Piper Sandler analyst Charles Neivert downgrades Albemarle (NYSE:ALB) from Overweight to Neutral and lowers the price target from $255 to $155.
Piper Sandler lowers Albemarle (NYSE:ALB) price target from $255 to $155 Read Post »
Hilton Reports Third Quarter Results MCLEAN, Va.—-October 25, 2023– Hilton Worldwide Holdings Inc. (“Hilton” or the “Company”) (NYSE: HLT) today reported its third quarter 2023 results. Highlights include: This press release features multimedia. View the full release here: — Diluted EPS was $1.44 for the third quarter, and diluted EPS, adjusted for special items, was $1.67 — Net income was $379 million for the third quarter — Adjusted EBITDA was $834 million for the third quarter — System-wide comparable RevPAR increased 6.8 percent, on a currency neutral basis, for the third quarter compared to the same period in 2022 — System-wide comparable RevPAR increased 11.4 percent, on a currency neutral basis, for the third quarter compared to the same period in 2019 — Approved 35,500 new rooms for development during the third quarter, bringing Hilton’s development pipeline to a record 457,300 rooms as of September 30, 2023, representing growth of
Hilton Reports Third Quarter Results Read Post »
Company Management Amy Hood – EVP & CFO Brett Iversen – VP, IR Satya Nadella – Chairman & CEO Analysts Bradley Sills – Bank of America Brent Bracelin – Piper Sandler Gregg Moskowitz – Mizuho Karl Keirstead – UBS Keith Weiss – Morgan Stanley Mark Moerdler – Bernstein Research. Raimo Lenschow – Barclays Keith Weiss Thank you for taking the question and very nice quarter. The pace of innovation you guys have been putting out has been pretty amazing. And the new products garnering traction probably faster than we’ve expected on our side of the equation. But we’re also working in an overall spending environment, that remains volatile, and I think investors are getting more concerned on it. So two questions on this, one, based on sort of the new products and the innovation, do you think you guys can sustain the type of commercial growth that we saw in
Microsoft Q1 2024 Earnings Call Transcript 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 price to $157 from $185, on lower revised P/E of 20x our ’25 EPS view, which we start at $7.83, near peers but below its five-year historical forward average of 23.2x. We reduce our ’23 EPS estimate to $7.04 from $7.53 and ’24 to $7.05 from $8.01. TXN posts Q3 EPS of $1.85 vs. $2.56, beating the $1.84 consensus. Sales fell 14% (flat sequentially) as softness broadened across industrial customers while automotive was resilient. We are wary of elevated inventories (DIOs fell by 2 days to 205 seq.) as well as aggressive capex spend ($5B annual spend through ’27), which is hurting near-term profitability and FCF (9% FCF yield LTM vs. 29% a year ago). We note TXN will start seeing gov’t
CFRA Maintains Hold Opinion On Shares Of Texas Instruments Incorporated Read Post »
Microsoft (MSFT) on Tuesday reported fiscal Q1 earnings of $2.99 per diluted share, up from $2.35 a year earlier. Analysts polled by Capital IQ expected $2.65. Revenue for the quarter ended Sept. 30 increased to $56.52 billion from $50.12 billion. Analysts projected $54.55 billion.
