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Coinbase’s Price Target Raised at Citi

2023-07-25 12:07:00

<p>Citi analysts increased their price target on <a href='https://financialmodelingprep.com/financial-summary/COIN'>Coinbase Global (NASDAQ:COIN)</a> to $105.00 from $65.00 while reiterating their Neutral rating. The analysts commented that despite positive elements from Ripple's surprise ruling and the subsequent momentum in the crypto market, investors should not be overly aggressive due to several reasons.</p> <p>These include the indication that the current "Howey Test" guidelines are unlikely to be modified, the insufficiency of the "Fair Notice" defense tactic, potential regulatory vulnerabilities for alt-coins using proof-of-stake mechanisms, and the uncertainty surrounding the duration required for exchange volumes to recover from multi-year lows.</p>

NASDAQ:COIN

https://financialmodelingprep.com/market-news/fmp-coinbase’s-price-target-raised-at-citi

Davit Kirakosyan

Financial Modeling Prep

F5 Networks Jumps 10% After Q3 Beat

2023-07-25 07:42:00

<p><a href='https://financialmodelingprep.com/financial-summary/FFIV'>F5 Networks (NASDAQ:FFIV)</a> shares experienced a significant surge of more than 10% in pre-market today following the release of its Q3 earnings report. The company's EPS for the quarter stood at $3.21, surpassing the Street estimate of $2.86.</p> <p>F5 Networks achieved a 4% year-over-year revenue growth, reaching $703 million, which exceeded the Street estimate of $698.81 million. The company witnessed an 8% increase in global services revenue and a 1% rise in product revenue. </p> <p>CEO François Locoh-Donou expressed confidence in the company's performance, noting the successful delivery of gross margin improvement and operating leverage. He reaffirmed their commitment to achieving double-digit non-GAAP earnings growth for fiscal year 2023. Looking ahead to Q4/23, F5 Networks anticipates an EPS range of $3.15 to $3.27, compared to the Street estimate of $3.22, and revenue in the range of $690 million to $710 million, compared to the Street estimate of $702 million.</p>

NASDAQ:FFIV

https://financialmodelingprep.com/market-news/fmp-f5-networks-jumps-10-after-q3-beat

Davit Kirakosyan

Financial Modeling Prep

Walmart Earns an Upgrade at Piper Sandler, Shares Up

2023-07-25 07:39:00

<p>Piper Sandler analysts upgraded <a href='https://financialmodelingprep.com/financial-summary/WMT'>Walmart (NYSE:WMT)</a> to Overweight from Neutral with a new price target of $210.00 (previously $145.00), attributed to market share gains. As a result, shares rose more than 1% pre-market today.</p> <p>The analysts expressed confidence in Walmart's ability to further expand its market share as grocery inflation subsides. Piper Sandler emphasized the company's focus on competitive pricing and noted they expect a gradual increase in promotional activities, which bodes well with Walmart given the company’s strong focus on price. As a result, the analysts raised their estimates and consequently upgraded the stock.</p>

NYSE:WMT

https://financialmodelingprep.com/market-news/fmp-walmart-earns-an-upgrade-at-piper-sandler-shares-up

Davit Kirakosyan

Financial Modeling Prep

ZoomInfo Technologies Shares Dropped 4% on RBC Capital Downgrade

2023-07-24 15:19:00

<p><a href='https://financialmodelingprep.com/financial-summary/ZI'>ZoomInfo Technologies (NASDAQ:ZI)</a> experienced a decline of more than 4% intra-day today after RBC Capital downgraded the stock from Outperform to Sector Perform and adjusted the price target to $28, down from the previous target of $30.</p> <p>The decision to downgrade was based on several factors. Firstly, RBC Capital observed increasing competition in the market, which could pose challenges for ZoomInfo. Additionally, there are concerns about potential risks to ZoomInfo's core value proposition due to GenAI, and the company is facing ongoing macroeconomic challenges. Moreover, data privacy concerns are seen as a long-term overhang on the stock.</p> <p>Although ZoomInfo still offers extensive data, competitors are catching up by providing similar functionality at significantly lower prices. Considering ZoomInfo's relatively high cost, with a list price of over $10,000 per year, it becomes difficult for the company to effectively compete against this combination of factors. Given these circumstances and the stock's recent 40% rise from May lows, RBC Capital analysts believed it was appropriate to trim exposure to ZoomInfo at this time.</p>

NASDAQ:ZI

https://financialmodelingprep.com/market-news/fmp-zoominfo-technologies-shares-dropped-4-on-rbc-capital-downgrade-

Davit Kirakosyan

Financial Modeling Prep

ON Semiconductor Slashed to Neutral at Rosenblatt

2023-07-24 15:14:00

<p>Rosenblatt analysts downgraded <a href='https://financialmodelingprep.com/financial-summary/ON'>ON Semiconductor (NASDAQ:ON)</a> to Neutral from Buy and set a price target of $95.00, acknowledging that the company's shares have experienced significant growth since the coverage was initiated in June 2020. </p> <p>The analysts attribute this success to the new management team's strategic focus on the Industrial and Automotive markets, which resulted in sales growth, margin expansion, and earnings growth that outperformed industry peers. </p> <p>However, the analysts are now opting to take a more cautious stance due to emerging indicators of shorter automotive semiconductor lead times and rising new-vehicle inventory. Despite the resilience of the Automotive and Industrial sectors, especially for analog products with increasing content, the capacity expansion has apparently caught up with demand, suggesting an impending correction in the market.</p>

NASDAQ:ON

https://financialmodelingprep.com/market-news/fmp-on-semiconductor-slashed-to-neutral-at-rosenblatt

Davit Kirakosyan

Financial Modeling Prep

Chevron Stock Gains on Preliminary Q2 Results & Management Changes

2023-07-24 15:06:00

<p><a href='https://financialmodelingprep.com/financial-summary/CVX'>Chevron (NYSE:CVX)</a> released its preliminary Q2 results along with announcing some changes in its management. As a result, shares gained more than 2% intra-day today.</p> <p>For Q2, the company's earnings stood at $6 billion, with adjusted earnings amounting to $5.8 billion. EPS was recorded at $3.20, surpassing the expected figure of $2.99.</p> <p>In addition to the financial results, Chevron made notable management announcements. They decided to waive the mandatory retirement age provision for the current chairman and CEO, Mike Wirth. Furthermore, Pierre Breber, who has served as the CFO for a long time, is set to step down on March 1, 2024.</p> <p>The company revealed that Eimear Bonner, who presently holds the position of vice president and chief technology officer and also serves as the president of the Chevron Technical Center, will be taking over as the new chief financial officer, succeeding Breber in that role.</p>

NYSE:CVX

https://financialmodelingprep.com/market-news/fmp-chevron-stock-gains-on-preliminary-q2-results-&-management-changes

Davit Kirakosyan

Financial Modeling Prep

Domino's Pizza Reports Q2 EPS Beat, Shares Gain

2023-07-24 15:02:00

<p><a href='https://financialmodelingprep.com/financial-summary/DPZ'>Domino's Pizza (NYSE:DPZ)</a> shares gained more than 4% intra-day today following the release of their Q2 results. In this quarter, the company reported an EPS of $3.08 on revenue of $1.03 billion, compared to the Street estimates of $3.06 on revenue of $1.07 billion.</p> <p>The Q2 results revealed a 3.8% decrease in overall sales compared to the previous year. However, there was a modest 0.1% year-over-year growth in comparable sales, falling short of the expected 0.8% growth. While domestic sales saw a slight decline of 0.1%, international comparable sales saw a positive increase of 3.6%.</p> <p>Russell Weiner, the CEO of Domino's, addressed the challenges by stating that the company is actively working on revitalizing its delivery growth in the U.S. He emphasized his commitment to enhancing service, increasing staffing, and driving value and innovation, which they believe will ultimately lead to higher order counts in this crucial aspect of their business.</p>

NYSE:DPZ

https://financialmodelingprep.com/market-news/fmp-dominos-pizza-reports-q2-eps-beat-shares-gain

Davit Kirakosyan

Financial Modeling Prep

Apple’s Price Target Raised at Deutsche Bank Ahead of Q3

2023-07-24 12:19:00

<p>Deutsche Bank raised its price target on <a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple (NASDAQ:AAPL)</a> to $210.00 from $180.00 while reiterating its Buy rating ahead of the company’s Q3 earnings results, scheduled to be released on Aug 3.</p> <p>The analysts expect the Q3 results and guidance for Q4 to be in line with or slightly exceed the current estimates of the Street. Recent checks and third-party data indicate positive prospects for iPhone, Mac, and Services, suggesting potential upside.</p> <p>Even though the recovery in global smartphone demand is not as robust as anticipated, it appears that the premium market, including Apple, is experiencing less impact. Moreover, the preparation for the launch of the new iPhone seems to be progressing well, leading to the belief that iPhone unit sales could grow year-on-year in 2023, contrary to the Street's expectations of around a 5% decline.</p> <p>The analysts also highlighted the potential for EPS improvement from foreign exchange dynamics, which previously had a negative effect on revenue growth and gross margins. </p>

NASDAQ:AAPL

https://financialmodelingprep.com/market-news/fmp-apple’s-price-target-raised-at-deutsche-bank-ahead-of-q3

Davit Kirakosyan

Financial Modeling Prep

NVIDIA’s Price Target Raised at Mizuho Securities

2023-07-24 11:51:00

<p>Mizuho Securities increased its price target on <a href='https://financialmodelingprep.com/financial-summary/NVDA'>NVIDIA (NASDAQ:NVDA)</a> to $530 from $400 while reiterating its Buy rating on the stock.</p> <p>After a thorough examination of the overall server industry and the future of artificial intelligence (AI), Mizuho analysts anticipate that the demand for GenAI (generative AI) will continue to be a driving force.</p> <p>According to their assessment, there is a substantial opportunity for the GPU supplier NVIDIA. The total addressable market (TAM) is predicted to expand tenfold in the next five years, surpassing $400 billion.</p> <p>The analysts expect AI server adoption to reach around 11% by 2027. They believe that NVIDIA, with a more conservative market share of approximately 75% (compared to its current share of over 90%), could potentially generate around $300 billion in revenue from AI-related products.</p>

NASDAQ:NVDA

https://financialmodelingprep.com/market-news/fmp-nvidia’s-price-target-raised-at-mizuho-securities

Davit Kirakosyan

Financial Modeling Prep

American Express Shares Dropped 3% Despite Posting Strong Q2 Income

2023-07-22 11:38:00

<p><a href='https://financialmodelingprep.com/financial-summary/AXP'>American Express (NYSE:AXP)</a> shares dropped more than 3% on Friday despite the company reporting better-than-expected Q2 income, attributed to the continued spending of its younger affluent customers, despite the presence of elevated interest rates and persistent inflation.</p> <p>Q2 EPS came in at $2.89, surpassing the Street estimate of $2.81 by $0.08. Additionally, the company's revenue for the quarter amounted to $15.05 billion, slightly lower than the Street estimate of $15.41 billion.</p> <p>Regarding their future outlook, American Express reaffirmed its earnings guidance for the fiscal year 2023, expecting EPS to be in the range of $11.00 to $11.40, compared to the Street estimate of $11.11. They also maintained their projected revenue growth of 15% to 17%.</p>

NYSE:AXP

https://financialmodelingprep.com/market-news/fmp-american-express-shares-dropped-3-despite-posting-strong-q2-income

Davit Kirakosyan

Financial Modeling Prep

Knight Transportation Reports Q2 Miss, Gets Downgraded

2023-07-22 11:36:00

<p><a href='https://financialmodelingprep.com/financial-summary/KNX'>Knight Transportation (NYSE:KNX)</a> announced its Q2 financial results on Thursday. The company reported EPS of $0.49 for the quarter, which was lower than the Street estimate of $0.59. Additionally, their revenue for the quarter was $1.6 billion, matching the consensus estimate.</p> <p>Knight Transportation provided guidance for the fiscal year 2023, projecting EPS to be in the range of $2.10 to $2.30, significantly lower than the Street estimate of $2.76.</p> <p>Following the release of these results, CFRA downgraded Knight Transportation from Hold to Sell, setting a price target of $48.00. Similarly, Evercore ISI downgraded the company from Outperform to In Line, adjusting the price target to $52.00 from the previous $60.00.</p>

NYSE:KNX

https://financialmodelingprep.com/market-news/fmp-knight-transportation-reports-q2-miss-gets-downgraded

Davit Kirakosyan

Financial Modeling Prep

Deckers Outdoor’s Price Target Raised at Citi

2023-07-22 11:34:00

<p>Citi increased its price target on <a href='https://financialmodelingprep.com/financial-summary/DECK'>Deckers Outdoor (NYSE:DECK)</a> to $665.00 from prior $515.00 while keeping its Buy rating on the stock unchanged. They expect a strong Q1/24 earnings beat on July 27, with an estimated EPS of $2.59, compared to the Street estimate of $2.13. </p> <p>The analysts anticipate improved Hoka DTC sales and higher gross margin. Additionally, they expect management to raise fiscal 2024 sales guidance to low-double-digit growth and adjust EPS accordingly. Citi's 2024 of $23.01 is above the Street estimate of $21.97 due to strong Hoka sales and GM outlook.</p>

NYSE:DECK

https://financialmodelingprep.com/market-news/fmp-deckers-outdoor’s-price-target-raised-at-citi

Davit Kirakosyan

Financial Modeling Prep

SAP Reports Q2 Beat, But Cloud Revenue Worse Than Expected

2023-07-22 11:30:00

<p><a href='https://financialmodelingprep.com/financial-summary/SAP'>SAP SE (NYSE:SAP)</a> reported its Q2 earnings results on Thursday, with a profit of €0.62 per share on revenue of €7.55 billion, compared to the Street estimate of €0.54 and €7.2 billion, respectively.</p> <p>However, SAP's Cloud and software revenue was reported at €6.51 billion, falling short of the average analyst expectations. Similarly, cloud-only revenue came in at €3.32 billion, also below analysts' expectations. Despite this, the cloud revenue showed a year-over-year increase of 22% at constant currency rates.</p> <p>SAP adjusted its full-year operating profit outlook modestly, raising it to a range of €8.65 to €8.95 billion, up from the prior forecast of €8.6 to €8.9 billion. Nevertheless, the cloud revenue forecast was lowered to €14.1 billion, down from the previous forecast of €14.2 billion.</p>

