by 20%, the report said. Advertising and gaming revenue probably won’t contribute much to growth in 2024, Morgan Stanley said. Morgan Stanley raised Netflix’s share price target to $600 from $550 and reiterated the stock’s overweight rating. Netflix shares jumped 12% in recent Wednesday trading.

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AT&T Inc. (T) Q4 2023 Earnings Call Transcript Summary

/ / Telecommunications /

The following is a summary of the AT&T Inc. (T) Q4 2023 Earnings Call Transcript: Financial Performance: AT&T finished Q4 2023 with improved results, including annual free cash flow growth. Reported over 1.7 million postpaid phone net additions for 2023 and a base increase of more than 10% to over 71.2 million subscribers. Annual wireless service revenues increased by more than $7.5 billion and mobility EBITDA grew by approximately $4 billion. Expanded fiber revenues to over $6.2 billion in 2023 with 1.1 million fiber net customers. Full year free cash flow was higher than expected at $16.8 billion. Reduced vendor financing obligations by $3.3 billion in 2023 and achieved a year-end net debt to adjusted EBITDA ratio of under 3 times. Quarterly revenue growth was at 2.2%, while full-year growth was at 1.4%. Adjusted EBITDA and EPS for the quarter grew by 3.2% and fell by 11.5% respectively. Notably, full-year

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

/ / Technology /

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

/ / Technology /

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

/ / Technology /

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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Procter & Gamble’s (PG) Focus Markets Show ‘Impressive’ Volume Recovery, RBC Capital Markets Says

/ / Consumer Staples /

Procter & Gamble’s (PG) focus markets, which make up 75% of sales, displayed “impressive” volume recovery in fiscal Q2 despite headwinds in China and the Middle East, RBC Capital Markets said Wednesday in a report. Company management forecast improving volumes in the US as pricing slows, RBC said. Organic sales in Greater China fell 15% in the quarter on weak consumer confidence, the report said. RBC reiterated its sector perform rating on Procter & Gamble’s stock and raised its price target to $157 from $156. Net sales in the quarter ended Dec. 31 rose to $21.4 billion from $20.8 billion a year earlier, the company said Tuesday. Shares of the company fell 0.7% in recent Wednesday trading.

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Stifel Financial Corp. (SF) Q4 2023 Earnings Call Transcript Summary

/ / Financials /

The following is a summary of the Stifel Financial Corp. (SF) Q4 2023 Earnings Call Transcript: Financial Performance: Stifel Financial reported net revenue of approximately $4.4 billion in 2023. The firm successfully deployed $630 million of excess capital, which included rebuying 7.2 million shares and distributing $211 million in common and preferred dividends. The Board has announced a 17% increase in the annual dividend from $1.44 to $1.68 per share. Q4 net revenue was $1.15 billion, marking a 2% YoY increase, and EPS grew 150% sequentially due to higher revenues and lower non-comp operating expenses. Net interest income stood at $273 million, but was negatively impacted by higher deposit costs and larger average cash balances. Tier 1 leverage capital decreased 30 basis points sequentially. Business Progress: Despite the industry-wide slowdown, Stifel achieved relatively flat M&A advisory revenue and increased the number of financial advisors by 30% in 2023 compared to

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Chipotle Mexican Grill, Inc. (NYSE: CMG) Stock Analyst Ratings

/ / Consumer Discretionary /

Chipotle Mexican Grill, Inc. (NYSE: CMG) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 15.8% Citigroup $2292 → $2699 Maintains Buy 01/22/2024 13.7% Baird → $2650 Reiterates Outperform → Outperform 01/16/2024 -4.49% Piper Sandler $1930 → $2226 Maintains Neutral 01/05/2024 8.34% Oppenheimer $2225 → $2525 Maintains Outperform 01/04/2024 5.12% Stifel $2100 → $2450 Maintains Buy 01/03/2024 -3.64% Barclays $1885 → $2246 Maintains Equal-Weight 01/02/2024 20.13% Stephens & Co. $2330 → $2800 Maintains Overweight 12/21/2023 2.97% Wedbush → $2400 Downgrades Outperform → Neutral 12/07/2023 5.12% Raymond James $2100 → $2450 Maintains Outperform 12/01/2023 4.04% RBC Capital $2185 → $2425 Maintains Outperform 10/27/2023 -5.61% TD Cowen → $2200 Reiterates Outperform → Outperform 10/27/2023 -11.19% Morgan Stanley $2010 → $2070 Maintains Equal-Weight 10/27/2023 -0.03% Stephens & Co. → $2330 Reiterates Overweight → Overweight 10/27/2023 -3.46% Keybanc $2200 → $2250 Maintains Overweight 10/24/2023 -2.18% Truist

