Alphabet’s Blockbuster Results Highlight Its Transition From AI Laggard To Going ‘On The Offensive’: 11 Analysts Revise Forecasts After Q1 Results

/ / Technology /

Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) shares were climbing on Friday after the company reported its first-quarter results amid a lot of hype around the AI revolution. The results came amid an exciting earnings season. Here are some key analyst takeaways from the release. Goldman Sachs On Alphabet Analyst Eric Sheridan reiterated a Buy rating while raising the price target from $185 to $195. Alphabet’s first-quarter results reflected higher-than-expected revenues from Search and YouTube, “as Google’s broader ad ecosystem benefited from a strong end demand environment and continued to demonstrate product innovation with Performance Max and YT Shorts,” Sheridan wrote in a note. “AI innovation continues to build scale in the advertising business (conversions, Performance Max and search generative experience),” he added. “Alphabet struck a multi-sided theme of investing for the long-term (highlighted by Q1 capex levels that would be sustained throughout 2024), upside in both Services and Cloud operating income margins as prior period […]

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Fitch Says Near-Term Financial Pressures Of Boeing To Be Mostly Offset By Near-Term Reduction Of Inventory, Production Optimization

/ / Industrials /

Fitch Says Near-Term Financial Pressures Of Boeing To Be Mostly Offset By Near-Term Reduction Of Inventory, Production Optimization; Also Forecast Around 75 787 Aircraft Deliveries During Year, With Low-To-Mid Single Digit Production Per Month

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Alphabet’s Google Properties Likely to Grow by $20 Billion in 2024, UBS Says

/ / Technology /

Alphabet’s (GOOG) Google properties are expected to grow by around $20 billion in 2024 as Search monetization steps up and YouTube recovers, UBS said Friday in a note to clients. The Search franchise is on track to accelerate and add $16 billion in revenue, while YouTube is set to recover and grow $5 billion in revenue this year, UBS said. “Overall, our revenue estimates march higher as we factor in quick acceleration in YouTube (where YouTube TV is gaining budgets from linear TV and seeing better YouTube Shorts monetization) and take off some of the conservatism in Search,” UBS said. UBS estimates 2024 Google Search revenue of $190.5 billion, versus the previous estimate of $187.2 billion, and YouTube Ads revenue of $36.6 billion, up from $35.3 billion. UBS raised Alphabet’s price target to $173 from $166 and maintained its neutral rating. Alphabet shares rose 9.4% in recent Friday trading.

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Chevron Corporation (CVX) Q1 2024 Earnings Call Transcript

/ / Energy /

Chevron Corporation (NYSE:CVX) Q1 2024 Earnings Conference Call April 26, 2024 11:00 AM ET Corporate Participants Jake Spiering – General Manager, IR Mike Wirth – Chairman and Chief Executive Officer Eimear Bonner – Vice President and Chief Financial Officer Conference Call Participants Sam Margolin – Wolfe Research Neil Mehta – Goldman Sachs Paul Cheng – Scotiabank Betty Jiang – Barclays Josh Silverstein – UBS Biraj Borkhataria – RBC Nitin Kumar – Mizuho Jason Gabelman – TD Cowen Bob Brackett – Bernstein Research Roger Read – Wells Fargo Lloyd Byrne – Jefferies Devin McDermott – Morgan Stanley Ryan Todd – Piper Sandler John Royall – JPMorgan Alastair Syme – Citi Neal Dingmann – Truist Operator Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron’s First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I will

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CFRA Keeps Hold Opinion On Shares Of Chevron Corporation

/ / Energy /

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 $175, raised $15, reflects a 5.7x multiple of enterprise value to projected 2025 EBITDA, slightly below CVX’s historical forward average. We think a modest discount is reasonable in light of CVX’s higher exposure to natural gas than its chief rival Exxon Mobil (XOM 119 ****), where we see continued price weakness in the near term. We lift our 2024 EPS estimate by $0.20 to $12.75 and 2025’s by $0.94 to $14.14. Q1 EPS of $2.93 vs. $3.55 beat the consensus view by $0.02. Permian production of 859,000 boe/d (26% of total Q1 production) was better than CVX had expected, helped by a lower decline rate, and the company now sees Permian production exiting 2024 at about 900,000 boe/d. We note that the

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Exxon Mobil(XOM) Q1 2024 Earnings Conference

/ / Energy /

The following is a summary of the Exxon Mobil Corporation (XOM) Q1 2024 Earnings Call Transcript: Financial Performance: Exxon Mobil reported Q1 2024 earnings of $8.2 billion and a cash flow of $14.7 billion. Structural cost savings reached $10.1 billion for the quarter, with an aim of reaching $15 billion by 2027. The company invested $5.8 billion in growth projects (CapEx). Shareholder distributions totalled $6.8 billion, including $3.8 billion in dividends. Exxon Mobil lowered net debt to capital to 3%, the lowest in more than a decade. The company plans to increase buybacks to a pace of $20 billion annually post approval of the Pioneer combination. Business Progress: Exxon Mobil has been focusing on efficiency improvements in all business aspects like centralizing activities, removing areas of duplication, and optimizing cost. Strategic projects delivered record first-quarter refining throughput and strong performance chemicals volume growth, with more planned for startup in 2025.

