CFRA Keeps Hold Rating On Shares Of Bank Of America Corporation

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target by $1 to $33 on a forward P/E of 9.7x our 2024 EPS view, in line with peers. We up our 2023 EPS by $0.10 to $3.55 and 2024’s by $0.15 to $3.40. BAC posted Q3 2023 EPS of $0.90, an $0.08 earnings beat. We see total revenue of $100.7B (prior $99.8B) in 2023 and $100.4B ($98.9B) in 2024. In Q3 2023, total loans rose 2% and total deposits of $1.9T eased 3%. Total net interest income (NII) rose 4% Y/Y and was up 2% Q/Q, while noninterest income was flat Y/Y and -2% Q/Q. Compared to NII of $14.4B in Q3, BAC is guiding for NII of $14.0B in Q4 and similar levels in 2024’s 1H quarters, rising moderately in 2H. Consumer

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CFRA Retains Hold Opinion On Shares Of Johnson & Johnson

/ / Health Care /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our target price at $162, 14.8x our 2024 EPS estimate, below JNJ’s five-year historical forward P/E average. We lift our 2023 EPS estimate by $0.14 to $10.18 and keep our 2024 EPS estimate at $10.94. Q3 EPS of $2.66 vs. $2.23 (+19.3% Y/ Y) was $0.16 above our estimate and $0.14 above consensus. Q3 revenues of $21.4B outperformed expectations, up 6.8% Y/Y, $302M above consensus, due to better-than-anticipated sales performance in the U.S. (+11.1% Y/Y), offsetting slow growth internationally (+1.6% Y/Y). Following the separation with Kenvue, JNJ reports two main businesses: Pharma, going forward referred as Innovative Medicine (65% of total, +5.1% Y/Y), and Medtech (35% of total, +10% Y/Y). Robust growth in Medtech was driven by Interventional Solutions (+47% Y/Y), which also includes contributions

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CFRA Maintains Hold Rating On Shares Of The Goldman Sachs Group, Inc.

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: GS has course corrected its failed strategy to expand into consumer banking, with a renewed focus on its strong core franchise. We lower our target by $7 to $340 (below the $379 consensus) on a forward P/E of 9.9x our 2024 EPS estimate, in line with the three-year historical average of 9.7x. We lower our 2023 EPS view by $2.60 to $23.85 and 2024’s by $1.05 to $34.20, with a revenue forecast of $46.5B (prior $45.9B) in 2023 and $50.5B ($49.9B) in 2024. GS posted Q3 2023 EPS of $5.47, a $0.06 earnings miss to consensus. In Global Banking & Marketing (+6% Y/Y and 68% of total revenue), FICC trading was -6% and equity trading +8%. Investment Banking revenue was +1% Y/Y with debt underwriting +27% and

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Lockheed Martin Affirms Fiscal 2023 Outlook

/ / Industrials /

Lockheed continues to forecast per-share earnings between $27 and $27.20 for fiscal 2023 on expected revenue of $66.25 billion to $66.75 billion. The Street is looking for GAAP EPS of $27.14 and revenue of $66.64 billion for the year. It affirmed its free cash flow guidance of at least $6.2 billion. “Looking ahead, we’ll continue to pursue our strategy of building capacity, efficiency and resilience into our production operations, driving advanced digital technologies to enhance integrated deterrence through collaboration with our customers and tech and aerospace industry partners, and expanding our international business and operations,” according to Taiclet.

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