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Accenture (NYSE:ACN) Stock Analyst Ratings

/ / Industrials /

Accenture (NYSE:ACN) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 8.43% Morgan Stanley $369 → $400 Maintains Overweight 12/20/2023 4.36% BMO Capital $350 → $385 Maintains Market Perform 12/20/2023 -1.06% UBS $333 → $365 Maintains Neutral 12/14/2023 -2.41% Wedbush $330 → $360 Maintains Outperform 11/16/2023 11.14% Redburn Atlantic → $410 Initiates Coverage On → Buy 11/07/2023 -9.73% UBS → $333 Initiates Coverage On → Neutral 09/29/2023 -7.83% RBC Capital → $340 Reiterates Outperform → Outperform 09/29/2023 -5.12% BMO Capital $360 → $350 Maintains Market Perform 09/29/2023 -18.68% TD Cowen $312 → $300 Maintains Market Perform 09/29/2023 -12.71% Baird $332 → $322 Maintains Neutral 09/29/2023 -18.68% Piper Sandler $312 → $300 Maintains Neutral 09/27/2023 -2.41% BMO Capital $355 → $360 Maintains Market Perform 09/26/2023 -10.54% Wedbush → $330 Reiterates Outperform → Outperform 09/22/2023 -15.42% Piper Sandler $314 → $312 Maintains Neutral 09/18/2023

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Blackstone (NYSE:BX) Stock Analyst Ratings

/ / Financials /

Blackstone (NYSE:BX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 19.53% Morgan Stanley $120 → $144 Maintains Overweight 01/22/2024 7.91% Wells Fargo $127 → $130 Maintains Overweight 01/19/2024 2.93% Citigroup $116 → $124 Downgrades Buy → Neutral 01/11/2024 — Oppenheimer Downgrades Outperform → Perform 01/04/2024 -2.05% TD Cowen → $118 Initiates Coverage On → Market Perform 01/03/2024 6.25% Goldman Sachs → $128 Downgrades Buy → Neutral 12/20/2023 24.51% Piper Sandler → $150 Assumes → Overweight 10/20/2023 -12.84% Oppenheimer $107 → $105 Maintains Outperform 10/20/2023 -6.2% Wells Fargo $118 → $113 Maintains Overweight 10/20/2023 -21.97% BMO Capital $97 → $94 Maintains Market Perform 10/20/2023 -0.39% Morgan Stanley $125 → $120 Maintains Overweight 10/10/2023 -3.71% Barclays $110 → $116 Maintains Equal-Weight 10/06/2023 -6.2% HSBC → $113 Initiates Coverage On → Hold 09/05/2023 3.76% Morgan Stanley $125 → $125 Reiterates Overweight → Overweight 07/24/2023

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ConocoPhillips (NYSE:COP) Stock Analyst Ratings

/ / Energy /

ConocoPhillips (NYSE:COP) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 25.35% Raymond James $140 → $137 Maintains Strong Buy 01/03/2024 20.78% Mizuho $139 → $132 Maintains Neutral 12/29/2023 28.1% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 26.27% UBS $149 → $138 Maintains Buy 12/08/2023 29.01% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 23.52% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 39.08% Susquehanna $153 → $152 Maintains Positive 10/04/2023 36.33% UBS $147 → $149 Maintains Buy 10/02/2023 30.84% Jefferies $141 → $143 Maintains Buy 10/02/2023 14.37% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 46.4% Truist Securities $151 → $160 Maintains Buy 09/18/2023 27.18% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste Group Upgrades Hold → Buy 08/28/2023 29.01% Jefferies $143 → $141 Maintains Buy 08/17/2023 34.5% UBS $127 → $147 Maintains Buy 08/16/2023 23.52% Mizuho $127

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Meta Platforms (NASDAQ:META) Stock Analyst Ratings

/ / Technology /

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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