Wedbush analysts believe Amazon took “its foot off the gas pedal” on some of its spending in order to deliver higher profitability during the second quarter of 2023, calling it a “prudent decision” and a “page out of the Bezos Playbook.”
In a note to clients, they raised their 12-month target price on the stock to $170 per share from $146, while maintaining an ‘Outperform’ rating, following the eCommerce giant’s better-than-expected 2Q revenue and earnings on a record gross margin.
Block shares tumbled on Friday despite the payments solution provider posting better-than-expected second quarter financial results that topped Wall Street estimates.
For 2Q, Block posted year-over-year revenue growth of 26% to $5.53 billion of which Bitcoin revenue was $2.39 billion.
Investors should take the opportunity to buy Apple Inc (NASDAQ:AAPL) shares while the broader market is taking a harsh view of the iPhone maker, that’s the view of California-headquartered stockbroker Wedbush.
Apple shares softened, losing US$6.50 or 3.4% per share on Friday, after the company reported a 1% decrease in total revenue to $81.8 billion for the quarter ending in June, marking the third consecutive year-on-year decline.
Booking Holdings Inc (NASDAQ:BKNG) is tipped for more upside after its quarterly earnings impressed, with stockbroker Wedbush raising its target price.
“We continue to view Booking as our top pick within online travel and believe the company is best positioned for the current demand environment given its international mix and accommodation mix,” Wedbush analyst Scott Devitt said in a note.
Anheuser-Busch InBev (NYSE:BUD) (ABI), the brewer behind Corona and Stella Artois, left analysts at Deutsche Bank debating whether it can retain shelf space after its better-than-expected second-quarter results were slightly overshadowed by the fallout of its Bud Light controversy.
“The key debate… is whether or not ABI will retain shelf space in the retail channel when retailers reset,” the German bank said.
Analysts at Wedbush have raised their price target for DoorDash after it reported strong second quarter 2023 results.
For the quarter, DoorDash posted a loss per share of $0.44, an improvement from a loss per share of $0.72 in the comparable quarter in 2022.
Analysts at UBS have reiterated their ‘Sell’ rating on Caterpillar in anticipation of a slowdown in the company’s growth ahead that has not been priced into the stock.
In a note to clients following Caterpillar’s second quarter results, which topped Wall Street expectations on both sales and profit, the analysts wrote that the company has benefitted in recent quarters from outsized absorption as the supply chain improves, and price versus cost driving strong margins.
Advanced Micro Devices, Inc. (NASDAQ:AMD) shares dropped Wednesday after the chipmaker’s second-quarter revenue and earnings declined sharply year-over-year, but analysts remain bullish.
Baird and UBS each put out reports Wednesday reiterating Outperform and Buy ratings, respectively, along with price targets of $170 and $150. Shares of AMD fell 7% Wednesday to $109.35.
Apple Inc (NASDAQ:AAPL) investors will likely see upside in iPhone revenues when the consumer electronics giant reports its third-quarter 2023 financial results after the closing bell on August 3, according to Wedbush analysts.
In a note to clients, they maintained their ‘Outperform’ rating on the stock and 12-month target price of $220 per share, while stating that the iPhone maker is gaining market share in China.
With United States cannabis multi-state operators (MSOs) set to hand down their latest financial results starting next week, analysts at Canaccord Genuity (TSX:CF, LSE:CF) expect to see modest sector-wide growth as these companies remained focused on driving profitability during the quarter.
In a note to clients, the analysts wrote that they believe 2Q/fiscal 3Q earnings will come in incrementally higher on a sequential basis but somewhat muted given that most operators are still in the midst of a variety of operational rightsizing initiatives, with profitability prioritized ahead of growth amid macro-level headwinds.
According to recent analysis by UBS, Halliburton Company (NYSE:HAL) beat adjusted earnings per share (EPS) estimates in Q2 2023, reporting $0.77 per share against the investment bank's estimate of $0.73 and the Street's $0.75.
Despite an expected decline in North American (NAM) activity, management projects that demand and pricing for its higher quality services, like the ZEUS e-fleets, will remain strong.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF)'s operational and financial results for the second quarter of 2023 showed continuing operations that performed in line with expectations, according to analysts at the investment bank Stifel.
The West Africa-focused group produced 268,000 ounces (koz) of gold at all-in-sustaining costs (AISC) of $1,000 per ounce. These numbers were in line with Stifel's forecasts and slightly ahead of the consensus average.
Advanced Micro Devices, Inc. (NASDAQ:AMD) (AMD)’s second-quarter earnings earned a shrug and a ‘meh’ from analysts, with Matt Bryson at Wedbush calling the results “just OK”.
However, investors seem to be more bullish on the fabless chipmaker’s prospects, with shares closing Tuesday 2.8% higher and surging another 2% in this morning’s pre-market trades.
UBS analysts, in a note to clients, believe Tenet Healthcare (NYSE:THC) delivered on high expectations during its second quarter of 2023, managed contract nursing and physician subsidies costs well, and is still most likely to outperform numbers in the back half of the year among core hospital peers.
They maintained their ‘Buy’ rating on the stock but boosted their 12-month target price to $104 per share from $95.
Analysts at UBS have lowered their price target on CVS Health ahead of the pharmacy chain’s second quarter results, which will be handed down on Wednesday, August 2.
The analysts wrote in a note to clients that since CVS management’s last public commentary in May, negative peer news has emerged which has further muddied the outlook for CVS.
The Cheesecake Factory Incorporated (CAKE) could serve up a less than appetizing sales outlook for the year when the restaurant chain reports its second-quarter financial results on August 2, according to UBS analysts.
In a note to clients, the analysts pointed to potential consumer spending pressures and still elevated pricing in 2023 as being possible risks to traffic and revenue targets this year.