S&P Global US Final Manufacturing PMI Revised Lower in December Unexpectedly, Below November Reading

/ / Financials /

The S&P Global US manufacturing index for December was revised downwards to 47.9 from the flash reading of 48.2, compared with expectations for a slight increase to 48.4 in a survey compiled by Bloomberg as of 7:40 am ET. The December index stands below the 49.4 reading in November, indicating a faster pace of contraction. This was the quickest decline since August. The decline was due to slower customer demand in the form of new orders that resulted from decreased purchasing power and heightened economic uncertainty.

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Oracle (NYSE:ORCL) stock Analyst Ratings

/ / Technology /

Oracle (NYSE:ORCL) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 17.14% Piper Sandler $125 → $122 Maintains Overweight 12/22/2023 — Erste Group Downgrades Buy → Hold 12/12/2023 1.78% Morgan Stanley $107 → $106 Maintains Equal-Weight 12/12/2023 24.82% Evercore ISI Group $135 → $130 Maintains Outperform 12/12/2023 24.82% Wolfe Research $140 → $130 Maintains Outperform 12/12/2023 20.98% BMO Capital $130 → $126 Maintains Market Perform 12/12/2023 20.02% UBS $135 → $125 Maintains Buy 12/12/2023 20.02% Piper Sandler $130 → $125 Maintains Overweight 11/13/2023 — Edward Jones Upgrades Hold → Buy 10/23/2023 2.74% Morgan Stanley $106 → $107 Maintains Equal-Weight 10/09/2023 29.62% Evercore ISI Group $131 → $135 Upgrades In-Line → Outperform 09/25/2023 24.82% BMO Capital $132 → $130 Maintains Market Perform 09/22/2023 44.02% Guggenheim → $150 Reiterates Buy → Buy 09/22/2023 24.82% Piper Sandler → $130 Reiterates Overweight → Overweight 09/21/2023 5.62%

Oracle (NYSE:ORCL) stock Analyst Ratings Read Post »

Snowflake (NYSE:SNOW) stock Analyst Ratings

/ / Technology /

Snowflake (NYSE:SNOW) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 30.09% Piper Sandler $220 → $250 Maintains Overweight 12/11/2023 19.68% TD Cowen $215 → $230 Maintains Outperform 12/01/2023 -1.13% Rosenblatt $170 → $190 Maintains Neutral 11/30/2023 17.6% Scotiabank $194 → $226 Maintains Sector Outperform 11/30/2023 -1.13% Raymond James $170 → $190 Maintains Outperform 11/30/2023 22.28% Stifel $200 → $235 Maintains Buy 11/30/2023 9.27% Truist Securities $200 → $210 Maintains Buy 11/30/2023 10.31% JMP Securities $200 → $212 Maintains Market Outperform 11/30/2023 9.27% Mizuho $180 → $210 Maintains Buy 11/30/2023 24.88% Oppenheimer $220 → $240 Maintains Outperform 11/30/2023 9.27% Wells Fargo $190 → $210 Maintains Overweight 11/30/2023 4.07% JP Morgan $170 → $200 Maintains Overweight 11/30/2023 19.68% Morgan Stanley $215 → $230 Maintains Overweight 11/30/2023 17.08% Needham $216 → $225 Maintains Buy 11/30/2023 14.48% Piper Sandler $195 → $220 Maintains Overweight 11/29/2023

Snowflake (NYSE:SNOW) stock Analyst Ratings Read Post »

US Banks’ Q4 Median EPS Seen Decreasing Year on Year, But Sector Still Attractive, RBC Says

/ / Financials /

US banks’ Q4 median earnings per share, or EPS, are expected to decrease but the sector may still be attractive to investors as current valuation levels offset headwinds, RBC Capital Markets said Tuesday in a note to clients. Q4 median EPS will likely decrease about 18% from a year earlier and will be down 9.5% from the previous quarter, the note said. “On a year-over-year basis, we expect median EPS to decrease driven by declines in net interest income, higher provisions and higher noninterest expense, partially offset by growth in noninterest income,” said RBC analysts including Gerard Cassidy. Sequentially, the banks’ EPS will likely be hit by lower net interest income and higher provisions, the analysts said. “Though we expect to see headwinds in 4Q23, we believe today’s valuation levels discount these trends and make the group attractive both on an absolute and relative basis,” RBC analysts said. “Investors who

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Citigroup Shares Seen Doubling In Three Years

/ / Financials /

Wells Fargo gets more constructive on Citigroup, saying it expects the bank’s shares to double to $100+ over three years and calling the stock its top large-cap bank pick for 2024 and a signature pick. In a research note, Wells says Citi’s management delayering, exit from 14 non-US consumer markets and transition from dozens of universal banks to five lines of business should make the bank more simple and profitable. Wells says it expects Citi’s EPS will double from an estimated $5 in 2023 to $10 in 2026, driven by efficiency, stock buybacks and revenue growth. Wells, with an overweight rating on Citi shares, lifts its one-year price target on the stock to $70 from $60.

