Buy Mobileye Stock, Analysts Say. Its Self-Driving Products Are Unrivaled. — Barrons.com

/ / Technology /

By Emily Dattilo Mobileye Global’s autonomous driving technology is unmatched, and investors are missing out, Wolfe Research said in a note upgrading the stock Friday. Analysts led by Shreyas Patil upgraded shares of the autonomous-driving systems company to Outperform from Peer Perform and established a target for the price of $41 in a research report Friday. The stock has fallen 28% so far this year to trade around $31. To put it simply, the analysts don’t see any self-driving competition that comes close to what Mobileye is bringing to the market, across a number of metrics. “At this point we do not see a clear rival that can match Mobileye’s capabilities in cost, performance, or scalability,” they wrote. That will become more apparent over the next six to 12 months as more car equipment manufacturers sign up to use the system, the analysts added. Mobileye’s “hands-free/eyes-on” SuperVision system is similar […]

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JPMorgan’s Net Interest Income Outlook Is ‘Moderate Disappointment’ Amid ‘Solid’ Q1 Results, HSBC Says

/ / Financials /

JPMorgan Chase’s (JPM) net interest income outlook this year probably was assessed as a “moderate disappointment” amid “solid” Q1 results on a decrease in loan losses, higher non-interest income and lower expenses, HSBC Global Research said Friday in a note. JPMorgan kept its 2024 net interest income outlook at $90 billion “despite the increase in market expectations for fewer rate cuts since the company last updated guidance,” HSBC said. “The absence of an increase in the NII guide could be viewed as disappointing by the market.” JPMorgan reported Q1 adjusted earnings Friday of $4.63 per share, up from $4.44 a year earlier. Analysts polled by Capital IQ expected $4.13. Revenue rose to $41.93 billion from $38.35 billion. Analysts expected $41.69 billion. “At first blush, the results reinforce our view that JPMorgan will continue posting best-in-class profitability,” HSBC said. “However, elevated expectations and a premium valuation cap upside potential.” The investment

JPMorgan’s Net Interest Income Outlook Is ‘Moderate Disappointment’ Amid ‘Solid’ Q1 Results, HSBC Says Read Post »

Netflix Likely to See Higher Q1 Revenue as Paid Sharing Benefits Continue, Oppenheimer Says

/ / Consumer Discretionary /

Netflix (NFLX) is likely to report higher Q1 revenue April 18 as long-tail benefits of paid sharing become increasingly evident, Oppenheimer said in a note Thursday. Analysts, including Jason Helfstein, said that Netflix has captured about 20% of the 100 million disclosed opportunity for paid sharing, and could have a 60% capture rate by 2026, mainly due to “increasing content advantage and content/advertising spend pull-back by competitor streaming platforms.” They expect Netflix’s 2024 ad revenue to be $5.1 billion. The average revenue per member for 2024 is expected to rise 4% year-over-year, reflecting the recent basic and premium price increases in the US, the UK, and France, with potential upside from subscribers paying for extra members or other geographic price increases. “We believe Netflix’s dominance will continue, given its clear advantage in producing high-engagement content and monetizing that content more effectively than peers,” the analysts said. Oppenheimer kept its outperform

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BlackRock First-Quarter Results Exceed Expectations; Net Inflows Slide Year Over Year

/ / Financials /

BlackRock (BLK) on Friday reported first-quarter results that rose year over year and topped Wall Street’s estimates, even though the asset manager’s net inflows declined. The company delivered adjusted earnings of $9.81 per share for the March quarter, climbing from $7.93 a year earlier and topping the Capital IQ-polled consensus of $9.39. Revenue rose 11% to $4.73 billion driven in part by higher performance fees and technology services revenue. The Street’s view was for $4.71 billion. The firm generated total net inflows of $57.19 billion, compared with $110.32 billion in the prior-year quarter. The company said the latest quarterly inflows reflect $19 billion of net outflows from cash management, impacted by roughly $14 billion of net redemptions during the last week of March ahead of the Good Friday holiday, Chief Financial Officer Martin Small said during an earnings call, according to a Capital IQ transcript. “Outflows were driven by clients

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JPMorgan Chase Earlier Reported Q1 EPS $4.44 Beats $3.82 Estimate, Sales $42.55B Beat $38.53B Estimate

/ / Financials /

JPMorgan Chase (NYSE:JPM) reported quarterly earnings of $4.44 per share which beat the analyst consensus estimate of $3.82 by 16.23 percent. This is a 8.29 percent increase over earnings of $4.10 per share from the same period last year. The company reported quarterly sales of $42.55 billion which beat the analyst consensus estimate of $38.53 billion by 10.43 percent. This is a 8.17 percent increase over sales of $39.34 billion the same period last year.

