FactSet Research Systems’ Fiscal Q3 Adjusted Earnings, Revenue Rise

/ / Financials /

FactSet Research Systems (FDS) reported fiscal Q3 adjusted earnings Friday of $4.37 per diluted share, up from $3.79 a year earlier. Analysts polled by FactSet expected $3.91. Revenue for the quarter ended May 31 was $552.7 million, compared with $529.8 million a year earlier. Analysts surveyed by FactSet expected $552.7 million. The company raised its fiscal-year 2024 adjusted earnings guidance to $16.00 to $16.40 per diluted share, from $15.60 to $16.00. Analysts polled by FactSet expect $16.00. The company reduced its revenue outlook for the year to $2.18 billion to $2.19 billion, from $2.20 billion to $2.21 billion. Analysts surveyed by FactSet expect $2.20 billion.

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Micron Technology’s Fiscal Q3 Likely to Beat Expectations, Wedbush Says

/ / Uncategorized, Technology /

Micron Technology’s (MU) fiscal Q3 results, slated for release on June 26, will likely beat expectations on higher sales of computer memory, Wedbush Securities said Tuesday in a note to clients. “We believe memory ASP gains were significantly ahead of expectations embedded in [Micron’s] guide,” the firm said. “And, we believe that [Micron] will outperform peers on a healthy mix shift towards eSSDs and DDR5.” Wedbush said it increased its revenue and EPS estimates for Micron’s fiscal Q3 to $6.93 billion and $0.64, above the high end of the company’s previous guide of $6.6 billion, give or take $200 million, and 0.45, plus or minus $0.07, respectively. The brokerage’s updated estimates are also ahead of average consensus of $6.64 billion and $0.50, respectively. The firm lifted Micron’s price target to $170 from $130 and maintained its outperform rating. The company’s shares were up 4% in recent trading.

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CFRA Maintains Buy Opinion On Shares Of Qualcomm Incorporated

/ / Technology /

We boost our 12-month target to $260 from $200 on a revised P/E of 22.2x our CY 25 EPS view of $11.68, within peers but above historical. We raise our FY 24 (Sep.) EPS to $10.00 from $9.92, lift FY 25’s to $11.28 from $10.91, and set FY 26’s at $12.75. We think QCOM is poised to be a major beneficiary of the ongoing shift of AI toward the device level over the next 12 months, potentially driving significant upside to our estimates. On the smartphone side, we see a better-than-expected iPhone 16 refresh cycle, content gains in future Samsung devices, and improving trends from China providers all supporting higher growth. In addition, we like QCOM’s growing addressable market opportunity, as Windows-based AI PCs gain traction with QCOM’s NPUs (QCOM previously had no share in PCs) and new IoT/industrial uses emerge over time. Not to be forgotten, we are also

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Tesla Stock Is Soaring, but They Won’t Top This Level

/ / Consumer Discretionary /

Tesla stock is soaring while the Nasdaq Composite naps. Investors looking for a reason should look back to Wednesday. Tesla stock was up 4% in midday trading at $184.28 while the S&P 500 and Nasdaq Composite were both up about 0.1%. There aren’t any upgrades or downgrades to focus on. CEO Elon Musk hasn’t tweeted out anything noteworthy. That means the pay package is still the main reason responsible for Monday’s move. This past week, shareholders re-approved Musk’s 2018 pay package, awarding the CEO some 300 million incentive-laden stock options. They had to vote again because a Delaware judge voided the deal in January, citing inadequate disclosures to investors. Musk tweeted the result on Wednesday evening. Tesla disclosed full details Friday about the vote, which showed about 72% support for approving the award. The original proposal in 2018 passed with 73% support. Wedbush analyst Dan Ives called the pay vote

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Nvidia Gains. AI Chip Maker Already Tops Analyst Forecasts After Stock Split. — Barrons.com

/ / Technology /

By Adam Clark Nvidia stock was rising early on Friday to finish its first week following its stock split on a positive note. The chip maker has risen ahead of Wall Street’s consensus targets for the stock. Nvidia shares were up 1.5% at $131.57 in premarket trading. The stock closed up 3.5% on Thursday. Nvidia’s 10-for-1 stock split took effect a week ago and the stock is now ahead of Wall Street’s average price target of $123.35, according to FactSet. Nvidia’s strong rally has seen it outpace analysts’ expectations on multiple occasions during the AI rally. The company’s forward price-to-earnings multiple currently stands at around 43 times. That’s not putting off the bulls. Oppenheimer’s Rick Schafer reiterated a $150 price target on the stock in a research note this week, based on a price-to-earnings multiple of 36 times Nvidia’s forecast earnings in 2026. “We see several structural tailwinds driving sustained