NYSE:SAP

https://financialmodelingprep.com/market-news/fmp-sap-reports-q2-beat-but-cloud-revenue-worse-than-expected

Davit Kirakosyan

Financial Modeling Prep

Harley-Davidson Stock Surges 5% on DA Davidson Upgrade

2023-07-21 08:44:00

<p><a href='https://financialmodelingprep.com/financial-summary/HOG'>Harley-Davidson (NYSE:HOG)</a> shares gained nearly 5% pre-market today after DA Davidson upgraded the company to Buy from Neutral and increased its price target to $47.00 from $38.00. The decision to adopt a more bullish stance was influenced by positive feedback from the motorcycle industry checks.</p> <p>According to DA Davidson, their latest round of checks revealed a more optimistic sentiment from dealers compared to the previous assessment in May. It appears that April was likely the weakest month of the quarter for the company, as retail performance gradually improved throughout the second quarter. Furthermore, dealers made significant progress in clearing non-current inventory, and early indications suggest that pre-order demand for Harley-Davidson's new custom vehicle operation (CVO) product launch is surpassing expectations.</p> <p>Looking ahead to Harley-Davidson's upcoming earnings release on July 27, DA Davidson believes that the company is positioned to surpass the relatively low expectations surrounding retail performance, second-quarter earnings, and their outlook for the second half of 2023.</p>

NYSE:HOG

https://financialmodelingprep.com/market-news/fmp-harley-davidson-stock-surges-5-on-da-davidson-upgrade

Davit Kirakosyan

Financial Modeling Prep

Microsoft’s Price Target Raised at Goldman Sachs

2023-07-21 08:42:00

<p>Goldman Sachs increased its price target on <a href='https://financialmodelingprep.com/financial-summary/MSFT'>Microsoft (NASDAQ:MSFT)</a> to $400.00, up from the previous target of $350.00, while maintaining a Buy rating on the stock.</p> <p>The analysts’ decision to raise the price target is based on Microsoft's recent Copilot announcements. With the launch of Microsoft 365 Copilot, which will be available to more than 380 million users at a price of $30 per month, the total addressable market (TAM) is estimated to be over $135 billion in the long term. The analysts believe that Microsoft has the potential to capture 15-30% of this market opportunity by the fiscal year 2026, assuming a launch around mid to late fiscal year 2024. The widespread adoption of Copilot is expected to be quicker compared to the migration cycles of E3/E5, given the high productivity it offers.</p> <p>This analysis reinforces the belief that Microsoft Cloud, which includes Azure and Office, can sustain a growth rate of around 20% in the coming years, driven by enterprises' increasing tendency to integrate General Artificial Intelligence (Gen-AI) services. As for Azure specifically, the analysts predict that the sequential deceleration in growth will stabilize as the impact of optimization trends levels off and Gen-AI workloads are incorporated, contributing to its expansion.</p>

NASDAQ:MSFT

https://financialmodelingprep.com/market-news/fmp-microsoft’s-price-target-raised-at-goldman-sachs-

Davit Kirakosyan

Financial Modeling Prep

Netflix posts mixed Q2 earnings, stock plunges 8%

2023-07-20 17:13:00

<p>Following <a href='https://financialmodelingprep.com/financial-summary/NFLX'>Netflix's (NASDAQ:NFLX)</a> mixed Q2 earnings report, the company's shares experienced a decline of over 8% yesterday.</p> <p>While the EPS of $3.29 surpassed the Street estimate of $2.84, the revenue of $8.19 billion fell short of the expected $8.27 billion. The 3% year-over-year growth in revenue was driven by a 6% increase in average paid membership, but the Average Revenue per Membership (ARM) declined by 3% compared to the previous year.</p> <p>In Q2, Netflix successfully expanded paid sharing to more than 100 countries, covering over 80% of its total revenue, resulting in the addition of 5.9 million paid net subscribers. This exceeded market expectations of around 4 million net subscriber additions.</p> <p>Looking ahead, Netflix's management anticipates a growth acceleration in revenue during the second half of 2023, as the company begins to reap the full benefits of paid sharing and experiences consistent growth in its ad-supported plan. For Q3, Netflix projects revenue of $8.5 billion, reflecting a 7% year-over-year increase.</p>

NASDAQ:NFLX

https://financialmodelingprep.com/market-news/fmp-netflix-posts-mixed-q2-earnings-stock-plunges-8

Davit Kirakosyan

Financial Modeling Prep

American Airlines Stock Drops 6% Despite Q2 Beat

2023-07-20 17:11:00

<p><a href='https://financialmodelingprep.com/financial-summary/AAL'>American Airlines (NASDAQ:AAL)</a> shares dropped more than 6% today despite the company reporting better-than-expected Q2 earnings results. Q2 EPS came in at $1.92, compared to the Street estimate of $1.56. Revenue was $14.1 billion, beating the Street estimate of $13.72 billion.</p> <p>The airline has benefited from reduced jet fuel costs and strong overall passenger demand, particularly during the U.S. Memorial Day weekend in late May. Despite recent weather challenges and air traffic control shortages impacting the U.S. airline industry, American Airlines maintained its momentum throughout June.</p> <p>The company provided its fiscal 2023 outlook, expecting EPS to be in the range of $3.00-$3.75, compared to the Street estimate of $3.08.</p>

NASDAQ:AAL

https://financialmodelingprep.com/market-news/fmp-american-airlines-stock-drops-6-despite-q2-beat

Davit Kirakosyan

Financial Modeling Prep

IBM Stock Gains 3% Following Q2 Earnings Report

2023-07-20 17:08:00

<p><a href='https://financialmodelingprep.com/financial-summary/IBM'>IBM (NYSE:IBM) </a>shares rose more than 3% intra-day today after the company reported its Q2 earnings results, with EPS of $2.18 coming in better than the Street estimate of $2.02. However, revenue of $15.5 billion came in worse than the consensus estimate of $15.58 billion. </p> <p>The company provided its fiscal 2023 outlook, expecting revenues to grow in the range of 3-5%.</p> <p>BofA Securities analysts reaffirmed their Buy rating on IBM and raised their price target to $160.00 from $152.00, stating that they believe the positive momentum in IBM's business, including revenue growth and improvement in free cash flow, will persist. The analysts highlighted that IBM possesses a defensive portfolio, an appealing dividend yield, and an AI portfolio that is not fully recognized or valued by the market.</p>

NYSE:IBM

https://financialmodelingprep.com/market-news/fmp-ibm-stock-gains-3-following-q2-earnings-report

Davit Kirakosyan

Financial Modeling Prep

Qualcomm Initiated With Outperform Rating Ahead of Q3 Earnings

2023-07-20 17:05:00

<p>Wolfe Research analysts started coverage on <a href='https://financialmodelingprep.com/financial-summary/QCOM'>Qualcomm (NASDAQ:QCOM)</a> with an Outperform rating and a price target of $145.00 ahead of the company’s upcoming Q3/23 earnings announcement, scheduled on July 26.</p> <p>The analysts stated that they believe the smartphone market is approaching a low point in its cycle following a period of over a year dedicated to correcting inventory. They also note that the downturn has been longer than anticipated due to what they perceive as Android losing market share to the iPhone in a structural manner. According to the analyst, Qualcomm is currently shipping fewer units than what customers are consuming, which could lead to positive mean reversion once the inventory normalizes.</p> <p>The analysts highlighted that a challenge for Qualcomm in 2024 is the loss of iPhone modem revenue. However, since this loss is already factored into the company's guidance, it could potentially be a source of upside if Apple fails to qualify their modem again. In the long run, Qualcomm possesses options that are not available to other smartphone participants, such as secure design wins in the automotive industry and the potential for expansion into the PC market.</p>

NASDAQ:QCOM

https://financialmodelingprep.com/market-news/fmp-qualcomm-initiated-with-outperform-rating-ahead-of-q3-earnings-

Davit Kirakosyan

Financial Modeling Prep

Tesla Stock Drops 4% Despite Better Than Expected Q2 Results

2023-07-20 09:35:00

<p><a href='https://financialmodelingprep.com/financial-summary/TSLA'>Tesla (NASDAQ:TSLA)</a> reported its Q2 earnings results yesterday, with EPS of $0.91 coming in above the Street estimate of $0.79. Revenue was $24.93 billion, beating the Street estimate of $24.29 billion. Despite the beat, shares fell more than 4% pre-market today.</p> <p>According to the analysts at JPMorgan, who reiterated their Underweight rating and $120 price target on Tesla stock, this was the fourth consecutive time the company missed its quarterly operating profit estimates, primarily due to the ongoing practice of prioritizing sales over profits. </p> <p>The automotive adjusted gross margin, excluding the revenue generated from regulatory credits, has become a major focus for investors. Last quarter, this crucial performance indicator surprised investors by declining 1,100 basis points year-on-year, dropping from an impressive 30.0% in Q1/22 to 19.0% in Q1/23.</p>

NASDAQ:TSLA

https://financialmodelingprep.com/market-news/fmp-tesla-stock-drops-4-despite-better-than-expected-q2-results-

Davit Kirakosyan

Financial Modeling Prep

Catalent Stock Jumps 6% as Elliott Acquires a Significant Stake

2023-07-20 09:32:00

<p>According to The Wall Street Journal report, activist investor Elliott Investment Management has acquired a considerable portion of <a href='https://financialmodelingprep.com/financial-summary/CTLT'>Catalent (NYSE:CTLT)</a> stock. Following this news, shares experienced a surge of around 6% pre-market today.</p> <p>The report further mentioned that Elliott Investment Management is engaging in discussions with potential candidates for director positions, with the intention of contesting in a proxy battle. Although the exact size of the stake was not disclosed, it was described as "significant" by the WSJ. Catalent has set July 29 as the deadline for nominations for director candidates.</p> <p>Elliott's efforts to bring about changes coincide with the departure of the company's CFO in April and operational challenges that caused a significant decline in Catalent's shares a few months ago.</p>

NYSE:CTLT

https://financialmodelingprep.com/market-news/fmp-catalent-stock-jumps-6-as-elliott-acquires-a-significant-stake

Davit Kirakosyan

Financial Modeling Prep

Catalent Stock Jumps 6% as Elliott Acquires a Significant Stake

2023-07-20 09:31:00

<p>According to The Wall Street Journal report, activist investor Elliott Investment Management has acquired a considerable portion of <a href='https://financialmodelingprep.com/financial-summary/CTLT'>Catalent (NYSE:CTLT)</a> stock. Following this news, shares experienced a surge of around 6% pre-market today.</p> <p>The report further mentioned that Elliott Investment Management is engaging in discussions with potential candidates for director positions, with the intention of contesting in a proxy battle. Although the exact size of the stake was not disclosed, it was described as "significant" by the WSJ. Catalent has set July 29 as the deadline for nominations for director candidates.</p> <p>Elliott's efforts to bring about changes coincide with the departure of the company's CFO in April and operational challenges that caused a significant decline in Catalent's shares a few months ago.</p>

NYSE:CTLT

https://financialmodelingprep.com/market-news/fmp-catalent-stock-jumps-6-as-elliott-acquires-a-significant-stake

Davit Kirakosyan

Financial Modeling Prep

Carvana Stock Jumps 40% on Q2 Beat

2023-07-19 17:06:00

<p><a href='https://financialmodelingprep.com/financial-summary/CVNA'>Carvana (NYSE:CVNA)</a> shares jumped more than 40% today after the company reported its Q2 earnings results, with EPS of ($0.55) coming in better than the Street estimate of ($1.15). Revenue was $2.97 billion, beating the Streets estimate of $2.6 billion.</p> <p>DA Davidson analysts increased their price target to $60 from $18, while reiterating their Neutral rating on the stock. According to the analysts, Carvana has completed the initial phase of its turnaround and is progressing well toward the next phase. The company has improved its financial position by shifting its focus from top-line growth to profitability. Additionally, Carvana has undergone a favorable capital restructuring and shows signs of improved industry trends or at least less negative trends. </p>

NYSE:CVNA

https://financialmodelingprep.com/market-news/fmp-carvana-stock-jumps-40-on-q2-beat-

Davit Kirakosyan

Financial Modeling Prep

Goldman Sachs Reports Q2 EPS Miss

2023-07-19 17:02:00

<p><a href='https://financialmodelingprep.com/financial-summary/GS'>Goldman Sachs (NYSE:GS)</a> announced its Q2 earnings results today, with EPS coming in lower than expected. The bank faced several challenges, including charges associated with its home improvement lending group, GreenSky, and losses in its consumer and real estate loan portfolios.</p> <p>Q2 EPS was $3.08, below the Street estimate of $3.18. The company's revenue for the quarter amounted to $10.9 billion, surpassing the Street estimate of $10.66 billion.</p> <p>The financial performance was negatively impacted by a $504 million write-down on GreenSky, a company that Goldman Sachs acquired in 2021 and is currently seeking to sell. Additionally, the company recorded a $485 million impairment charge related to its consolidated real estate investments.</p> <p>Furthermore, investment banking fees experienced a decline of 20%, totaling $1.43 billion, while trading revenue from fixed income, currency, and commodities decreased by more than a quarter.</p>

NYSE:GS

https://financialmodelingprep.com/market-news/fmp-goldman-sachs-reports-q2-eps-miss