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Tesla Fourth-Quarter Deliveries Exceed Expectations; Wedbush Points to Likely China Strength

/ / Consumer Discretionary /

Tesla’s (TSLA) vehicle deliveries rose above analysts’ expectations in the fourth quarter and jumped on a sequential basis, while Wedbush Securities said the electric vehicle maker likely notched a record quarter in China. The company said Tuesday it delivered 484,507 vehicles for the December quarter, compared with projections on Visible Alpha for about 481,300 units. It produced about 494,989 vehicles during the quarter, above the forecast for 474,400 units. “Tesla announced solid deliveries,” Wedbush analysts including Daniel Ives said in a note reiterating an outperform rating and a $350 price target on the stock. While production was in line with Wedbush’s expectations, some analysts were expecting north of 500,000, “showing strong inventory controls in the quarter,” Ives said. Tesla reported 461,538 deliveries of the Model 3 and Model Y during the quarter, which the brokerage called strong. “China [was] a clear area of success this quarter in what we believe

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CFRA Reiterates Buy Opinion On Shares Of Tesla, 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: We maintain a 12-month price target of $300, on a 2025 P/E of 48x, justified by long-term growth expectations. Our estimates are unchanged. On Tuesday, TSLA reported Q4 deliveries of 484,507 vehicles, slightly ahead of the 480,483 consensus and our estimate of 479,000. Production totaled 494,989 vehicles. For the full year, vehicle deliveries grew 38% Y/Y to 1.81M units, while production rose 35% to 1.85M, meeting company guidance. TSLA will report Q4 earnings the afternoon of January 24, and we expect the focus of the release to be on any guidance related to 2024. We view the upcoming release as positive and remain bullish on TSLA even after the stock’s stellar performance in 2023, expecting the company to benefit from declining unit costs (particularly plummeting battery costs)

CFRA Reiterates Buy Opinion On Shares Of Tesla, Inc. Read Post »

December Manufacturing Contraction Deepens, S&P Global Survey Shows

/ / Industrials /

US manufacturing sector contraction worsened in December amid a decline in new orders, while business confidence rose to a three-month high, a survey released by S&P Global (SPGI) showed Tuesday. The S&P Global purchasing managers’ index fell to 47.9 last month from November’s 49.4 reading. The consensus was for a 48.4 print in a survey compiled by Bloomberg. The latest drop in the health of the manufacturing sector was “modest” overall and the quickest since August, according to the report. “Output fell at the fastest rate for six months as the recent order book decline intensified,” S&P Global Market Intelligence Chief Business Economist Chris Williamson said. “Manufacturing will therefore likely have acted as a drag on the economy in the fourth quarter.” Firms reported weakness in both domestic and external demand conditions last month amid uncertainty in global economy, while new export orders returned to contraction territory, the survey showed.

December Manufacturing Contraction Deepens, S&P Global Survey Shows Read Post »

JPMorgan Chase’s Stock Flirts With All-time High

/ / Financials /

JPMorgan Chase & Co.’s stock (JPM) is currently trading at $171.81, up about 1%. If the gains hold through the market close, the stock will hit a new all-time high for the first time since October 2021, according to Dow Jones Market Data. To set a record, the stock would have to close above $171.78, its closing level on Oct. 22, 2021. In the past year, JPMorgan has been buoyed by its acquisition of First Republic as well as profit momentum of larger banks over smaller regional banks. The stock rose about 26.9% in 2023 including December’s rise of 10.2%. The S&P 500 rose 24.2% in 2023. -Steve Gelsi

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Snowflake Gains Analyst Confidence, Poised For Strong Performance In AI And Cloud

/ / Technology /

Oppenheimer analyst Ittai Kidron reiterated an Outperform rating on Snowflake Inc (NYSE:SNOW) with a price target of $240. The analyst highlighted Snowflake as one of his top picks for 2024. Kidron sees multiple tailwinds that can deliver upside for the year and next year’s outlook. Also Read: Snowflake Might Be Setting a New Standard in AI – Inside Their Bold Plan to Boost Revenue with Generative AI Tools The tailwinds included an improving macro environment, less intense cloud optimization activities that can drive consumption growth, expanding market presence within the Federal vertical, increasing compute consumption with upcoming new products, and growing adoption of AI/ML capabilities. While shares have bounced back in 2023 (+46%), the analyst noted that they do not fully capture the upside to expectations and are reasonably priced when accounting for ~30% top-line growth and 27% free cash flow margins. Snowflake trades at 14.6x EV/CY25 Sales, well above the peer group average

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