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Nike Likely to Report In-Line Fiscal Q4 Results, Morgan Stanley Says

/ / Consumer Discretionary /

Nike (NKE) is expected to report in-line results for fiscal Q4 on June 27, according to Morgan Stanley, which models a 1% sales growth for the quarter compared with the Street’s 0.6% increase. “4Q is unlikely to shift the thesis on NKE as questions around L-T growth & profitability remain, though it will give us a first look into the P&L impacts of mgmt.’s recent strategy evolution,” the report said. Morgan Stanley said the market will focus more on Nike’s initial guidance for fiscal Q1 and 2025 as strategic changes from the management seem more likely to materialize in fiscal H1 2025 and beyond results. “We anticipate NKE sets a low FY guidance bar given early-days & evolving strategy initiatives, potentially guiding initial ’25e EPS a touch below the Street,” the report said. Morgan Stanley cut Nike’s price target to $114 from $116 while maintaining its overweight rating.

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Nvidia Set for Over 20% Weighting in SPFR ETF, Apple to Drop Significantly

/ / Technology / ,

Nvidia’s (NVDA) weighting in the index that the Technology Select Sector SPDR (XLK) exchange-traded fund follows will likely increase to around 21%, displacing Apple (AAPL) as the second top pick next to Microsoft (MSFT), CNBC reported Monday. Apple’s weighting will drop significantly to 4.5% from about 22% while Nvidia is set to rise sharply from just 6% amid Nvidia shares’ outperformance this year, the report said, citing Matthew Bartolini, head of SPDR Americas Research. The major technology ETF will be forced to acquire more than $10 billion worth of Nvidia shares while cutting back dramatically on Apple, the report said. SPDR does not comment on specific trading strategies around rebalances, the report said.

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TSMC Can Maintain Revenue Strength Through 2026, Citi Says

/ / Technology /

TSMC should see promising surging demand from cloud and edge AI, which will likely drive revenue growth through 2026, Citi research analyst Laura Chen writes in a note. TSMC should be able to reflect its value to customers and it may adjust prices for products given rising demand, Chen says. Given stronger revenue growth, capex intensity should also continue trending downwards, though TSMC will likely lift the range of capex expected in 2024 to US$30 billion-US$32 billion from US$28 billion-US$32 billion, given escalating advanced node demand, Chen adds. Citi raises its target price on the stock to NT$1,150 from NT$1,030 while reiterating its buy rating. Shares closed 0.1% lower at NT$921.00.

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Boeing Informs Suppliers About Three Month Delay in 737 Production Goal

/ / Industrials /

Boeing (BA) has reportedly informed its suppliers of a three-month delay in reaching a key production milestone for its 737 jets, Reuters reported, citing two industry sources. According to the sources, the revised schedule now targets a production rate of 42 jets per month by September instead of June. Boeing expects a gradual increase in output, aiming for 47 jets per month by March 2025 and 52 jets per month by September 2025. Boeing’s decision to delay the production milestone suggests ongoing supply chain constraints, the report said.

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Tesla Gets Approval to Test Advanced Driver-Assistance System in Shanghai, China

/ / Consumer Discretionary /

Tesla (TSLA) has obtained approval to test its advanced driver-assistance system in Shanghai, China, and could also receive authorization to do the test in Hangzhou, Bloomberg News reported Monday, citing an unnamed source familiar with the matter. According to the report, the source said Tesla staff will conduct the system’s initial tests. Bloomberg said the company previously received approval to deploy the advanced driver-assistance system during a visit by Chief Executive Officer Elon Musk to Beijing.

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Microsoft Stock Price Target Raised. Why the AI Party Is Just Getting Started. — Barrons.com

/ / Technology /

By Brian Swint Microsoft, one of the three biggest companies by market capitalization, is only just starting to reap the benefits of artificial intelligence. That’s the view of analysts at Wedbush led by Dan Ives, who raised their price target to $550 from $500 in a note published Sunday and maintained an Outperform rating. While Ives is known for his bullish views on technology stocks, the analysts have based their stance on research conducted with Microsoft customers for insight into their future spending plans. “The stock still has yet to price in what we view as the next wave of cloud and AI growth coming to the Redmond story with a strong competitive cloud edge vs. Amazon especially and Google,” said Wedbush. “It has become crystal clear to us that the monetization opportunities around deploying AI and ChatGPT in the cloud is a transformational opportunity.” Microsoft mainly uses AI in

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