Davit Kirakosyan

Financial Modeling Prep

Coinbase Shares Gain 3% on Analyst Upgrade

2023-07-19 17:00:00

<p>Compass Point analysts increased their price target on <a href='https://financialmodelingprep.com/financial-summary/COIN'>Coinbase Global (NASDAQ:COIN)</a> to $145 from $100 while keeping their Buy rating unchanged. As a result, shares gained more than 3% intra-day today. The analysts provided comments regarding the update in estimates ahead of Coinbase's Q2/23 earnings release, which is scheduled for August 3. </p> <p>The revised estimates reflect a slight decrease in projected revenue and adjusted EBITDA for Q2. This adjustment is primarily attributed to lower-than-anticipated trading volumes in the crypto spot market, both for Coinbase and the overall market during the period. Despite the recent strength in prices of cryptocurrencies such as BTC, trading activity did not see the expected increase. This softness in trading volumes has continued into Q3/23, leading the analysts to revise their projected recovery in trading volumes to 2024. </p> <p>However, the analysts highlighted the importance of monitoring any commentary regarding the outlook for the newly launched Bermuda futures exchange. They believe this presents an undervalued source of revenue growth, considering that the crypto derivatives market is over five times the size of the spot market.</p>

NASDAQ:COIN

https://financialmodelingprep.com/market-news/fmp-coinbase-shares-gain-3-on-analyst-upgrade

Davit Kirakosyan

Financial Modeling Prep

Macy's Stock Up 2% Following On 34th Brand Announcement

2023-07-19 16:57:00

<p><a href='https://financialmodelingprep.com/financial-summary/M'>Macy's (NYSE:M)</a> shares gained more than 2% intra-day today following the announcement of its new private brand, On 34th.</p> <p>On 34th is a collection of women's apparel and accessories designed for modern life while incorporating classic elements. Macy's has embarked on a customer-centric approach to revamp its private brands portfolio, with On 34th being the first brand to launch as part of this initiative. In total, four new brands will be introduced as part of this reimagining process.</p> <p>From August 17 onwards, customers will have access to On 34th products at Macy's physical stores, on Macys.com, and through the Macy's mobile app. The collection will initially include apparel and accessories, with On 34th shoes set to be released in the spring of 2024.</p>

NYSE:M

https://financialmodelingprep.com/market-news/fmp-macys-stock-up-2-following-on-34th-brand-announcement-

Davit Kirakosyan

Financial Modeling Prep

VMware Stock Jumps 7% on U.K. CMA's Provisional Clearance of Broadcom Acquisition

2023-07-19 08:42:00

<p><a href='https://financialmodelingprep.com/financial-summary/VMW'>VMware (NYSE:VMW)</a> stock jumped more than 7% pre-market today following the provisional clearance by the U.K.'s CMA for Broadcom's anticipated acquisition of the company. </p> <p>The Competition and Markets Authority stated that, based on their preliminary findings, the acquisition of VMware by Broadcom is unlikely to result in a significant decrease in competition regarding the supply of server hardware components in the United Kingdom. However, it's important to note that this is not the final decision, as a final report is expected to be released on September 12, 2023.</p> <p>In a separate development, the European Commission previously granted conditional approval for the deal in June. Under the terms of the agreement reached in May 2022, VMware will be acquired by Broadcom at a valuation of approximately $69 billion, with each VMware share exchanged for 0.2520 shares of Broadcom common stock.</p>

NYSE:VMW

https://financialmodelingprep.com/market-news/fmp-vmware-stock-jumps-7-on-uk-cmas-provisional-clearance-of-broadcom-acquisition

Davit Kirakosyan

Financial Modeling Prep

Omnicom Shares Drop 6% Following Q2 Revenue Miss

2023-07-19 08:39:00

<p><a href='https://financialmodelingprep.com/financial-summary/OMC'>Omnicom Group (NYSE:OMC)</a> stock dropped more than 6% pre-market today after the company released its Q2 financial results, which fell short of Street expectations. The company reported EPS of $1.81, slightly exceeding the Street estimate of $1.80. However, revenue only grew by 1.2% compared to the previous year, reaching $3.61 billion, which was lower than the Street estimate of $3.67 billion.</p> <p>CEO John Wren acknowledged the prevailing economic uncertainty but expressed optimism about the company's prospects, stating that they are entering a dynamic and promising new era.</p> <p>In terms of organic revenue, Omnicom Group saw a year-over-year increase of 3.4%, slightly below the anticipated growth of 3.7% by the Street. Additionally, while the consensus forecasted an operating margin of 15.8%, the Q2 report revealed a margin of 15.3%.</p>

NYSE:OMC

https://financialmodelingprep.com/market-news/fmp-omnicom-shares-drop-6-following-q2-revenue-miss

Davit Kirakosyan

Financial Modeling Prep

Uber Price Target Raised at Roth/MKM, Shares Surge

2023-07-18 15:06:00

<p>Roth/MKM analysts increased the price target for <a href='https://financialmodelingprep.com/financial-summary/UBER'>Uber (NYSE:UBER)</a> to $59.00, maintaining a Buy rating. Shares rose more than 3% intra-day today. </p> <p>The analyst states that their UBER model has been updated, with Gross Bookings and Revenue estimates for 2023/2024 remaining above consensus and unchanged. However, EBITDA and EPS estimates for 2023/2024 have been raised by 15%. The new price target of $59 is based on 0.60x 2024 Gross Bookings and 25.0x 2024 EBITDA. </p> <p>Despite Uber's strong year-to-date performance of over 90%, the Buy rating is reiterated due to the anticipated accelerated generation of free cash flow in the future, as well as potential non-fundamental catalysts such as S&P 500 addition, stock buybacks, and corporate development actions.</p>

NYSE:UBER

https://financialmodelingprep.com/market-news/fmp-uber-price-target-raised-at-rothmkm-shares-surge

Davit Kirakosyan

Financial Modeling Prep

Apple’s Upcoming Q3 Earnings Preview

2023-07-18 15:02:00

<p>Jefferies analysts anticipate a "quiet quarter" for <a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple (NASDAQ:AAPL)</a>, but raised the price target to $225 from $210 ahead of the upcoming Q3/23 earnings, scheduled to be reported on Aug 3. The firm maintained its Buy rating.</p> <p>The analysts acknowledge that after Apple outlined its long-term computing vision in June, this earnings call will refocus on the iPhone and services as the key drivers of the stock. They expect both segments to demonstrate enough resilience to deliver a quarter in line with or slightly better than expectations.</p> <p>The firm predicts revenue of $83.6 billion for the quarter, surpassing the Street estimate of $81.6 billion. Regarding hardware, the analysts foresee flat iPhone revenue, a decrease in iPad revenue, an increase in Mac revenue due to higher unit sales compensating for lower average selling prices, and a slight decline in wearables revenue.</p>

NASDAQ:AAPL

https://financialmodelingprep.com/market-news/fmp-apple’s-upcoming-q3-earnings-preview

Davit Kirakosyan

Financial Modeling Prep

Novartis Stock Surge 4% Following Q2 Earnings

2023-07-18 14:59:00

<p><a href='https://financialmodelingprep.com/financial-summary/NVS'>Novartis (NYSE:NVS)</a> shares gained more than 4% intra-day today after the company exceeded expectations with its Q2 results. The company reported EPS of $1.83 on revenue of $13.62 billion, surpassing the Street estimates of $1.71 on revenue of $13.51 billion. This marks a 9% year-over-year increase in revenue.</p> <p>Novartis demonstrated strong sales growth and robust margin expansion, leading to an increase in the company's guidance for 2023. The positive performance was observed across core therapeutic areas and key geographic regions. CEO Vas Narasimhan emphasized the company's confidence in its mid-term growth outlook, thanks to growth drivers and a promising pipeline with upcoming milestones for Kisqali, Pluvicto, and iptacopan.</p> <p>Novartis revised its full-year revenue forecast, now expecting high-single-digit rate growth compared to the previous mid-single-digit rate projection. </p>

NYSE:NVS

https://financialmodelingprep.com/market-news/fmp-novartis-stock-surge-4-following-q2-earnings-

Davit Kirakosyan

Financial Modeling Prep

PNC Financial Reports Q2 Revenue Miss, Cuts Guidance

2023-07-18 14:57:00

<p><a href='https://financialmodelingprep.com/financial-summary/PNC'>PNC Financial Services (NYSE:PNC)</a> reported its Q2 earnings results on Tuesday, with EPS of $3.36 coming in above the Street estimate of $3.29. However, the revenue for the quarter was $5.29 billion, lower than the Street estimate of $5.45 billion.</p> <p>Compared to the previous year, net income in Q2 declined by 11% to $1.5 billion. Additionally, net interest income decreased by $75 million, or 2%, to $3.5 billion. This decline was attributed to increased funding costs and lower loan and securities balances, despite higher yields on interest-earning assets.</p> <p>Looking ahead, the company revised its outlook for net interest income for the year. The bank now expects it to grow between 5% and 6%, which is lower than the previous projection of 6% to 8% growth.</p>

NYSE:PNC

https://financialmodelingprep.com/market-news/fmp-pnc-financial-reports-q2-revenue-miss-cuts-guidance-

Davit Kirakosyan

Financial Modeling Prep

Nokia Shares Drop 8% After Preliminary Q2 Earnings

2023-07-17 12:18:00

<p><a href='https://financialmodelingprep.com/financial-summary/NOK'>Nokia (NYSE:NOK)</a> announced preliminary results for the Q2 that were below expectations, leading to a more than 8% decline in its shares on Friday.</p> <p>Nokia anticipates Q2 sales of 5.7 billion euros, falling short of the Street estimate of 6 billion euros. The company also expects a comparable operating profit margin of 11%.</p> <p>Consequently, Nokia has revised its full-year sales forecast to a range of 23.2-24.6 billion euros, which is lower than the previously anticipated range of 24.6-26.2 billion euros. The outlook for the comparable operating margin range has also been narrowed to 11.5-13%, compared to the previous range of 11.5-14%.</p> <p>In an update, Nokia explained that these adjustments primarily pertain to its Network Infrastructure and Mobile Networks business groups. The company attributed the weaker demand outlook for the latter half of the year to a combination of macroeconomic factors and customers' inventory management. Customer spending plans have been increasingly affected by high inflation and rising interest rates, leading to delays in certain projects, notably in North America, which is now expected to occur in 2024. </p>

NYSE:NOK

https://financialmodelingprep.com/market-news/fmp-nokia-shares-drop-8-after-preliminary-q2-earnings-

Davit Kirakosyan

Financial Modeling Prep

Wells Fargo Reports Q2 Beat

2023-07-17 12:16:00

<p><a href='https://financialmodelingprep.com/financial-summary/WFC'>Wells Fargo (NYSE:WFC)</a> released better-than-expected Q2 results on Friday. The company reported EPS of $1.25, surpassing the Street estimate of $1.18. The revenue for the quarter amounted to $20.53 billion, exceeding the Street estimate of $20.1 billion.</p> <p>The net interest income (NII) demonstrated a significant increase of 29%, reaching $13.16 billion. The Common Equity Tier 1 (CET1) ratio stood at 10.7%.</p> <p>CEO Charlie Scharf acknowledged the positive impact of higher interest rates on the company's strong net interest income and emphasized their focus on expense management. Scharf also noted that net loan charge-offs had risen compared to the previous quarter, with consumer charge-offs deteriorating slightly. In Commercial Banking, charge-offs increased due to a small number of borrowers, but there were no signs of systemic weakness across the portfolio. </p> <p>Additionally, losses in commercial real estate, particularly in the office portfolio, contributed to the increase in charge-offs. Scharf stated that although significant losses had not been observed in the office portfolio so far, they are reserving for the anticipated market weakness in that sector over time.</p>

NYSE:WFC

https://financialmodelingprep.com/market-news/fmp-wells-fargo-reports-q2-beat

Davit Kirakosyan

Financial Modeling Prep

Yeti Plunges 5% Following KeyBanc Downgrade

2023-07-17 12:13:00

<p><a href='https://financialmodelingprep.com/financial-summary/YETI'>Yeti Holdings (NYSE:YETI)</a> has been downgraded from Sector Weight to Underweight by KeyBanc analysts. As a result, shares dropped more than 5% intra-day today.</p> <p>The analysts expressed concerns based on their research within the quarter, which indicated a growing skepticism regarding Yeti's ability to achieve peak-season revenue growth as anticipated, even with the introduction of the soft cooler refresh. Additionally, the analysts doubt the company's ability to sustain double-digit growth in the medium term due to ongoing email promotions, high inventory levels in the wholesale channel, widespread in-store discounts, and weaker direct-to-consumer (DTC) trends.</p> <p>The analysts explains that recent price movements and additional evidence of continuous promotional activities, increased competition, and a decline in DTC performance have heightened the potential for downside risk. While initially hesitant to downgrade Yeti in mid-June, these factors have led the analysts to reassess their outlook on the stock.</p>

NYSE:YETI

https://financialmodelingprep.com/market-news/fmp-yeti-plunges-5-following-keybanc-downgrade

Davit Kirakosyan

Financial Modeling Prep

Twilio Stock Falls on Piper Sandler Downgrade

2023-07-17 12:11:00

<p><a href='https://financialmodelingprep.com/financial-summary/TWLO'>Twilio (NYSE:TWLO)</a> stock price dropped by more than 2% intra-day today following a downgrade by Piper Sandler. The downgrade was based on the expectation of messy sales and limited growth potential. The analysts lowered the rating from Overweight to Neutral but raised the price target to $71 from $56. </p> <p>According to analysts, although Twilio is experiencing more stability compared to previous quarters due to a decline in crypto and other obstacles, there is still uncertainty in the macro-environment and recent divestitures that will lead to challenges in meeting high sales estimates. Additionally, Twilio's management team has already taken internal measures to improve performance, including a reduction of the workforce by over 25%, divesting underperforming divisions, and addressing go-to-market and structural issues.</p>

NYSE:TWLO

https://financialmodelingprep.com/market-news/fmp-twilio-stock-falls-on-piper-sandler-downgrade

Davit Kirakosyan

Financial Modeling Prep

Yelp Stock Surges 4% on Goldman Sachs Upgrade

2023-07-17 08:45:00

<p><a href='https://financialmodelingprep.com/financial-summary/YELP'>Yelp's shares (NYSE:YELP)</a> gained more than 4% in pre-market today following an upgrade from Goldman Sachs, which raised the rating of Yelp shares from Neutral to Buy and increased the price target from $38 to $47. The upgrade is based on positive risk/reward factors and stable advertising trends.</p> <p>The analysts stated that the upgrade move was driven by consistent and growing local advertising trends, an analysis of potential profit margin expansion, and the possibility of stable or increased returns for shareholders in the future.</p> <p>The analysts are increasingly optimistic about Yelp's ability to maintain revenue growth in the mid-to-high single-digit percentage range from 2024 to 2027. Factors supporting this outlook include a stable or improving local advertising environment, recent investments in advertising technology leading to sustained price increases, and the successful scaling of newer initiatives like Yelp Audiences, which contribute to better auction density and revenue diversification. The company is also expected to achieve margin expansion through high-margin growth, controlled operating expenses, and the potential for additional gains from shareholder returns.</p>