Microsoft Fiscal Q1 EPS, Revenue Rises 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 lower our 12-month price target by $1 to $53 on a forward P/E of 14.7x our 2024 EPS estimate, in line with the five-year average. We lower our 2023 EPS estimate by $0.32 to $2.28, 2024’s by $0.48 to $3.64 and set 2025’s at $4.59. Q3 sales declined 24% Y/Y on lower volumes (-6%), mainly due to lower merchant hydrocarbons and energy sales, as well as local price declines (-18%) due to lower feedstock and energy costs. DOW posted Q3 EPS of $0.48, beating consensus by $0.04. We believe DOW will continue to face demand and price challenges throughout the rest of the year, with slower-than-expected recovery in China, weak demand in Europe, and mixed indications in the U.S. That said, we expect auto sales and
CFRA Reiterates Hold Opinion On Shares Of Dow 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: Our 12-month target of $46, up $4, reflects an 8.7x multiple of EV to projected 2024 EBITDA, slightly above HAL’s historical average. We raise our 2023 EPS estimate by $0.05 to $3.07 and cut 2024’s by $0.09 to $3.47. Q3 EPS of $0.79 vs. $0.60, beat consensus by $0.02. Q3 revenues ($5.8B) rose 8% Y/Y, driven by HAL’s international segment (+17%). Amongst the “Big 3” services firms (HAL, SLB, and BKR), HAL holds the largest North American (NA) exposure (45% of 2022 revenues) vs. its peer average (22% of 2022 revenues). The EIA forecasts WTI pricing to average ~$80/b in 2023 (vs. $95/b in 2022) and $91/b in 2024. Given that drilled but uncompleted well count (DUCs) have dropped ~47% since Q1 2020 as E&Ps turned to
CFRA Keeps Buy Opinion On Shares Of Halliburton Company 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 lower our 12-month target to $100 from $120, valuing shares at 11x our 2024 EPS (reduced to $9.13 from $9.25; 2023 EPS forecast lifted to $9.00 from $8.66). We use a lower multiple than MMM’s five-year forward P/E average of 16.3x to reflect litigation and regulatory risks stemming from safety and environmental issues with multiple 3M products. MMM shares are trading higher today following the company’s Q3 print; it posted an adjusted EPS of $2.68 vs. $2.60 (+3% Y/Y), which is above both consensus and the company’s original guidance ($2.25-$2.40). We attribute the beat to better-than-expected gains made on productivity, supply chain restructuring, cost savings, and pricing across each of MMM’s businesses. Softness in electronics, consumer retail, and China, as well as disposable respirator volumes, led
CFRA Reiterates Hold Rating On Shares Of 3m Company 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 to $90 from $94, valuing shares at 15.0x our 2024 EPS estimate (lifted to $5.97 from $5.85; 2023 EPS adjusted to $5.01 from $5.05), a discount to RTX’s five-year forward P/E average of 18.8x. RTX posted adjusted Q3 EPS of $1.25 vs. $1.21 (+3% Y/Y), beating consensus by $0.03. Q3 organic revenues rose 12% Y/Y, driven by RTX’s commercial aviation business as air travel demand remains strong. Commercial aftermarket and originial equipment manufacturer (OEM) sales were both up by double digits (+25% and +26%, respectively). RTX took a sales charge of $5.4 billion in Q3, resulting in an expected $2.9 billion operating profit impact for the Pratt & Whittney powder metal recalls. RTX’s board approved a $10 billion accelerated share repurchase program
CFRA Reiterates Buy Recommendation On Shares Of Rtx Corporation Read Post »
RBC Capital analyst Biraj Borkhataria reiterates Chevron (NYSE:CVX) with a Outperform and maintains $180 price target.
RBC Capital maintains Chevron (NYSE:CVX) $180 price target 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 lower our 12-month target by $8 to $64, 18.8x our 2024 EPS estimate (down $0.01 to $3.40; 2023 estimate remains $3.12), a premium to peers based on higher earnings and dividend growth potential, though a discount to NEE’s 10-year average of 21.8x given challenges for renewables developers in the higher interest rate environment. Despite somewhat weaker three-year consensus EPS growth expectations (closer to 8% CAGR vs. 9% previously), we think today’s price action (shares up about 5%) reflects NEE’s decision to leave overall guidance unchanged despite the recent announcement of a lower distribution growth trajectory for NextEra Energy Partners (NEP 26 NR), which falls under the NEER subsidiary. NEE reported Q3 EPS of $0.94 vs. $0.85, $0.06 above consensus as returns on capital investments offset higher
CFRA Maintains Buy Opinion On Shares Of Nextera Energy, 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: Our 12-month target of $140 (down $7), 16.6x our 2024 EPS estimate, is a slight discount to FI’s three-year forward average of 18.1x. We raise our 2023 EPS view by $0.04 to $7.49 and leave 2024’s unchanged at $8.45. FI posted Q3 adjusted revenues of $4.62B (+12% organically), edging consensus by $200M, driven by strong organic growth in Merchant Acceptance (+20%), specifically through Clover. Clover recorded 26% revenue growth and $272B annualized gross payment volume, which is up 15%. Payments and Networks and Financial Technology both saw 6% organic revenue growth. All three segments contributed to higher operating margin (+290 bps to 38.1%) delivering a Q3 adjusted EPS of $1.96 (+20% Y/Y), beating consensus by $0.03. Despite high macroeconomic uncertainty, we remain confident in FI’s ability to
CFRA Keeps Buy Recommendation On Fiserv, Inc. Read Post »