JPMorgan Chase Earlier Reported Q1 EPS $4.44 Beats $3.82 Estimate, Sales $42.55B Beat $38.53B Estimate Read Post »

CFRA Raises Opinion On Shares Of Wells Fargo & Company To Buy From Hold

/ / 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 increase our target price by $11 to $70, 12.0x our 2025 EPS estimate, below the 10-year historic average of 15.3x given modest growth expectations. We raise our 2024 EPS view by $0.11 to $5.11 and increase 2025’s by $0.43 to $5.82. WFC posted Q1 EPS of $1.20 vs. $1.23, $0.11 above consensus on revenue of $20.9 billion. Our improved opinion of WFC reflects expectations for net interest income (NII) outperformance as rate cut expectations continue to get pushed back. We view management’s NII guidance (7%-9% lower in 2024) as conservative and see upside as asset yields reprise higher. In Q1, noninterest income jumped 17% Y/Y on a 92% explosion in investment banking fees given increased industry activity. We were also encouraged by the bank’s credit quality

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Cisco Stock Looks Washed Out, Analyst Says. Why There Could Be a Near-Term Bounce. — Barrons.com

/ / Telecommunications /

By Eric J. Savitz Cisco Systems stock picked up a tentative endorsement from Citi on Friday. Analyst Atif Malik resumed coverage of the networking hardware provider with a Neutral rating, while opening a “positive catalyst watch” designation to the stock. Malik notes that Cisco earnings estimates are likely to decline for the next quarter or two as customers work down excess inventory. The company will also be absorbing the impact of its $28 billion acquisition of the observability software company Splunk, which it completed ahead of schedule last month. On the company’s most recent earnings call in February, Cisco CEO Chuck Robbins said it is taking longer than expected for customers to clear their inventory, and that the process would still take another quarter or two. Cisco is projecting revenue for the July 2024 fiscal year will be down between 8% and 10% from the previous year. But Malik says

Cisco Stock Looks Washed Out, Analyst Says. Why There Could Be a Near-Term Bounce. — Barrons.com Read Post »

Wells Fargo Q1 Beat Driven By Higher Non-interest Income, Lower Loan-Loss Provisions, HSBC Says

/ / Financials /

Wells Fargo’s (WFC) Q1 adjusted earnings per share exceeded expectations mainly due to higher non-interest income and lower loan-loss provisions, HSBC Global Research said in a note Friday. The firm reiterated its hold rating and $60 target price on Wells Fargo. Analysts, including Saul Martinez, said that net interest income, which stood at $12.2 billion, came in slightly below HSBC’s estimate, while adjusted expenses were in line. The analysts added that the company maintained the 2024 guidance for net interest income and adjusted expenses, with the former implying “modest downside risk” to their 2024 projection. “Our first take is mixed as continued net interest income pressure offsets good expense performance and continued momentum in non-interest income, notably Investment Banking and Markets,” the note said. Adjusted expenses, which excluded the Federal Deposit Insurance Corp. special assessment and operating losses, were up 5% quarter-over-quarter and fell 2% year-over-year, the analysts said. “We

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JPMorgan (JPM) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the JPMorgan Chase & Co. (JPM) Q1 2024 Earnings Call Transcript: Financial Performance: JPMorgan reported a Q1 net income of $13.4 billion, EPS of $4.44 on revenue of $42.5 billion, delivering an ROTCE of 21%. Investment banking fees were up 18% YoY, with a notable increase in CCB Wealth Management’s strong net inflows. Commercial and Consumer Banking revenue stood at $40.9 billion, up 4% YoY while Corporate division reported a net income of $918 million with $2.3 billion in revenues. Asset and Wealth Management division posted a net income of $1 billion from revenues of $4.7 billion, marking a 5% YoY increase. Business Progress: The average client investment assets increased by 25% YoY due to a strong market performance and net inflows. Card services revenue grew by 8%, with card outstandings increasing by 13%. Commercial Banking and Investment Banking and Markets revenue were up

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Spotify’s Q1 Outlook: Analyst Anticipates Surge in Subscriber Base and Revenue Per User

/ / Consumer Discretionary /

Keybanc analyst Justin Patterson maintained Spotify Technology SA (NYSE:SPOT) with an Overweight rating and raised the price target from $300 to $350. Spotify will report its first-quarter fiscal 2024 results before the market opens on April 23. Patterson refined his estimates and framed vital factors to watch. The analyst now expects 2024 revenue of €15.4 billion and 2025 revenue of €18.0 billion, which reflects slightly higher ARPU growth. His 2024 operating profit decreases by 20% due to social charges, while 2025 increases by 2% due to higher revenue. Finally, Patterson introduced 2026 revenue of €20.6 billion and an operating profit of €2.2 billion, which assumes 14% revenue growth, 29.9% gross margin, and 10.5% operating margin. Due to the higher revenue and profitability forecasts, Patterson raised his price target, implying 3.4x 2025E EV/S and 34.7x 2025E EV/FCF. For reference, the analyst noted that Netflix Inc (NASDAQ:NFLX) saw its EV/S multiple expand by ~50% over five years

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Wells Fargo & Co(WFC) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the Wells Fargo & Company (WFC) Q1 2024 Earnings Call Transcript: Financial Performance: Wells Fargo reported Q1 net income of $4.6 billion or $1.20 per diluted common share. The company saw a decrease of 8% in net interest income due to higher interest rates on funding costs and lower loan balances. Wells Fargo’s average loans went down for the past quarter and year. The company has repurchased $6.1 billion of common stock in the first quarter, resulting in a decrease of 6% in average common shares compared to a year ago. Business Progress: Wells Fargo had a consent order from 2016 terminated by the OCC, which marked progress in their risk and control work. The company launched a new product, Autograph Journey, which helped increase credit card call spend by about $5 billion or 14% from a year ago. CEO Charlie Scharf acknowledged that

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