NYSE:YELP

https://financialmodelingprep.com/market-news/fmp-yelp-stock-surges-4-on-goldman-sachs-upgrade

Davit Kirakosyan

Financial Modeling Prep

Netflix’s Upcoming Q2 Earnings Preview

2023-07-17 08:43:00

<p>Analysts at Evercore ISI predict a potential stock pullback for <a href='https://financialmodelingprep.com/financial-summary/NFLX'>Netflix (NASDAQ:NFLX)</a> after its Q2 earnings report on Wednesday. They suggest buying shares after the report. The market expects strong subscriber additions, but this may limit upside surprises and increase the chance of a negative surprise. </p> <p>Despite a recent "Tactical Underperform" call, analysts remain bullish on Netflix long-term due to improving fundamentals, decreased competition, and profitability growth. Analysts anticipate a 3.9% year-over-year revenue increase with a net subscriber gain of 2.22 million in Q2.</p>

NASDAQ:NFLX

https://financialmodelingprep.com/market-news/fmp-netflix’s-upcoming-q2-earnings-preview-

Davit Kirakosyan

Financial Modeling Prep

Citigroup Reports Better Than Expected Q2 Results

2023-07-16 17:45:00

<p><a href='https://financialmodelingprep.com/financial-summary/C'>Citigroup (NYSE:C)</a> reported its Q2 earnings results on Friday, with EPS of $1.33 beating the Street estimate of $1.30. Revenue came in at $19.4 billion, above the Street estimate of $19.27 billion, and representing a 1% decline year-over-year. Shares dropped more than 4% on Friday.</p> <p>Although Citi's U.S. personal banking division experienced expansion, this growth was offset by weakness in its investment banking and markets unit. Specifically, markets revenue decreased by 13% to $4.6 billion, and investment banking fees saw a significant drop of nearly a quarter to $612 million.</p> <p>The company announced a decline in profits for Q2 due to a decrease in deal activity affecting its investment banking division. However, this decrease was partially offset by growth in its personal banking segment.</p>

NYSE:C

https://financialmodelingprep.com/market-news/fmp-citigroup-reports-better-than-expected-q2-results

Davit Kirakosyan

Financial Modeling Prep

General Mills Earns an Upgrade at Argus

2023-07-16 17:41:00

<p>Argus analysts raised their rating of <a href='https://financialmodelingprep.com/financial-summary/GIS'>General Mills (NYSE:GIS)</a> from Hold to Buy, setting a price target of $90.00.</p> <p>General Mills holds a prominent position within the packaged food industry and possesses a wide range of established brands. The company is capitalizing on its major brands through promotional activities and the introduction of new products. Additionally, General Mills is expanding its business through strategic acquisitions, such as the recent purchase of TNT Crust, a manufacturer specializing in frozen pizza crusts. </p> <p>The company's management is actively focused on cost control and margin enhancement, implementing a comprehensive margin management program. The analysts highlighted the management's initiatives to develop a unique portfolio of brands catering to health-conscious consumers and increase revenue from innovative products. General Mills maintains a robust balance sheet, and management has demonstrated confidence in the company's future prospects by announcing a substantial 9% increase in the dividend, resulting in a current yield of approximately 3.1%.</p> <p>Overall, the analysts believe that General Mills is well-positioned to leverage its brand strength and enhance its profit margins.</p>

NYSE:GIS

https://financialmodelingprep.com/market-news/fmp-general-mills-earns-an-upgrade-at-argus

Davit Kirakosyan

Financial Modeling Prep

Coinbase Price Target Raised at Needham Following Ripple Case Court Ruling

2023-07-16 17:39:00

<p>Needham analysts increased <a href='https://financialmodelingprep.com/financial-summary/COIN'>Coinbase Global (NASDAQ:COIN)</a> price target to $120.00 from $70.00 while keeping their Buy rating unchanged. This adjustment follows a summary judgment related to the Ripple case.</p> <p>According to the analysts, the recent court ruling in the Ripple case with the SEC provides several key takeaways. Firstly, the court granted the SEC's motion, stating that institutional sales (initial XRP token sales) violated securities laws. However, the court denied the SEC's motion regarding programmatic sales (secondary XRP sales on crypto exchanges), as they did not constitute an investment contract. The court also denied the SEC's motion regarding other non-cash distributions, ruling that these distributions did not qualify as an investment contract since there was no exchange of money involved.</p> <p>This judgment is seen as a positive development for Coinbase as it sets a precedent indicating that crypto token sales through exchanges, at least in the case of XRP, did not violate securities laws. The analysts believe that this outcome should moderately reduce the regulatory pressure on the stock, thereby decreasing associated risks.</p>

NASDAQ:COIN

https://financialmodelingprep.com/market-news/fmp-coinbase-price-target-raised-at-needham-following-ripple-case-court-ruling

Davit Kirakosyan

Financial Modeling Prep

BlackRock Reports Q2 EPS Beat, But Money Inflows Decelerate

2023-07-16 17:34:00

<p><a href='https://financialmodelingprep.com/financial-summary/BLK'>BlackRock (NYSE:BLK)</a>, the largest asset manager globally, reported its Q2 earnings results on Friday, with EPS of $9.28 coming in better than the Street estimate of $8.43. Revenue was $4.46 billion, slightly lower than the Street estimate of $4.48 billion.</p> <p>However, the company experienced a deceleration in money inflows, leading to a decline of nearly 2% in its shares on Friday. During the quarter, net inflows totaled $80 billion, which is lower compared to $89.6 billion from the previous year and $110 billion in the first quarter.</p>

NYSE:BLK

https://financialmodelingprep.com/market-news/fmp-blackrock-reports-q2-eps-beat-but-money-inflows-decelerate-

Davit Kirakosyan

Financial Modeling Prep

Plug Power Earns an Upgrade at Northland Capital, Shares Surge 5%

2023-07-14 08:51:00

<p>Analysts at Northland Capital Markets raised their rating of <a href='https://financialmodelingprep.com/financial-summary/PLUG'>Plug Power (NASDAQ:PLUG)</a> from Market Perform to Outperform. They set a price target of $22.00 for the company. Shares gained more than 5% pre-market today after the company secured a 100 MW Electrolyzer deal for the Green Hydrogen project.</p> <p>The analysts believe that Plug Power is now on a clear path toward generating cash flow, and the momentum is increasing with each new deal announcement. </p> <p>The analysts expressed confidence that the company will reach a break-even point in terms of profitability by the end of this year and generate positive cash flow in the following year. The analysts expect Plug Power to experience higher revenue in its electrolyzer business and achieve improved profit margins.</p>

NASDAQ:PLUG

https://financialmodelingprep.com/market-news/fmp-plug-power-earns-an-upgrade-at-northland-capital-shares-surge-5

Davit Kirakosyan

Financial Modeling Prep

NVIDIA Price Target Raised at Truist

2023-07-14 08:48:00

<p>Truist Securities analysts raised their price target for <a href='https://financialmodelingprep.com/financial-summary/NVDA'>NVIDIA (NASDAQ:NVDA)</a> to $545.00 from $470.00 while reiterating their Buy rating on the stock. According to the analysts, feedback from industry contacts regarding business conditions is mixed, but they maintain a positive outlook on stock. </p> <p>Ahead of Q2 earnings results, they reached out to industry contacts, including semiconductor buyers and sellers, to gather updates on the business landscape. The takeaways from these conversations varied significantly based on product category, end market, and position in the supply chain. Taking into account both the feedback from the calls and public company commentary, Truist made adjustments to its estimates for NVIDIA. As a result, the price target has been raised to incorporate the updated estimates and higher multiples of comparable peers. </p>

NASDAQ:NVDA

https://financialmodelingprep.com/market-news/fmp-nvidia-price-target-raised-at-truist

Davit Kirakosyan

Financial Modeling Prep

PepsiCo Reports Q2 Beat & Raises 2023 Guidance

2023-07-13 14:09:00

<p><a href='https://financialmodelingprep.com/financial-summary/PEP'>PepsiCo (NASDAQ:PEP)</a> reported its Q2 earnings results, with EPS of $2.09 coming in better than the Street estimate of $1.96. Revenue was $22.32 billion, beating the Street estimate of $21.72 billion.</p> <p>The company expects fiscal 2023 EPS of $7.47, above the Street estimate of $7.32. Full-year organic revenue growth is now seen at 10% (previously 8%).</p> <p>According to management, the emphasis will be on enhancing their productivity initiatives in order to better facilitate investments in innovation, brand development, digitalization, and sustainability. This strategic approach aims to achieve success in the market and strengthen their businesses in the long run.</p>

NASDAQ:PEP

https://financialmodelingprep.com/market-news/fmp-pepsico-reports-q2-beat-&-raises-2023-guidance-

Davit Kirakosyan

Financial Modeling Prep

Progressive Stock Plunges 11% After Q2 Miss

2023-07-13 14:06:00

<p><a href='https://financialmodelingprep.com/financial-summary/PGR'>Progressive (NYSE:PGR)</a> shares dropped more than 11% intra-day today after the company reported its Q2 earnings results, with EPS of $0.57 coming in worse than the Street estimate of $0.89. Revenue was $14.72 billion, missing the Street estimate of $15.01 billion.</p> <p>The insurance company demonstrated commendable growth in policies-in-force (PIF), but faced challenges with catastrophes and reserves. While Wall Street analysts generally regarded the results as "poor," some still perceive long-term opportunities.</p> <p>According to JPMorgan analysts, the results were influenced by an elevated AY (accident year) loss ratio, unfavorable developments, and losses from catastrophes, which offset a better-than-expected expense ratio. On a positive note, Progressive experienced robust PIF growth in June, with personal auto policies increasing by 14%, commercial lines growing by 7%, and homeowners' policies rising by 5%.</p>

NYSE:PGR

https://financialmodelingprep.com/market-news/fmp-progressive-stock-plunges-11-after-q2-miss

Davit Kirakosyan

Financial Modeling Prep

SoFi Technologies Shares Fall 4% on Morgan Stanley Downgrade

2023-07-13 14:04:00

<p><a href='https://financialmodelingprep.com/financial-summary/SOFI'>SoFi Technologies (NASDAQ:SOFI)</a> shares fell more than 4% intra-day today following a downgrade by Morgan Stanley, which was based on the assessment that the stock is inaccurately reflecting excessive bank profitability.</p> <p>The analysts downgraded the shares from Equalweight to Underweight, but increased the price target to $7 from $6.50. </p> <p>The analysts explained that their previous evaluation of the company's value was primarily focused on its growth potential, which exceeded that of most banks and consumer lenders. However, given the evolving nature of SOFI, resembling that of a bank, they now believe it should be valued in a similar manner to a bank. </p>

NASDAQ:SOFI

https://financialmodelingprep.com/market-news/fmp-sofi-technologies-shares-fall-4-on-morgan-stanley-downgrade

Davit Kirakosyan

Financial Modeling Prep

Amazon Reiterated With Outperform Rating Ahead of Q2

2023-07-13 14:02:00

<p>TD Cowen analysts reaffirmed an Outperform rating and a price target of $150.00 for <a href='https://financialmodelingprep.com/financial-summary/AMZN'>Amazon.com (NASDAQ:AMZN)</a> ahead of the Q2 earnings results, scheduled to be reported on July 27. The analysts anticipate positive revenue and operating income results.</p> <p>The analysts expect Q2 revenue to reach $132.8 billion, showing a year-over-year growth of 9.6% and surpassing Street estimates by 1.1%. This growth is driven by the acceleration of e-commerce revenue and increased advertising revenue, while the revenue deceleration for Amazon Web Services (AWS) continues due to ongoing optimizations. </p> <p>The analysts also predict Q2 operating income to reach $5.5 billion, reflecting a year-over-year increase of 67% and exceeding Street estimates by 16%. These projections are supported by the rise in gross profits (with 73% incremental margins) and recent cost reductions. </p>

NASDAQ:AMZN

https://financialmodelingprep.com/market-news/fmp-amazon-reiterated-with-outperform-rating-ahead-of-q2

Davit Kirakosyan

Financial Modeling Prep

WW Grainger Stock Falls After UBS Downgrade

2023-07-13 09:57:00

<p><a href='https://financialmodelingprep.com/financial-summary/GWW'>WW Grainger (NYSE:GWW)</a> experienced a drop of over 2% during trading today following UBS's decision to downgrade the company from Buy to Neutral. UBS also adjusted its price target for Grainger to $820.00, up from $815.00.</p> <p>According to UBS, it no longer views Grainger as a low-risk opportunity for increased earnings per share (EPS) and believes that the recent revaluation of the stock has already factored in sustained market outgrowth.</p> <p>Despite UBS anticipating that Grainger will sustain its HighTouch gross margin and experience moderate market outgrowth, the firm emphasized the presence of several upcoming challenges. UBS states that these positive factors are already reflected in the forward estimates, which have risen by 25% in the past year, as well as in the valuation (1 standard deviation premium).</p> <p>There are concerns that key performance indicators such as gross margin and market outgrowth may decline in the coming quarters, which poses a risk given that the stock has recently been revalued to historic highs.</p> <p>UBS predicts that Grainger's HighTouch pricing will ease and align with the Producer Price Index (PPI) by the end of 2023. This adjustment is likely to result in year-over-year decreases in gross margin starting in Q3, a trend that has historically impacted the company's stock performance.</p>

NYSE:GWW

https://financialmodelingprep.com/market-news/fmp-ww-grainger-stock-falls-after-ubs-downgrade