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Chevron(CVX) Q1 2024 Earnings Conference

/ / Energy /

The following is a summary of the Chevron Corporation (CVX) Q1 2024 Earnings Call Transcript: Financial Performance: Chevron reported Q1 earnings of $5.5 billion or $2.97 per share, with adjusted earnings being $5.4 billion or $2.93 per share. Cash flow from operations was impacted by upstream ARO settlement payments and expansion of the retail marketing network. Although affected by lower realization and lifting, the company achieved financial priorities including an 8% increase in dividends shares. Maintaining stability, Chevron delivered $5 billion+ adjusted earnings and over 12% adjusted ROCE for nine consecutive quarters. In Q1 2024, Chevron returned $6 billion to shareholders, marking the eighth consecutive quarter of returns over $5 billion. Business Progress: Chevron recorded its highest Q1 production ever, a rise of over 12% from the previous year due to the PDC Energy acquisition and growth in the Permian Basin. A major step forward came with final investment decisions

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Phillips 66(PSX) Q1 2024 Earnings Conference

/ / Energy /

The following is a summary of the Phillips 66 (PSX) Q1 2024 Earnings Call Transcript: Financial Performance: Phillips 66 reported adjusted earnings of $822 million, or $1.90 per share, for Q1 2024. Operating cash flow, excluding working capital was $1.2 billion. The company distributed $1.6 billion to shareholders through $1.2 billion of share repurchases and $448 million of dividends. Capital spending for the quarter was $628 million, and the adjusted effective tax rate was 21%. The net debt to capital ratio was 38%. Despite a loss in the first quarter for the Rodeo Renewed Project, Phillips 66 expects progression towards profitability with optimized performance over the year. Business Progress: The firm returned significant cash to shareholders and made progress on strategic priorities, despite being impacted by maintenance limiting its ability to create higher value products. Phillips 66 plans to divest its retail marketing business in Germany and Austria, distribute almost

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Caterpillar’s Q1 Adjusted Earnings Increase, Revenue Declines; Shares Down Pre-Bell

/ / Industrials /

Caterpillar (CAT) posted Q1 adjusted earnings Thursday of $5.60 per share, up from $4.91 a year earlier. Analysts polled by Capital IQ expected $5.13. Revenue for the quarter ended March 31 was $15.8 billion, down from $15.86 billion a year earlier. Analysts surveyed by Capital IQ expected $15.99 billion. Shares of the company declined more than 3% in recent premarket activity on Thursday.

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Comcast Reports 1st Quarter 2024 Results

/ / Telecommunications /

Comcast Reports 1st Quarter 2024 Results PHILADELPHIA–(BUSINESS WIRE)–April 25, 2024– Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2024. “Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am

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CFRA Reiterates Strong Buy Opinion On Shares Of Servicenow Inc.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We drop our target price to $841 from $852 on a P/E of 60x our NTM EPS view of $14.02, above its 1-year average as NOW consolidates share in ITOM/ITSM and builds Gen AI momentum. We lift our 2024 EPS forecast to $13.54 from $13.10, but trim our 2025 EPS view to $16.15 from $16.35. NOW posted Q1 sales of $2.6B, above consensus by $10M, while non-GAAP EPS of $3.41 beat by $0.28. Sales rose 24.2% Y/Y, led by Subscription growth of 24.5%, slightly lower than expected, from fewer transactions with ACVs above $1M (-10.6% Y/Y). FX also contributed to a 50 bps headwind to subscription sales and RPO growth (+26.4% Y/Y). NOW raised the midpoint of its full-year subscription sales guide marginally ($3M), which includes a

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CFRA Reiterates Hold View On Shares Of Caterpillar Inc.

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: CAT shares are sliding today following the company’s Q1 print, with a beat on EPS being overshadowed by a nearly $200M miss on sales. We believe that high expectations were baked into the share price prior to the Q1 release. We trim our target to $335 from $360, 15x our 2025 EPS outlook of $22.35 (in line with the previous forecast; 2024 EPS lifted by $0.47 to $21.88), slightly below CAT’s long-term historical forward average. CAT posted Q1 operating EPS of $5.60 (+14% Y/Y), $0.47 above consensus. Revenues were roughly flat Y/Y, with falling volumes in Construction and Resource industries being offset by pricing realization. Energy & Transportation was once again a bright spot, contributing $433M in sales growth. Earnings expansion was largely driven by gains in

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