Morgan Stanley analyst Terence Flynn maintains Merck & Co (NYSE:MRK) with a Equal-Weight and raises the price target from $115 to $118.
Morgan Stanley raises Merck & Co (NYSE:MRK) price target from $115 to $118 Read Post »
Morgan Stanley analyst Joseph Moore maintains Teradyne (NASDAQ:TER) with a Equal-Weight and lowers the price target from $114 to $88.
Morgan Stanley lowers Teradyne (NASDAQ:TER) price target from $114 to $88 Read Post »
Morgan Stanley analyst Simon Flannery maintains T-Mobile US (NASDAQ:TMUS) with a Overweight and raises the price target from $179 to $180.
Morgan Stanley raises T-Mobile US (NASDAQ:TMUS) price target from $179 to $180 Read Post »
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 $24 from $36, 12.2x our ’24 EPS view (cut to $1.97 from $3.24; ’23’s cut to $1.24 from $2.16), slightly above LUV’s ’18-’19 P/E average of 12x. Q3 EPS of $0.38 vs. $0.50, missed consensus by $0.01. Revenues grew 5% Y/Y on more than 12% capacity due to weaker load factors (~81% vs. 85% in Q3 22). LUV revised its ’23 outlook, with expected fuel rising by 5.5% (midpoint of $2.90/g vs. the prior midpoint of $2.75/g) due to the recent uptick in energy prices. The EIA estimates WTI pricing to average $80/b in ’23 (vs. $95/b in ’22) and $91/b in ’24. LUV has hedged 50% of its expected ’23 fuel consumption at a midpoint of $2.90 and 55% for
CFRA Maintains Hold Opinion On Shares Of Southwest Airlines Co. Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target by $4 to $39, which values X at an EV/EBITDA of 5.5x our 2024 EBITDA estimate, below the peer group average forward EV/EBITDA of 7.0x, but above X’s three-year average of 2.9x. We raise our 2023 EPS view by $0.50 to $4.55 and 2024’s by $1.74 to $3.75. X posted Q3 adj. EPS of $1.40 vs. $1.95, $0.25 above consensus, driven by a top-line beat of 4%. Q3 adj. EBITDA fell 32% Y/Y, but beat consensus by 4.3%. Q3 free cash flow was $232 million, which is after spending $432 million on strategic capex related to ongoing projects. During the Q3 conference call, management stressed that 2024 consensus forecasts are much too pessimistic. Even when assuming a price headwind of an average
CFRA Reiterates Buy Opinion On Shares Of United States Steel Corporation Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $162, cut $18, reflects a 5.7x multiple of enterprise value to projected 2024 EBITDA, modestly below CVX’s historical forward average. We cut our 2023 EPS estimate by $0.26 to $13.01 and 2024’s by $0.48 to $14.12. Q3 adjusted EPS of $3.05 vs. $5.56, missed the consensus view by $0.60. On a per-barrel of oil equivalent basis, we estimate CVX’s adjusted earnings in the third quarter were about 12% weaker than those of chief rival Exxon Mobil (XOM 105 ****), with international upstream as the main culprit. CVX’s pending acquisition of Hess Corporation (HES 145 ***) should enable some acceleration in international upstream production, as its stake in blocks offshore Guyana (where XOM is the chief operator) should help in the 2024-2025 time
CFRA Keeps Buy Opinion On Shares Of Chevron Corporation Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We trim our 12-month target by $3 to $180, calculated using an EV/EBITDA multiple of 15x (was 17x) against our ’24 adj-EBITDA estimate of $132.3B (up from $115.0B) vs. 12x-30x historical average. We lift our ’23 EPS to $4.62 from $4.42 and ’24 EPS to $6.13 from $4.66. We begin ’25 at $7.28. Q3 GAAP operating income of $11.2B smashed the $7.7B estimate, as AWS margins hit 30.3% (+600 bps from Q2). Revenue of $143.1B (+13% Y/Y) smashed the $141.6B consensus. Yet, AWS growth was 12% Y/Y (flat from Q2), which was in line with consensus but will be viewed as a slight disappointment considering MSFT Azure’s reacceleration in the Sep-Q. AWS could still accelerate in Q4, as AMZN notes several new deals were signed in September
CFRA Reiterates Buy Opinion On Shares Of Amazon.com, Inc. Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We trim our 12-month target price to $2,110 from $2,220, 40x our 2024 EPS, below CMG’s five-year average forward P/E but in line with its peers. We trim our 2023 EPS to $44.58 from $45.04 and 2024’s to $52.69 from $55.54. CMG posts Q3 adj-EPS of $11.36, $0.73 above consensus. Revenue of $2,471M (+11.3% Y/Y) was in line with consensus. Operating income grew 17.5% Y/Y to $395M, with margin widening 80 bps Y/Y to 16.0% vs 15.3% consensus. Comp sales rose 5.0% vs 4.4% consensus, driven by transactions and pricing, partly offset by mix. Despite the drag on sales from mix, CMG has begun to see this ease in Q4, along with continued growth in comp transactions (mid-single digits). However, margins are expected to face near-term pressure
CFRA Lowers View On Shares Of Chipotle Mexican Grill To Buy From Strong Buy Read Post »
Company Management Andrew Jassy – President & CEO Brian Olsavsky – Senior Vice President & CFO Dave Fildes – Director of Investor Relations Analysts Brian Nowak – Morgan Stanley Doug Anmuth – JPMorgan Eric Sheridan – Goldman Sachs Justin Post – Bank of America Mark Mahaney – Evercore ISI Justin Post – Bank of America – Analyst I’ll ask about AWS. I guess the first question is, as you look forward in the fourth quarter, you mentioned you’ve signed some new deals. Are you seeing less cost optimization as you look forward? Or do you think it will be similar to Q3? And then second, you couldn’t help but notice the big margin improvement in AWS all the way back to where you were 7 quarters ago. Could you talk about the drivers and sustainability of those margins? Andrew Jassy – President & CEO Yes, Justin. I think if you look at
Amazon.com, Inc. (AMZN) Q3 2023 Earnings Call Transcript Read Post »
Amazon.com (AMZN) reported Q3 earnings late Thursday of $0.94 per diluted share, up from $0.28 a year earlier. Analysts polled by Capital IQ expected EPS of $0.58. Net sales for the quarter ended Sept. 30 were $143.08 billion, up from $127.1 billion a year earlier. Analysts surveyed by Capital IQ expected $141.56 billion. The company said it expects Q4 net sales to range between $160 billion and $167 billion. Analysts surveyed by Capital IQ are expecting $167.04 billion.
Amazon.com Q3 Earnings, Net Sales Rise; Q4 Sales Guidance Issued; Read Post »
Intel (INTC) reported Q3 non-GAAP earnings late Thursday of $0.41 per diluted share, up from $0.37 a year earlier. Analysts polled by Capital IQ expected $0.22. Revenue for the quarter was $14.16 billion, down from $15.34 billion a year earlier. Analysts surveyed by Capital IQ expected $13.6 billion. The company said it expects Q4 non-GAAP diluted EPS of $0.44 and revenue between $14.6 billion and $15.6 billion. Analysts polled by Capital IQ expect $0.32 and $14.35 billion.
Intel’s Q3 Non-GAAP Earnings Jump But Sales Drop; Q4 EPS/Sales Guidance Above Forecast Read Post »
Barclays analyst Brandt Montour maintains Hilton Worldwide Holdings (NYSE:HLT) with a Overweight and raises the price target from $169 to $173.
Barclays raises Hilton Worldwide Holdings (NYSE:HLT) price target from $169 to $173 Read Post »