Davit Kirakosyan

Financial Modeling Prep

DraftKings’ Price Target Raised at Guggenheim

2023-07-13 09:51:00

<p>Guggenheim analysts increased the price target on <a href='https://financialmodelingprep.com/financial-summary/DKNG'>DraftKings (NASDAQ:DKNG)</a> to $36.00 (previously $32.00) while maintaining a Buy rating. The analysts mentioned that strong trends from the first quarter have carried over into the second quarter, as indicated by third-party app data. </p> <p>Guggenheim’s updated model for Q2/23 earnings considers factors such as successful NBA playoff outcomes, a strong start to the MLB season, a more favorable product mix, analysis of third-party app download and monthly active user (MAU) data, cost discipline, and robust retention and monetization in iGaming and online sports betting (OSB).</p>

NASDAQ:DKNG

https://financialmodelingprep.com/market-news/fmp-draftkings’-price-target-raised-at-guggenheim-

Davit Kirakosyan

Financial Modeling Prep

Lucid Reiterates Neutral Rating After Disappointing Q2 Deliveries, Stock Drops 11%

2023-07-12 14:38:00

<p>Citi reaffirmed its Neutral rating and $8.00 price target for <a href='https://financialmodelingprep.com/financial-summary/LCID'>Lucid Group (NASDAQ:LCID)</a>. In their analysis, Citi noted that Lucid reported Q2 deliveries of 1,400 units, which remained flat compared to the previous quarter. This fell short of the analysts’ expectation of 1,800 units. Additionally, production for the quarter totaled 2,200 units, slightly lower than the 2,300 units in the previous quarter. As a result, shares dropped more than 11% intra-day today.</p> <p>Considering the recent surge in the stock's value, the analysts understand the pressure the company is facing due to the significant shortfall in Q2 deliveries and the widening gap between production and delivery. The analysts believe that this disappointing demand in Q2 does not necessarily reflect a broader trend in the adoption of electric vehicles (EVs), but it will likely increase scrutiny on the timing of the Gravity launch, potential new lower-priced Air trims, and Lucid's overall branding and marketing efforts.</p>

NASDAQ:LCID

https://financialmodelingprep.com/market-news/fmp-lucid-reiterates-neutral-rating-after-disappointing-q2-deliveries-stock-drops-11

Davit Kirakosyan

Financial Modeling Prep

Holley Earns 2 Upgrades, Shares Surge 21%

2023-07-12 14:36:00

<p><a href='https://financialmodelingprep.com/financial-summary/HLLY'>Holley (NYSE:HLLY)</a>, a provider of high-performance aftermarket automotive products, saw its shares rise after receiving upgrades from JPMorgan and Bank of America. The stock jumped more than 21% intra-day today.</p> <p>JPMorgan upgraded the stock from Neutral to Overweight with a $7 price target. BofA upgraded the stock from Neutral to Buy with a $6 price target. </p> <p>The upgrades were driven by factors such as favorable valuation, revenue expectations for 2023 and 2024, margin improvement, and reduced leverage. BofA also noted positive web traffic data and the potential for cost-cutting benefits.</p>

NYSE:HLLY

https://financialmodelingprep.com/market-news/fmp-holley-earns-2-upgrades-shares-surge-21

Davit Kirakosyan

Financial Modeling Prep

DraftKings Shares Gain 5% on BofA Upgrade

2023-07-12 14:35:00

<p><a href='https://financialmodelingprep.com/financial-summary/DKNG'>DraftKings (NASDAQ:DKNG)</a> received an upgrade from BofA on Wednesday, shifting the rating from Neutral to Buy and raising the price target from $25 to $35 per share. Shares rose more than 5% intra-day today. </p> <p>The firm believes that it is now time for DraftKings to establish its dominance in the industry, citing the company's increasing momentum in product revenue and the overall surpassing of expectations in online gaming.</p> <p>Despite DraftKings' strong performance in 2023, the analysts believe that further gains in market share will result in positive revisions to the company's top line in both Q2/23 and the near term. Additionally, cost leverage is expected to lead to even more significant adjustments in adjusted EBITDA and margins than previously anticipated.</p>

NASDAQ:DKNG

https://financialmodelingprep.com/market-news/fmp-draftkings-shares-gain-5-on-bofa-upgrade

Davit Kirakosyan

Financial Modeling Prep

MakeMyTrip Reiterated With Buy Rating at Citi

2023-07-12 14:32:00

<p>Citi analysts reaffirmed a Buy rating and a $43.00 price target on <a href='https://financialmodelingprep.com/financial-summary/MMYT'>MakeMyTrip (NASDAQ:MMYT)</a>. The analyst highlighted positive catalysts for MakeMyTrip, driven by resilient travel demand and strong expectations for the first quarter. </p> <p>Notably, domestic airline ticketing has shown continued momentum through May 2023, and the hotel sector has experienced decent occupancy trends and sustained high average room rates, as indicated by RBI data in April 2023.</p> <p>Despite MakeMyTrip's improving fundamentals and a favorable competitive environment among online travel agencies (OTAs), the stock has not participated in the broader NASDAQ/tech rally, with only a 2% year-to-date increase compared to the Nasdaq-100's 39% rise. Nonetheless, the analyst maintains a positive outlook on MakeMyTrip and sees approximately 54% upside potential in their target price.</p>

NASDAQ:MMYT

https://financialmodelingprep.com/market-news/fmp-makemytrip-reiterated-with-buy-rating-at-citi

Davit Kirakosyan

Financial Modeling Prep

VMware Jumps 5% as EU Set to Approve Broadcom Acquisition

2023-07-12 08:55:00

<p><a href='https://financialmodelingprep.com/financial-summary/VMW'>VMware (NYSE:VMW)</a> shares closed with more than a 5% gain on Tuesday after The Financial Times reported that European Union regulators are set to approve Broadcom's purchase of VMware.</p> <p>However, approvals from UK and US authorities are still pending for the $69 billion deal, which is expected to be one of the largest tech takeovers. The European Commission is expected to announce its approval on Wednesday, stating that Broadcom's concessions address competition concerns without requiring the sale of parts of VMware. The deal has been cleared by regulators in Canada, Brazil, and South Africa, but it faces ongoing competition concerns and probes in the US, UK, and China.</p>

NYSE:VMW

https://financialmodelingprep.com/market-news/fmp-vmware-jumps-5-as-eu-set-to-approve-broadcom-acquisition

Davit Kirakosyan

Financial Modeling Prep

SunPower’s Price Target Cut at Deutsche Bank

2023-07-12 08:53:00

<p>Deutsche Bank analysts reiterated their Hold rating on <a href='https://financialmodelingprep.com/financial-summary/SPWR'>SunPower (NASDAQ:SPWR)</a> and lowered their 12-month price target from $12.00 to $9.50 ahead of the company's upcoming Q2/23 earnings release.</p> <p>The analysts anticipate a disappointing earnings report compared to Street expectations and express concerns about the current annual guidance, citing potential risks to revenues and EBITDA in the following quarters. They specifically noted the expectation of adjusted EBITDA of $18 million, lower than the Street's estimate of $28 million, and anticipate downward revisions to the annual guidance. SunPower is scheduled to announce its Q2 earnings results on August 1.</p>

NASDAQ:SPWR

https://financialmodelingprep.com/market-news/fmp-sunpower’s-price-target-cut-at-deutsche-bank

Davit Kirakosyan

Financial Modeling Prep

Zillow Shares Gain 10% on Piper Sandler Upgrade

2023-07-12 08:49:00

<p><a href='https://financialmodelingprep.com/financial-summary/ZG'>Zillow (NASDAQ:ZG)</a> shares rose more than 10% on Tuesday following an upgrade by Piper Sandler analysts. The firm expressed optimism regarding the prospects of the real estate technology company for several reasons. Firstly, they expect Zillow to continue gaining market share through its Premier Agent program. Secondly, they highlighted the company's potential for growth through product innovation, various options, and new initiatives. Lastly, the analysts anticipate an improvement in the housing market, with sequential advancements projected until 2024.</p> <p>Considering these factors, the analysts decided to raise the price target for Zillow by 48% to $62, emphasizing that the current stock price reflects a discount of around 25% compared to the period between 2015 and 2018, based on the EV/NTM EBITDA valuation metric.</p>

NASDAQ:ZG

https://financialmodelingprep.com/market-news/fmp-zillow-shares-gain-10-on-piper-sandler-upgrade

Davit Kirakosyan

Financial Modeling Prep

E2open Beats Q1 EPS, Revenues Missed

2023-07-12 08:41:00

<p><a href='https://financialmodelingprep.com/financial-summary/ETWO'>E2open (NYSE:ETWO)</a> reported its Q1 earnings results, with EPS of $0.05, in line with the Street estimate of $0.05. However, revenue of $160.12 million missed the Street estimate of $173.04 million.</p> <p>Michael Farlekas, CEO of e2open, stated that in the first quarter of fiscal year 2024, the company achieved subscription revenue that surpassed the upper end of its projected range. Farlekas also highlighted the company's ability to maintain robust profit margins and generate substantial cash flow during this period. The effectiveness and distinct advantages of e2open's cloud-native, network-centric connected supply chain software platform were further demonstrated through the completion of significant deals with several new customers in the quarter.</p> <p>The company expects fiscal 2024 revenue to be in the range of $665-$670 million, compared to the Street estimate of $661.8 million.</p>

NYSE:ETWO

https://financialmodelingprep.com/market-news/fmp-e2open-beats-q1-eps-revenues-missed

Davit Kirakosyan

Financial Modeling Prep

Helen of Troy Stock Surges 18% Following Q1 Beat

2023-07-12 08:39:00

<p><a href='https://financialmodelingprep.com/financial-summary/HELE'>Helen of Troy (NASDAQ:HELE)</a> shares jumped more than 18% on Monday after the company reported Q1 earnings results, with EPS of $1.94 coming in better than the Street estimate of $1.68. Revenue was $474.7 million, beating the Street estimate of $465.36 million.</p> <p>The company provided its full 2024 year guidance, expecting EPS in the range of $8.50-$9.00, compared to the Street estimate of $8.49, and revenue in the range of $1.965-$2.015 billion, compared to the Street estimate of $2 billion.</p> <p>CEO Julien Mininberg expressed satisfaction with the quarter's performance, stating that it surpassed their initial projections. This accomplishment is especially noteworthy considering the persistent challenges faced by certain product categories due to reduced consumer demand and changing purchasing behaviors.</p> <p>The company has been making notable strides in its previously announced restructuring endeavor, which involved a reduction of 10% in its workforce. This action was taken in response to the company navigating through a demanding macroeconomic climate.</p>

NASDAQ:HELE

https://financialmodelingprep.com/market-news/fmp-helen-of-troy-stock-surges-18-following-q1-beat

Davit Kirakosyan

Financial Modeling Prep

PriceSmart Posts Q3 Beat, Announces $75 Million Buyback

2023-07-12 08:35:00

<p><a href='https://financialmodelingprep.com/financial-summary/PSMT'>PriceSmart (NASDAQ:PSMT)</a> reported its Q3 earnings results on Monday, with EPS of $1.02 coming in better than the Street estimate of $0.85. Revenue was $1.1 billion, in line with the Street estimates.</p> <p>Net merchandise sales grew 7.1% year-over-year to $1.07 billion in Q3. On a constant currency basis, net merchandise sales rose 5.6% year-over-year.</p> <p>Furthermore, the company authorized up to a $75 million common stock repurchase program.</p>

NASDAQ:PSMT

https://financialmodelingprep.com/market-news/fmp-pricesmart-posts-q3-beat-announces-$75-million-buyback

Davit Kirakosyan

Financial Modeling Prep

Verisign Stock Plunges 5% on Baird Downgrade

2023-07-11 16:43:00

<p><a href='https://financialmodelingprep.com/financial-summary/VRSN'>Verisign (NASDAQ:VRSN)</a> shares dropped more than 5% intra-day today after Baird downgraded the company due to weaker domain growth. The firm lowered Verisign's rating from Outperform to Neutral and adjusted the price target from $265 to $245.</p> <p>The analysts commented that the reduced domain growth trends, which are currently below the guided range, suggest a potential decrease in domain guidance for the year. Despite a strong start to the year, domain growth has plateaued in the last six weeks, with the current domain count at 174.4 million. This figure falls slightly below the projected range of 0.5% to 2.25% year-over-year growth, implying an estimate of 174.7 to 177.7 million domain names. </p> <p>The sluggish growth can be attributed to factors such as decreased sentiment among small and medium-sized businesses, fewer new business starts, and a reduced contribution from China, where the reopening has not met expectations.</p> <p>Despite the downgrade, the analysts maintained a positive long-term view on the stock, considering it a secure investment and highlighting its strong free cash flow potential.</p>

NASDAQ:VRSN

https://financialmodelingprep.com/market-news/fmp-verisign-stock-plunges-5-on-baird-downgrade

Davit Kirakosyan

Financial Modeling Prep

Mizuho Says Affirm’s Debit+ Looks Promising, Shares Surge 8%

2023-07-11 16:41:00

<p><a href='https://financialmodelingprep.com/financial-summary/AFRM'>Affirm (NASDAQ:AFRM)</a> shares jumped more than 8% intra-day today after Mizuho Securities analysts raised their price target on the company to $20.00 from $17.00 and reiterated their Buy rating, citing the growing traction of Debit+.</p> <p>The analysts noted that Google Trends search data for Affirm’s Debit+ (a hybrid pay now, buy now, pay later debit card) looks promising. The analysts compared the increase in Debit+ searches to the early buzz surrounding Square's Cash Card in 2017.</p> <p>Based on their bottom-up model, the analysts suggest that if Debit+ follows a similar trajectory as Square's Cash Card, it could potentially boost the company's medium-term volume compound annual growth rates (CAGRs) from the mid-20s to the mid-30s. While this may result in a dilution of revenue less transaction costs (RLTC) as a percentage of gross merchandise volume (GMV), the incremental volume and revenue growth are expected to be positive catalysts and help offset any potential sales challenges from upcoming student loan refinancing.</p>

NASDAQ:AFRM

https://financialmodelingprep.com/market-news/fmp-mizuho-says-affirm’s-debit+-looks-promising-shares-surge-8

