Goldman Sachs Sees 1Q Gains From Debt Underwriting, Lower Debt Investments

/ / Financials /

Goldman Sachs’ debt underwriting topline performance was one of the main drivers of the 32% increase the lender reported in 1Q investment banking fees. The U.S. bank’s debt underwriting revenue climbed 38% from the year-ago period, and 77% from the prior quarter. At the same time, Goldman Sachs’ revenue from debt investments declined both sequentially and on a year-ago comparison basis to $345 million, reflecting lower net interest income due to a reduction in the debt investments balance sheet. The bank’s debt investments have been volatile over the past year amid net mark-downs in real estate. Shares rise 4% to $405.25 in pre-market trading.

Goldman Sachs Sees 1Q Gains From Debt Underwriting, Lower Debt Investments Read Post »

Meta Stock Has More Upside as Advertising Improves, Analyst Says — Barrons.com

/ / Technology /

By Angela Palumbo Meta Platforms stock has more room to grow because users remain engaged with its social-media platforms even as the amount of advertising there increases, Citi says. Analyst Ronald Josey increased his price target on Meta to $590 from $525 on Monday. That implies a 15% increase from the stock’s closing price on Friday. Josey also reiterated his Buy rating on the company, Facebook’s parent, and said the stock remains his top pick. “With Meta’s newer ad innovations (Adv.+ Creative, Reminder Ads, longer form Reels, etc.), a new AI video architecture, and greater overall advertiser adoption, we believe advertiser demand for Reels (and Meta) continues to improve,” Josey wrote in a research note. In 2023, Meta unveiled additions to its Ads Manager software suite that are intended to make it easier for advertisers to produce their content. Josey said that increased advertising on Meta’s social-media platforms hasn’t made

Meta Stock Has More Upside as Advertising Improves, Analyst Says — Barrons.com Read Post »

Hilton Grand Vacations Seen Gaining Operating Momentum in 2H

/ / Consumer Discretionary /

Hilton Grand Vacations provides an opportunity for investors to gain exposure to the timeshare business model at a relatively attractive valuation, JPMorgan analysts say in a research note. Hilton Grand Vacations has transformed significantly since its spin-off from Hilton Worldwide in 2017, and could gain operating momentum in the 2H through 2025, the analysts say. Overall, the company’s owner base has increased above its closest peers. “We believe this is sustainable as it leverages the strength of its branded products,” the analysts add. JPMorgan initiates coverage at overweight with a target price of $59. Shares rise 1.1% to $43.99 in pre-market trading.

Hilton Grand Vacations Seen Gaining Operating Momentum in 2H Read Post »

CFRA Reiterates Buy Rating On Shares Of Jpmorgan Chase & Co.

/ / 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 keep our $215 target on a forward P/E of 13.4x, above the five-year historical average of 12.3x. Following a $0.31 earnings beat at $4.44 in Q1, we raise our 2024 EPS by $0.50 to $16.50 and 2025’s by $0.70 to $17.00. The Q1 revenue beat was 9% higher (to $41.9B), supporting our higher revenue forecast of $164B in 2024 and $166B in 2025. We think current rates and a healthy U.S. economy support higher loan volume and the impact on net interest income (NII), which JPM is guiding conservatively at $90B for 2024. In Q1, NII rose 11% Y/Y and total loans were +16% Y/Y, with deposit-related fees +2%. Consumer net revenue was +15%, with banking/wealth management +3%, home lending +65%, and card services/auto +8%. Commercial

CFRA Reiterates Buy Rating On Shares Of Jpmorgan Chase & Co. Read Post »

ASML Not Expected to Benefit From AI for a While

/ / Technology /

It is too early to get over-excited about how Dutch semiconductor-equipment maker ASML Holding could benefit from artificial intelligence, Bernstein analysts write in a research note. AI is already a key growth driver for Nvidia, whose sales more than tripled and earnings surged more than eightfold in its fiscal fourth quarter as it scrambles to meet demand for AI-powered chips. The analysts expect to hear how the AI opportunity could develop for ASML in the longer-term at the company’s investor day on Nov. 14. ASML shares trade flat at EUR909.50.