Davit Kirakosyan

Financial Modeling Prep

Citi Anticipates Intel to Beat Q3 Guidance

2023-07-11 16:17:00

<p>Citi maintained a Neutral rating and a price target of $29.50 per share on <a href='https://financialmodelingprep.com/financial-summary/INTC'>Intel (NASDAQ:INTC)</a> shares ahead of the Q2 earnings, which is scheduled to be reported on July 27. </p> <p>The latest data shows that June notebook shipments exceeded expectations, with a 13% month-over-month increase. This outperformance was attributed to strong demand and new product launches.</p> <p>The analysts pointed out that this marks the fifth month out of six that notebook shipments have surpassed expectations. As a result, Q2/23 notebook shipments rose by 16% quarter-over-quarter, exceeding the analyst's initial projection of 10% quarter-over-quarter growth. </p> <p>The analysts anticipate 6% quarter-over-quarter growth in Q3/23 notebook shipments, aligning with seasonal trends due to the absence of clear indications of sustained demand. Considering the strength in notebook shipments, the analysts believe Intel is well-positioned to surpass the upper end of its Q2/23 guidance. However, the analysts maintain a Neutral rating on Intel due to secular challenges and remain below the consensus.</p>

NASDAQ:INTC

https://financialmodelingprep.com/market-news/fmp-citi-anticipates-intel-to-beat-q3-guidance

Davit Kirakosyan

Financial Modeling Prep

Salesforce Stock Soars 4% Following Price Increase Announcement

2023-07-11 16:14:00

<p><a href='https://financialmodelingprep.com/financial-summary/CRM'>Salesforce.com (NYSE:CRM)</a> shares gained more than 4% intra-day today after the company announced a 9% price increase across various products.</p> <p>Evercore ISI reiterated an Outperform rating and a price target of $240.00 on the company, highlighting that this is the first price hike in seven years for Salesforce, during which the company has made significant investments of over $20 billion in research and development and introduced 22 software releases with numerous features. This includes recent additions such as the AI Cloud and 'GPT' capabilities across its clouds.</p> <p>The analysts believe that while some customers may express dissatisfaction with the price increase, considering the seven-year interval, a 9% increase seems reasonable. The analysts expect these price actions to provide positive momentum for Salesforce in the second half of 2024 and the first half of 2025.</p>

NYSE:CRM

https://financialmodelingprep.com/market-news/fmp-salesforce-stock-soars-4-following-price-increase-announcement-

Davit Kirakosyan

Financial Modeling Prep

Apple’s Price Target Raised at KeyBanc

2023-07-11 16:11:00

<p>KeyBanc raised the price target for <a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple (NASDAQ:AAPL)</a> from $180 to $200 and maintained an Overweight rating on the stock. However, the analysts emphasized their neutral stance on the stock in the near term despite the long-term bullish view.</p> <p>KeyBanc reiterated its below-consensus estimates for Apple's Hardware revenue in Q3/23. The analysts outlined two concerns regarding the stock. Firstly, Key first look data (Apple direct channel) indicated that June's Indexed Spending rose by 23% month-over-month, compared to the three-year average of 2% month-over-month. However, KeyBanc's data for June showed a 15% quarter-over-quarter decrease, worse than the three-year historical average of a 9% quarter-over-quarter decline.</p> <p>Secondly, KeyBanc anticipates weakness in Apple's indirect channel (U.S. Carriers), with upgrade rates in the United States reaching historical lows. As U.S. sales are not performing strongly, analysts believe that international upside will be crucial for driving results.</p>

NASDAQ:AAPL

https://financialmodelingprep.com/market-news/fmp-apple’s-price-target-raised-at-keybanc

Davit Kirakosyan

Financial Modeling Prep

JetBlue Airways Slashed to Underweight at Evercore

2023-07-11 16:09:00

<p>Evercore ISI downgraded <a href='https://financialmodelingprep.com/financial-summary/JBLU'>JetBlue Airways (NASDAQ:JBLU)</a> from In Line to Underweight and set a price target of $8 per share. The analysts explained the downgrade by pointing out that despite the negative outcome of the Northeast Alliance (NEA) ruling, which was deemed a breach of antitrust law and resulted in increased fares, JBLU shares had rallied by 37% over the past month. </p> <p>The analysts noted that JetBlue is now focused on its acquisition of Spirit, and while there may be challenges along the way, they believe the acquisition will ultimately be completed. However, the premium that JetBlue is paying for Spirit is expected to continue expanding as Spirit's fundamentals moderate.</p> <p>Furthermore, while less likely, there are potential scenarios involving the wind-down of the NEA that could disrupt JetBlue's capacity planning and cost execution in the second half of the year.</p>

NASDAQ:JBLU

https://financialmodelingprep.com/market-news/fmp-jetblue-airways-slashed-to-underweight-at-evercore

Davit Kirakosyan

Financial Modeling Prep

Citi Predicts NVIDIA's Market Share in AI Chips Market to Exceed 90%

2023-07-10 14:17:00

<p>According to a note by Citi analysts, <a href='https://financialmodelingprep.com/financial-summary/NVDA'>NVIDIA (NASDAQ:NVDA)</a> is poised to replicate Intel's dominance in the servers market, but this time in the AI chips market. The analysts' assessment is based on the findings of AI chips testing conducted by MosaicML, an AI startup. The results of the tests indicated that AMD's MI250 AI chip operated at approximately 80% of the speed exhibited by Nvidia's preceding generation A100 AI chip.</p> <p>The analysts anticipate a similar pattern with NVDA's H100 compared to AMD's MI300, and they maintain the expectation that NVIDIA will maintain a significant advantage in both AI performance and market share over AMD. This prediction is driven by NVIDIA's superior speed and ecosystem.</p> <p>In fact, the analysts predict that NVIDIA will capture a minimum of 90% market share in AI graphics going forward. </p>

NASDAQ:NVDA

https://financialmodelingprep.com/market-news/fmp-citi-predicts-nvidias-market-share-in-ai-chips-market-to-exceed-90

Davit Kirakosyan

Financial Modeling Prep

Rivian’s Price Target Raised at Barclays

2023-07-10 14:14:00

<p>Barclays analysts, while maintaining an Overweight rating, revised their price target for <a href='https://financialmodelingprep.com/financial-summary/RIVN'>Rivian Automotive (NASDAQ:RIVN)</a> to $30.00, up from $22.00. The analysts expect Rivian to exceed expectations in Q2, primarily driven by stronger-than-anticipated deliveries. This performance is likely to contribute to improved gross margin results through the absorption of fixed costs, combined with ongoing operational improvements. </p> <p>Despite a recent surge in the stock's value, analysts believe there is still potential for further growth as investors become increasingly confident in Rivian's ability to reach breakeven. Additionally, the analysts noted the emergence of a momentum trade, with Rivian positioned as an electric vehicle (EV) alternative to Tesla. Given Tesla's significant gains in recent months, investors may find Rivian an appealing option.</p>

NASDAQ:RIVN

https://financialmodelingprep.com/market-news/fmp-rivian’s-price-target-raised-at-barclays-

Davit Kirakosyan

Financial Modeling Prep

Apple's AppStore Shows Stronger Growth in Q3

2023-07-09 14:08:00

<p>According to BofA Securities analysts, <a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple's (NASDAQ:AAPL)</a> App Store revenue has shown stronger growth in Q3. The analysts shared information from SensorTower data, indicating that in Q3 App Store revenues reached $6.6 billion, representing a 5.9% year-over-year increase. Total downloads (iPhone + iPad) also saw a 4.3% year-over-year increase.</p> <p>The analysts highlighted that in the month of June, App Store revenue in China experienced a 7.5% year-over-year growth. Additionally, in Q3, there was a 1.5% year-over-year increase in app store revenue per download.</p> <p>The analysts noted that App Store trends slightly improved in the June quarter compared to the March quarter. The bank maintains a Neutral rating on Apple shares with a $190 price target as they believe that while positive catalysts such as the introduction of new products like the AR/VR headset and stable iPhone sales exist, there is also the potential for a weaker consumer spending environment in the second half of 2023.</p>

NASDAQ:AAPL

https://financialmodelingprep.com/market-news/fmp-apples-appstore-shows-stronger-growth-in-q3

Davit Kirakosyan

Financial Modeling Prep

KLA Corporation Stock Drops Following KeyBanc Downgrade

2023-07-09 14:05:00

<p><a href='https://financialmodelingprep.com/financial-summary/KLAC'>KLA Corporation (NASDAQ:KLAC)</a> shares were downgraded by KeyBanc to Sector Weight from Overweight. The downgrade came after the stock surpassed KeyBanc's previous price target of $468. The firm attributed the rating change to a lack of catalysts and a rich valuation.</p> <p>The analysts mentioned that while the process of reaching a trough in fundamentals is ongoing, there is no clear indication of a positive inflection point yet. However, based on historical patterns, analysts believe that a positive inflection is only a matter of time. </p> <p>While the analysts maintain a positive outlook for the eventual recovery of the cycle and have increased their fiscal 2025 estimates, they do not see the near-term fundamental catalysts or valuation support necessary to raise the price target beyond its current level.</p>

NASDAQ:KLAC

https://financialmodelingprep.com/market-news/fmp-kla-corporation-stock-drops-following-keybanc-downgrade

Davit Kirakosyan

Financial Modeling Prep

Cedar Fair Slahsed to Neutral at Citi

2023-07-09 14:02:00

<p>Citi analysts downgraded <a href='https://financialmodelingprep.com/financial-summary/FUN'>Cedar Fair (NYSE:FUN)</a> to Neutral from Buy and cut their price target to $41.00 from $50.00 due to disappointing visitation trends and the threat of another miss on the attendance line in Q2.</p> <p>The analysts had previously believed that regional theme parks, while facing pressure from low-to-middle-income consumers due to inflation, should see a benefit as more affluent consumers would trade down and choose less expensive destination vacations. However, while the former trend seems to have played out, there have been no offsetting trade downs, resulting in underwhelming visitation trends.</p> <p>Despite liking the management team, appreciating the assets, and believing in the long-term opportunity, the analysts have chosen to go to the sidelines until expectations better align with the lackluster trends expected in late spring and early summer.</p>

NYSE:FUN

https://financialmodelingprep.com/market-news/fmp-cedar-fair-slahsed-to-neutral-at-citi

Davit Kirakosyan

Financial Modeling Prep

DraftKings’ Price Target Raised at Oppenheimer on Higher Revenue Estimates

2023-07-09 13:59:00

<p>Oppenheimer analysts raised their price target on <a href='https://financialmodelingprep.com/financial-summary/DKNG'>DraftKings (NASDAQ:DKNG)</a> to $36.00 from $30.00 while reiterating their Outperform rating based on higher revenue forecasts. </p> <p>The analysts cited state gaming reports that indicate stronger product engagement, resulting in increased market share and more efficient customer acquisition costs (CAC).</p> <p>Key investor debates, according to the analysts, revolve around comparing second-half 2022's structural hold improvements, emerging competitors, and guidance for 2024 (with Buyside expectations above the Street's $150 million EBITDA). </p> <p>The analysts believe that a more engaged user base will offset tougher hold comparisons, while newer entrants like Fanatics and Bet365 may take market share from smaller players. Additionally, the analysts suggest that the current legislative cadence supports higher profitability, and investors may be underappreciating the favorable iGaming outcome in Illinois, Indiana, and New York.</p>

NASDAQ:DKNG

https://financialmodelingprep.com/market-news/fmp-draftkings’-price-target-raised-at-oppenheimer-on-higher-revenue-estimates

Davit Kirakosyan

Financial Modeling Prep

Tesla’s Price Target Raised at BofA Securities

2023-07-07 09:06:00

<p>BofA Securities analysts maintained their Neutral rating on <a href='https://financialmodelingprep.com/financial-summary/TSLA'>Tesla (NASDAQ:TSLA)</a> but raised their price target to $300 from $225. The adjustment is based on improved conditions for auto suppliers, who are experiencing higher volumes and lower costs in 2023. </p> <p>Volumes in Europe have exceeded expectations, while China's volumes have generally met expectations despite being slower. Additionally, raw material and freight costs have decreased, which is expected to positively impact near-term earnings. However, it is important to note that optimal conditions are still anticipated to be achieved between 2024 and 2026, making this a long-term investment opportunity.</p> <p>The analysts expect strong Q2 results (scheduled on July 24) and improved outlooks for the year, particularly from suppliers. The automotive industry is signaling the end of a downward phase in the cycle, making it a potentially favorable time for investment.</p>

NASDAQ:TSLA

https://financialmodelingprep.com/market-news/fmp-tesla’s-price-target-raised-at-bofa-securities-

Davit Kirakosyan

Financial Modeling Prep

Sweetgreen Upgraded to Buy at BofA Securities

2023-07-07 09:00:00

<p>BofA Securities analysts upgraded <a href='https://financialmodelingprep.com/financial-summary/CHWY'>Sweetgreen (NYSE:SG)</a> to Buy from Neutral and raised their price target to $17.00 from $9.00, based on several factors: increasing foot traffic, the potential for sustained same-store sales growth (SSSG), and long-term plans for operational automation. According to foot traffic data from Placer.ai, which has a 94% correlation with SSSG, visits to Sweetgreen are up 46% year-over-year in Q2, compared to 39% in Q1. </p> <p>Taking these trends into account, the analysts raised the SSSG forecast for Q2 to 7.0%, surpassing the Street estimate of 4.6%. Concerns about Sweetgreen's large urban store presence and the return to the office (RTO) have been alleviated by the sustained year-over-year growth in visits, indicating improving mobility and the potential for continued SSSG momentum, which removes a significant obstacle for the stock.</p>

NYSE:SG

https://financialmodelingprep.com/market-news/fmp-sweetgreen-upgraded-to-buy-at-bofa-securities-

Davit Kirakosyan

Financial Modeling Prep

Goldman Sachs Expects Pepsico to Beat Q2 Earnings

2023-07-06 17:59:00

<p>Goldman Sachs reiterated a Buy rating and $208.00 price target on <a href='https://financialmodelingprep.com/financial-summary/PEP'>Pepsico (NASDAQ:PEP)</a> ahead of Q2/23 earnings (scheduled on July 13), expecting a potential beat on both revenue and profit. </p> <p>The analysts believe that Pepsico's businesses, particularly FLNA, have strong underlying momentum, and consumer elasticities for PBNA remain resilient despite challenging macro conditions. As a result, the analysts raised the Q2 organic sales growth estimate to 11.1% and increased the EPS estimates by $0.07 to $1.98. </p> <p>The analysts view Pepsico as a company that executes well, sustains growth through reinvestments, and is well-positioned for outsized growth in the global food and beverage industry, despite more modest industry growth due to fading inflation-led pricing.</p>

NASDAQ:PEP

https://financialmodelingprep.com/market-news/fmp-goldman-sachs-expects-pepsico-to-beat-q2-earnings

Davit Kirakosyan

Financial Modeling Prep

Polestar Stock Jumps 4% on Record Q2 Delivery Figures

2023-07-06 17:56:00

<p><a href='https://financialmodelingprep.com/financial-summary/PSNY'>Polestar (NASDAQ:PSNY)</a> shares gained more than 4% intra-day today after the company reported record-breaking global production and delivery numbers for Q2/23. The company delivered approximately 15,800 vehicles, which represents a 36% growth compared to the same period in the previous year. For the first half of the year, global deliveries reached around 27,900 vehicles, setting a new record. Polestar aims to deliver 60,000 to 70,000 vehicles in 2023. </p> <p>CEO Thomas Ingenlath expects the positive trend to continue in the second half of the year, especially with the launch of the upgraded Polestar 2 offering an extended range. Unaudited financial and operational results for Q2/23 will be released on August 31.</p>

NASDAQ:PSNY

https://financialmodelingprep.com/market-news/fmp-polestar-stock-jumps-4-on-record-q2-delivery-figures

Davit Kirakosyan

Financial Modeling Prep

Bill.com Has Potential to Beat 2024 Street Estimates

2023-07-06 17:55:00

<p>Piper Sandler analysts raised their price target on <a href='https://financialmodelingprep.com/financial-summary/BILL'>Bill.com Holdings (NYSE:BILL)</a> to $165.00 from $110.00 while reiterating their Overweight rating.</p> <p>According to the analyst, positive early signs of demand stabilization in core TPV (Total Payment Volume) based on third-party inputs, combined with a deeper analysis of underlying growth catalysts for the next year, have led to an upward revision of estimates. </p> <p>The analysts believe there is potential for exceeding the consensus growth of 24% for fiscal 2024. Additionally, the introduction of a new unified console across BILL and Divvy could unlock significant growth, as each $1 billion GMV (Gross Merchandise Value) cross-sell could generate over $250 million in incremental revenue. </p>

NYSE:BILL

https://financialmodelingprep.com/market-news/fmp-billcom-has-potential-to-beat-2024-street-estimates

Davit Kirakosyan

Financial Modeling Prep

Global-E Online’s Price Target Raised at Piper Sandler

2023-07-06 17:53:00

<p>Piper Sandler raised the price target on <a href='https://financialmodelingprep.com/financial-summary/GLBE'>Global-E Online (NASDAQ:GLBE)</a> to $54.00 from $38.00, reiterating an Overweight rating. The company was highlighted as a high-conviction Piper Sandler Small-Cap Spotlight idea, based on an anticipated product catalyst (Shopify Markets Pro) that could drive growth in 2024 and 2025. </p> <p>The analysts estimate that the company currently powers $1 billion in Gross Merchandise Volume (GMV) at Shopify, accounting for only 4% of the potential $28 billion cross-border GMV opportunity set at Shopify alone. Although there may be a short delay between new customers and the increase in GMV, the analysts see substantial upside potential compared to the consensus growth estimates of 36% for 2024.</p>

NASDAQ:GLBE

https://financialmodelingprep.com/market-news/fmp-global-e-online’s-price-target-raised-at-piper-sandler-

Davit Kirakosyan

Financial Modeling Prep

What to Expect From CoStar’s Upcoming Q2 Earnings?

2023-07-06 08:47:00

<p>RBC Capital analysts provided their outlook on <a href='https://financialmodelingprep.com/financial-summary/CSGP'>CoStar Group (NASDAQ:CSGP)</a> ahead of the company’s Q2/23 earnings, scheduled to be reported on July 25.</p> <p>The company’s stock rallied around 30% in the second quarter due to a combination of improved fundamentals (CRE weakness offset by triple-digit bookings growth in Apartment.com and LoopNet) and technical (index reclassification and rebalancing). </p> <p>In Q1, bookings grew 17% year-over-year. The analysts anticipate mid-teens growth in Q2/23, driven by Apartment.com and LoopNet, despite weakness in the CoStar suite. The analysts expect Q2 results and Q3 guidance to align with the Street estimates, and the company to reiterate its full 2023-year guidance. The analysts raised their price target on the stock to $95 from $85 while maintaining their Outperform rating.</p>

NASDAQ:CSGP

https://financialmodelingprep.com/market-news/fmp-what-to-expect-from-costar’s-upcoming-q2-earnings?

Davit Kirakosyan

Financial Modeling Prep

Exxon Mobil Adjusts Q2 Estimates Due to Lower Gas Prices

2023-07-06 08:44:00

<p><a href='https://financialmodelingprep.com/financial-summary/XOM'>Exxon Mobil (NYSE:XOM)</a> shares fell around 1% pre-market today after the company announced an expected $4 billion decrease in Q2 earnings due to lower natural gas prices and refining margins. </p> <p>The projected Q2 EPS of $1.94 is significantly below the Street estimate of $2.24. However, BofA analysts said they remain bullish on the stock, citing sustained growth in free cash capacity and upcoming projects as factors that support potential dividend growth and market recognition of value. The bank reiterated its Buy rating on the stock.</p>

NYSE:XOM

https://financialmodelingprep.com/market-news/fmp-exxon-mobil-adjusts-q2-estimates-due-to-lower-gas-prices

Davit Kirakosyan

Financial Modeling Prep

Rivian Automotive Stock Gains 6% Following DA Davidson Upgrade

2023-07-05 08:17:00

<p>DA Davidson analysts upgraded <a href='https://financialmodelingprep.com/financial-summary/RIVN'>Rivian Automotive (NASDAQ:RIVN)</a> to Neutral from Underperform and raised their price target to $18.00 from $11.00. As a result, shares surged more than 6% pre-market today.</p> <p>The analysts noted that the shift in headlines surrounding Rivian has become more positive, prompting the upgrade. The analysts highlighted Rivian's upcoming entry into the European market with its delivery van, which is earlier than expected. </p> <p>Despite Rivian falling short of DA Davidson’s Q2 delivery expectations, it still exceeded consensus estimates. Furthermore, the analysts mentioned that the recent acquisition of ABRP also adds new capabilities and valuable data to the company.</p> <p>However, the analysts advised caution due to potential competition from legacy automakers introducing new electric vehicle products, such as the Mercedes EQB and the forthcoming Escalade IQ. </p>

NASDAQ:RIVN

https://financialmodelingprep.com/market-news/fmp-rivian-automotive-stock-gains-6-following-da-davidson-upgrade

Davit Kirakosyan

Financial Modeling Prep

Advanced Micro Devices Upgraded to Outperform

2023-07-05 08:14:00

<p>Northland Capital Markets upgraded <a href='https://financialmodelingprep.com/financial-summary/AMD'>Advanced Micro Devices (NASDAQ:AMD)</a> to Outperform from Market Perform with a $150 price target. </p> <p>The analysts admitted being late to the party as AMD shares have surged nearly 80% this year but believe they can command an AI multiple. The analysts highlighted the company's strong competition with Nvidia's GPUs and anticipate a 20% market share in the AI GPU market over time. They also expect increased GPU revenue from upcoming products and noted that AMD's IP in AI extends beyond GPUs.</p>

NASDAQ:AMD

https://financialmodelingprep.com/market-news/fmp-advanced-micro-devices-upgraded-to-outperform-

Davit Kirakosyan

Financial Modeling Prep

Microsoft to Become a $3 Trillion Company in 2024

2023-07-05 08:13:00

<p>Wedbush maintained an optimistic view on <a href='https://financialmodelingprep.com/financial-summary/MSFT'>Microsoft (NASDAQ:MSFT)</a>, reiterating its Outperform rating and a $375 price target. The brokerage believes the company's growing presence in the cloud market, coupled with the monetization potential of ChatGPT/AI, could lead to a $40-50 per share boost. </p> <p>They believe Microsoft could become a $3 trillion company as early as next year. The cloud and Office 365/Windows ecosystem are expected to drive growth and margins in the coming years, while ChatGPT and AI add a new layer of expansion to Microsoft's story.</p>

NASDAQ:MSFT

https://financialmodelingprep.com/market-news/fmp-microsoft-to-become-a-$3-trillion-company-in-2024

Davit Kirakosyan

Financial Modeling Prep

Palo Alto Networks’ Price Target Raised at RBC Capital

2023-07-05 08:10:00

<p>RBC Capital analysts raised their price target on <a href='https://financialmodelingprep.com/financial-summary/PANW'>Palo Alto Networks (NASDAQ:PANW)</a> to $277 from $232 and reiterated their Outperform rating, noting they maintain a positive outlook on Palo Alto as they observe numerous growth opportunities that are likely to support long-term growth. </p> <p>Despite the company's favorable stock performance over the past year, analysts remain optimistic about the potential to capitalize on innovative developments and subsequent phases of growth. While their primary focus remains on firewall solutions, the analysts believe that the success of Prisma Access, Prisma Cloud, and Cortex XSIAM is crucial. These offerings enable the company to assist hybrid-cloud customers in consolidating their expenditures and securing their infrastructure for the future.</p>

NASDAQ:PANW

https://financialmodelingprep.com/market-news/fmp-palo-alto-networks’-price-target-raised-at-rbc-capital

Davit Kirakosyan

Financial Modeling Prep

Constellation Brands Price Target Raised at Several Brokerages

2023-07-04 17:26:00

<p><a href='https://financialmodelingprep.com/financial-summary/STZ'>Constellation Brands (NYSE:STZ)</a> witnessed an upward adjustment in its price targets by various Wall Street firms, including JPMorgan, Deutsche Bank, Truist Securities, and Roth/MKM, and BMO, subsequent to the announcement of its better-than-anticipated Q1 results on Friday.</p> <p>BMO Capital lifted its price target for the company to $290.00 from $265.00, maintaining an Outperform rating. BMO Capital emphasized that the Q1 earnings per share (EPS) of $3.04 surpassed the consensus estimate of $2.93. This was attributed to stronger performance in the Beer segment and lower Corporate expenses, compensating for weaker results in Wine & Spirits.</p> <p>BMO Capital remains optimistic about the company's stock due to the ongoing positive momentum in the Beer segment, supporting an appealing long-term growth outlook and the potential for guidance surpassing expectations. Additionally, the shares are still trading at a discounted valuation compared to historical levels.</p>

NYSE:STZ

https://financialmodelingprep.com/market-news/fmp-constellation-brands-price-target-raised-at-several-brokerages-

Davit Kirakosyan

Financial Modeling Prep

Lazard Earns an Upgrade at Wolfe Research

2023-07-04 17:24:00

<p><a href='https://financialmodelingprep.com/financial-summary/LAZ'>Lazard (NYSE:LAZ)</a> received an upgrade from Wolfe Research, shifting its rating from Underperform to Peer Perform. The firm raised its price target on the stock to $32 from $28 per share. The upgrade is based on expectations for the second quarter M&A activity. </p> <p>The analysts noted that despite previous concerns, the stock's discounted valuation compared to peers presents a more balanced risk/reward opportunity. Despite a 2% rise on Monday, the company’s shares have declined by 7% since the start of the year. </p> <p>Furthermore, the analysts believe the company's recent decision to reduce headcount will prove beneficial in the long run.</p>

NYSE:LAZ

https://financialmodelingprep.com/market-news/fmp-lazard-earns-an-upgrade-at-wolfe-research

Davit Kirakosyan

Financial Modeling Prep

Monster Beverage Acquires Bankrupt Rival Bang Energy

2023-07-04 17:22:00

<p><a href='https://financialmodelingprep.com/financial-summary/MNST'>Monster Beverage (NASDAQ:MNST)</a> has revealed its plans to acquire Bang Energy from Vital Pharmaceuticals for a total of $362 million through an Asset Purchase Agreement.</p> <p>The agreement encompasses a significant portion of Bang Energy's assets, which includes its beverage production facility situated in Phoenix, AZ.</p> <p>It is important to note that the completion of the transaction is subject to approval from the Bankruptcy Court, and there is no assurance that it will be granted. In October 2022, Bang Energy initiated the process of filing for Chapter 11 bankruptcy.</p>

NASDAQ:MNST

https://financialmodelingprep.com/market-news/fmp-monster-beverage-acquires-bankrupt-rival-bang-energy-

Davit Kirakosyan

Financial Modeling Prep

Lucid Gains 25% Last Week, Citi Resumes With Neutral Rating

2023-07-03 11:38:00

<p>Citi resumed coverage of <a href='https://financialmodelingprep.com/financial-summary/LCID'>Lucid Group (NASDAQ:LCID)</a> with a Neutral/High-Risk rating and price target of $8.00. This comes after Lucid announced a collaboration deal with Aston Martin. </p> <p>Citi highlighted Lucid's leading technology position but expresses caution regarding near-term demand for the Lucid Air and the company's gross margin progression. </p> <p>Citi forecasts 8,800 deliveries in 2023 and 22,500 deliveries in 2024, with an estimated adjusted EBITDA loss of $2.4 billion in 2023, narrowing to $1.0 billion in 2024 before approaching breakeven in 2025.</p> <p>Shares rose more than 25% last week, partly due to the company’s announcement that Saudi Arabia's sovereign wealth fund, The Public Investment Fund (PIF), had acquired around 265.7 million shares of the EV manufacturer through a private placement.</p>