ASML Not Expected to Benefit From AI for a While Read Post »

CFRA Keeps Buy Opinion On Shares Of Blackrock, 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: We raise our 12-month target price by $20 to $915, valuing BLK shares at 19.7x our 2025 adjusted EPS estimate of $46.50 (lifted by $1.40) and at 21.2x our 2024 EPS estimate of $43.20 (upped by $0.12), versus the three-year average forward multiple of 20x and a peer average of 15x. Q1 EPS of $9.81 versus $7.93 topped our $9.60 EPS estimate and the $9.39 consensus view on 11.4% higher revenues (versus our 8%-11% estimate) and operating margin of 42.2% versus 40.4%. Long-term net inflows of $76B in Q1 ($183B in the last 12 months) reflected strong and broad-based ETF inflows of $67B. We raise our 2024 revenue growth forecast to 8%-12% and see growth of 9%-12% in 2025. We expect above-peer organic growth; an attractive mandate

CFRA Keeps Buy Opinion On Shares Of Blackrock, Inc. Read Post »

Wells Fargo First-Quarter Results Top Views Despite Lower Net Interest Income

/ / Financials /

Wells Fargo’s (WFC) first-quarter results topped market estimates even though the lender recorded lower net interest income on an annual basis. Earnings ticked down to $1.20 a share for the quarter through March 31 from $1.23 a year earlier, but were above the Capital IQ-polled consensus of $1.05. The result included $284 million, or $0.06 per share, of additional expense tied to the Federal Deposit Insurance Corp. special assessment. It reflects an update provided by the FDIC on losses as well as potential recoveries related to bank failures last year. Revenue edged up 1% to $20.86 billion, ahead of the Street’s $20.15 billion view. Net interest income slid 8% to $12.23 billion due to higher interest rates on funding costs and lower loan balances. Noninterest income jumped 17% to $8.64 billion, led in part by higher trading revenue in the markets business and an increase in investment banking fees. “Our

Wells Fargo First-Quarter Results Top Views Despite Lower Net Interest Income Read Post »

Blackrock (BLK) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the BlackRock, Inc. (BLK) Q1 2024 Earnings Call Transcript: Financial Performance: BlackRock’s Q1 results show a record Assets Under Management (AUM) of nearly $10.5 trillion, including Q1 long-term net inflows of $76 billion. They reported revenue of $4.7 billion, an 11% increase YoY. The firm saw operating income of $1.8 billion, up 17% YoY, while earnings per share stood at $9.81, a 24% increase YoY. Non-operating results included $90 million of net investment gains. First quarter base fee in securities lending revenue was $3.8 billion, a growth of 8% YoY. Performance fees of $204 million showed an increase from a year ago. Technology services revenue saw an uptick by 11% YoY. Business Progress: Momentum across the platform is strong, with growth potential in technology, outsource solutions, and private markets. The company is set to acquire equity interest in SpiderRock Advisors to enhance product offerings

Blackrock (BLK) Q1 2024 Earnings Conference Read Post »

CFRA Reiterates Buy Rating On Shares Of Citigroup 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: We raise our target $2 to $67 on a forward P/E of 10.8x, below the 11.5x peer average. Our target is a 23% discount to net tangible book value (NTBV) at $86.67, while peers trade at a premium to NTBV. This speaks to C in a multi-year transformation with new leadership that we are confident will succeed. We lift our 2024 EPS view $0.20 to $6.20 and 2025’s $0.20 to $7.25. C reported Q1 EPS of $1.58, a $0.31 earnings beat to the consensus estimate, and $21.1B revenue was $1.1B higher than consensus. C posted 1% Y/Y NII growth and loans were +3%, while deposits were -2%. Services (Treasury and Trade solutions) had +8% fee revenue with North America +3% and International +10%. Markets (or trading) saw

CFRA Reiterates Buy Rating On Shares Of Citigroup Inc. Read Post »

CFRA Maintains Buy Opinion On Shares Of Alphabet 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: GOOGL held its Google Cloud Next 2024 event in Las Vegas where it made a host of AI hardware/software announcements. Most notably, GOOGL unveiled its first Arm-based custom silicon CPU (Axion) and latest LLM model update (Gemini 1.5 Pro) that offers new enhanced AI capabilities (e.g., native audio). AI features coming to Google Workspace include Google Vids (an AI video creation tool), Gemini additions to Gmail, and a host of productivity tools that it looks to monetize (e.g., AI note taking/meeting summaries, translation, new security package) at an add-on cost of $10/month per user. GOOGL also announced its Vertex AI Agent Builder, a tool for Enterprises to help build AI agents, and confirmed Blackwell GPUs will be available in 2025. Overall, we come away impressed with GOOGL’s

CFRA Maintains Buy Opinion On Shares Of Alphabet Inc. Read Post »

Scroll to Top