NASDAQ:LCID

https://financialmodelingprep.com/market-news/fmp-lucid-gains-25-last-week-citi-resumes-with-neutral-rating

Davit Kirakosyan

Financial Modeling Prep

ACM Research Stock Jumps 13% After Jefferies’ Upgrade

2023-07-03 11:33:00

<p>Jefferies upgraded <a href='https://financialmodelingprep.com/financial-summary/ACMR'>ACM Research (NASDAQ:ACMR)</a> from Hold to Buy and raised its price target from $9 per share to $23.40. As a result, shares jumped more than 13% intra-day today. </p> <p>Analysts cited the relaxation of DUV (deep ultraviolet) rules in China's fab CapEx as the basis for the rating change. The recent announcement by the Dutch government regarding the export rules for ASML's oldest Arf immersion machine, NXT1980Di, is expected to facilitate the export of this equipment to China. </p> <p>The analysts believe that China will take advantage of this opportunity to purchase as much equipment as possible, given the machine's capability to produce 16/14nm and even 7/5nm. As a result, Jefferies also increased its revenue forecast for ACM Research for the years 2023 to 2026 by 23%, positioning it 8% above Street estimates.</p>

NASDAQ:ACMR

https://financialmodelingprep.com/market-news/fmp-acm-research-stock-jumps-13-after-jefferies’-upgrade

Davit Kirakosyan

Financial Modeling Prep

UPS to Reach a Deal With Teamsters Soon, Deutsche Bank Says

2023-07-03 11:30:00

<p>Deutsche Bank expects a potential "handshake" deal between <a href='https://financialmodelingprep.com/financial-summary/UPS'>UPS (NYSE:UPS)</a> and Teamsters in the near future, according to a note released on Monday. The discussions between the two parties, regarding a potential employee strike represented by Teamsters, have been ongoing for two months. </p> <p>Deutsche Bank analysts stated that there have been positive developments in recent days, indicating that the negotiations are progressing well. The analysts believe that the two sides are close to reaching an agreement and anticipate a deal soon. </p> <p>The Teamsters issued a press release on Friday, stating that UPS has committed to reaching a resolution by July 5, further reducing the likelihood of a strike. The analysts emphasized their positive outlook on UPS shares in the near, mid, and long term, highlighting the company's strong execution despite challenges posed by lower volumes.</p>

NYSE:UPS

https://financialmodelingprep.com/market-news/fmp-ups-to-reach-a-deal-with-teamsters-soon-deutsche-bank-says

Davit Kirakosyan

Financial Modeling Prep

Rivian Automotive Shares Surge 14% After Beating Q2 Deliveries

2023-07-03 11:27:00

<p><a href='https://financialmodelingprep.com/financial-summary/RIVN'>Rivian Automotive (NASDAQ:RIVN)</a>, the California-based electric automaker, saw a more than 14% surge in its stock price intra-day today following its Q2 delivery results. The company surpassed Wall Street expectations by delivering 12,640 vehicles, marking a 59% increase compared to the previous year's delivery figures. </p> <p>During the same period, Rivian produced 13,992 vehicles at its manufacturing facility in Normal, Illinois, which is 4,597 more vehicles than in Q1. Despite facing challenges in the supply chain, Rivian reiterated its annual production target of 50,000 units. </p> <p>In a statement, the company expressed confidence in meeting this goal, stating that the figures align with their expectations. The announcement from Rivian comes after Tesla also reported record-breaking Q2 deliveries over the weekend, surpassing market expectations.</p>

NASDAQ:RIVN

https://financialmodelingprep.com/market-news/fmp-rivian-automotive-shares-surge-14-after-beating-q2-deliveries

Davit Kirakosyan

Financial Modeling Prep

Tesla Reports Q2 Deliveries Beat, Shares Surge 6%

2023-07-03 08:08:00

<p><a href='https://financialmodelingprep.com/financial-summary/TSLA'>Tesla (NASDAQ:TSLA)</a> shares jumped more than 6% pre-market today after the electric vehicle (EV) leader exceeded Wall Street expectations in Q2 deliveries due to price reductions.</p> <p>In the quarter, Tesla delivered more than 466,000 vehicles, surpassing the Street estimate of 448,350 deliveries. The company also produced close to 480,000 vehicles.</p> <p>Breakdown of production and deliveries for specific models: Model 3/Y had 460,211 produced and 446,915 delivered, while Model S/X had 19,489 produced and 19,225 delivered.</p> <p>Following the announcement, JPMorgan raised its price target on Tesla to $120.00 from $115.00 while maintaining an Underweight rating.</p>

NASDAQ:TSLA

https://financialmodelingprep.com/market-news/fmp-tesla-reports-q2-deliveries-beat-shares-surge-6

Davit Kirakosyan

Financial Modeling Prep

Southern Upgraded to Conviction Buy at Goldman Sachs

2023-07-03 08:05:00

<p>Goldman Sachs raised the rating of <a href='https://financialmodelingprep.com/financial-summary/SO'>Southern (NYSE:SO)</a> from Buy to Conviction Buy and set a price target of $80.00. Additionally, the analysts included Southern in the "Conviction List - Director's Cut" which features the top Buy-rated stocks across the firm's U.S. coverage.</p> <p>The analysts believe that Southern is uniquely positioned to achieve above-average growth in clean energy, particularly in the nuclear sector, while also having lower-than-average regulatory risk for its regulated utility operations.</p> <p>According to the analysts, the company's prospects are positively influenced by the progress of the Vogtle Units 3 and 4 nuclear projects, its exposure to regulated utility operations, and potential opportunities in the energy transition sector. The analysts expect the completion of the Vogtle project to alleviate any lingering concerns about the company's valuation.</p>

NYSE:SO

https://financialmodelingprep.com/market-news/fmp-southern-upgraded-to-conviction-buy-at-goldman-sachs-

Davit Kirakosyan

Financial Modeling Prep

Accolade Stock Surges 8% After Q1 Beat

2023-06-30 13:07:00

<p><a href='https://financialmodelingprep.com/financial-summary/ACCD'>Accolade (NASDAQ:ACCD)</a> shares jumped more than 8% intra-day today after the company reported its Q1 earnings results, with EPS of ($0.52) coming in above the Street estimate of ($0.62). Revenue was $93.2 million, beating the Street estimate of $90.27 million.</p> <p>The company sees Q2/24 revenue to be in the range of $93-$95 million, compared to the Street estimate of $93 million. For the full year, the company expects revenue in the range of $410-$414 million, compared to the Street estimate of $410 million.</p> <p>In response to the company’s strong performance in the latest quarter, BofA Securities emphasized the continued emphasis on multi-year growth. The analysts pointed out that the updated guidance midpoint surpasses both their estimates and the consensus. Although gross margin in the quarter fell below expectations, the analysts anticipate improvements in margins as the year progresses.</p>

NASDAQ:ACCD

https://financialmodelingprep.com/market-news/fmp-accolade-stock-surges-8-after-q1-beat

Davit Kirakosyan

Financial Modeling Prep

Constellation Brands Reports Q1 Beat, Provides Strong Outlook

2023-06-30 13:02:00

<p><a href='https://financialmodelingprep.com/financial-summary/STZ'>Constellation Brands (NYSE:STZ)</a> reported its Q1 earnings results on Friday, with EPS of $3.04 coming in better than the Street estimate of $2.83. Revenue was $2.52 billion, compared to the Street estimate of $2.47 billion.</p> <p>The company provided its full 2024-year outlook, expecting EPS to be in the range of $11.70-$12.00, compared to the Street estimate of $11.62.</p> <p>In response to the report, RBC Capital analysts expressed confidence in the company, stating that they believe it has the potential to achieve a compound annual growth rate of 7-9% in its beer top line over the next three years. </p>

NYSE:STZ

https://financialmodelingprep.com/market-news/fmp-constellation-brands-reports-q1-beat-provides-strong-outlook

Davit Kirakosyan

Financial Modeling Prep

Camping World Earns an Upgrade at DA Davidson, Shares Surge 5%

2023-06-30 13:00:00

<p><a href='https://financialmodelingprep.com/financial-summary/CWH'>Camping World Holdings (NYSE:CWH)</a> received an upgrade from Neutral to Buy by DA Davidson, which set a price target of $36.00 (previously $25.00). Shares gained more than 5% intra-day today.</p> <p>The analysts explained their decision, stating that the company has expressed its ongoing commitment to being a growth-oriented company while adopting a more disciplined approach to SG&A (Selling, General, and Administrative) and CapEx (Capital Expenditures). This strategy allows them to aggressively pursue value-enhancing RV acquisitions. With the RV industry returning to a state of normalcy in the past 6-12 months, the company has expedited its acquisition efforts, which the analysts believe to be successful.</p> <p>Feedback from smaller dealers indicates that competing with larger dealership chains on pricing for new/used RVs and used inventory procurement has become increasingly challenging. </p> <p>The analysts also believe that the company's proactive acquisition strategy will augment its scale and bargaining power with original equipment manufacturers (OEMs) in the future, as these acquisitions contribute to a greater share of the overall RV industry retail market.</p>

NYSE:CWH

https://financialmodelingprep.com/market-news/fmp-camping-world-earns-an-upgrade-at-da-davidson-shares-surge-5

Davit Kirakosyan

Financial Modeling Prep

Bernstein Says IBM is Best-Positioned to Take Advantage of AI

2023-06-30 12:57:00

<p>According to Bernstein analysts, <a href='https://financialmodelingprep.com/financial-summary/IBM'>IBM (NYSE:IBM)</a> is the leading US IT hardware company in terms of leveraging AI technology. They believe that generative AI has a "neutral to potentially positive" impact on IT hardware companies.</p> <p>The analysts assert that this emerging technology will greatly enhance productivity. They suggest that consultants could be among the initial beneficiaries, as enterprises are likely to seek assistance on their AI journeys, similar to digital transformation.</p> <p>Within Bernstein's research coverage, the analysts specifically highlighted IBM as the company "best positioned to take advantage of AI." They attribute this advantage to IBM's established account control, its extensive history and brand recognition with AI through Watson, its RedHat platform, and its substantial consulting business.</p> <p>However, they emphasized that execution is crucial. they point out that IBM has faced challenges in commercializing Watson thus far, and despite being a pioneer in developing a cloud offering, it struggled to capitalize on it, falling nearly a decade behind AWS and Azure.</p>

NYSE:IBM

https://financialmodelingprep.com/market-news/fmp-bernstein-says-ibm-is-best-positioned-to-take-advantage-of-ai

Davit Kirakosyan

Financial Modeling Prep

Carnival Upgraded to Buy at Jefferies, Shares Gain 3%

2023-06-30 08:53:00

<p>Jefferies upgraded <a href='https://financialmodelingprep.com/financial-summary/CCL'>Carnival (NYSE:CCL)</a> to Buy from Hold, accompanied by an increase in the target price for the stock from $9 to $25 per share. Shares gained more than 3% pre-market today. In a note to investors, the analysts highlighted several factors that influenced the decision.</p> <p>According to the analysts, the recent leadership change, along with the recovery in supply and demand, has led to a significant shift in the company's value from debt to equity. They believe this shift makes Carnival shares more attractive for broader investment, with the potential for progress over multiple years.</p> <p>The analysts noted that the new CEO, who has been in the position for 11 months, has implemented structural changes within Carnival, resulting in a flatter and more efficient reporting structure. This has enabled direct reporting relationships for 93% of the company's total brand capacity to the CEO.</p> <p>The analysts also highlighted favorable fuel costs as a tailwind for the company. Decreasing fuel prices, coupled with increased fuel efficiency due to a fleet upgrade with newer ships, are expected to improve margins and bring them back to pre-pandemic levels. The reduction in fuel consumption is projected to generate approximately $250 million in annual savings in 2023 compared to 2019, with further improvements anticipated by 2026.</p>

NYSE:CCL

https://financialmodelingprep.com/market-news/fmp-carnival-upgraded-to-buy-at-jefferies-shares-gain-3

Davit Kirakosyan

Financial Modeling Prep

NVIDIA Stock Upgraded to Outperform at Daiwa

2023-06-30 08:51:00

<p>Daiwa Capital Markets upgraded <a href='https://financialmodelingprep.com/financial-summary/NVDA'>NVIDIA (NASDAQ:NVDA)</a> stock from Neutral to Outperform, expressing increased confidence in the company's position. The analysts also increased their price target to $475 per share, up from the previous target of $408. Their decision is based on elevated estimates for 2024/2025 that surpass market expectations.</p> <p>The analysts said they are more certain that NVIDIA holds a dominant position in AI and Generative AI, making it difficult for competitors like AMD, Intel, and others to replicate in the near term. </p> <p>Previously, the analysts had concerns about weak demand for cloud and enterprise hardware in 2023. However, they now acknowledge that the importance of generative AI to the world, including technologies like ChatGPT, based on both public and internal data, was underestimated by Daiwa analysts. They believe that GPUs are vital for training and consider this market to be a new and significant opportunity.</p>

NASDAQ:NVDA

https://financialmodelingprep.com/market-news/fmp-nvidia-stock-upgraded-to-outperform-at-daiwa

Davit Kirakosyan

Financial Modeling Prep

Netflix’s Price Target Raised at Citi

2023-06-29 15:50:00

<p>Citi analysts increased their price target for <a href='https://financialmodelingprep.com/financial-summary/NFLX'>Netflix (NASDAQ:NFLX)</a> to $500.00 from $400.00, while maintaining their Buy rating. Ahead of the upcoming Q2 results on July 19, the analysts initiated a positive catalyst watch.</p> <p>The latest analysis conducted by Citi has made them more optimistic about Netflix's Ad Tier. They now expect the addition of 82 million new subscribers and $10.6 billion of incremental revenue, compared to the previous forecast of 66 million subscribers and $6.3 billion revenue.</p> <p>According to Citi’s client note, they believe Paid Sharing will contribute only minimally to incremental revenue. However, they increased the price target on the stock due to more optimistic estimates for the Ad Tier.</p>

NASDAQ:NFLX

https://financialmodelingprep.com/market-news/fmp-netflix’s-price-target-raised-at-citi

Davit Kirakosyan

Financial Modeling Prep