Notes
Analyst Price Target Updates:
🔻 Cuts:
🔸 $ACVA: Jefferies $25 ($27), Needham $25 ($28)
🔸 $ALB: Piper Sandler $85 ($90)
🔸 $AMGN: Bernstein $350 ($380)
🔸 $CE: Jefferies $55 ($70), JPM $54 ($92), RBC $56 ($84), Downgraded to Sector Perform
🔸 $ETSY: BTIG $60 ($65), Canaccord $76 ($105), Guggenheim $70 ($80)
🔸 $EXAS: Jefferies $80 ($85), Leerink $85 ($95)
🔸 $WST: Jefferies $240 ($393)
🔸 $WING: Benchmark $325, Bernstein $330 ($380), Jefferies $270 ($280), TD Cowen $305 ($365)
🔸 $ZTS: Jefferies $190 ($200)
🔺 Raises:
🔸 $AMPL: Baird $17 ($12), Outperform; Piper Sandler $17 ($15)
🔸 $ADI: JPM $300 ($280), Oppenheimer $270 ($245), Piper Sandler $240 ($220), TD Cowen $280 ($260)
🔸 $AIZ: KBW $230 ($212), Upgraded to Outperform
🔸 $AXSM: H.C. Wainwright $200 ($190)
🔸 $BELFA: Needham $100 ($95)
🔸 $BMRN: Scotiabank $80 ($78)
🔸 $CVNA: D.A. Davidson $260 ($220), Jefferies $265 ($225), Needham $340 ($330), RBC $320 ($280)
🔸 $CRL: JPM $165 ($175)
🔸 $CAKE: Citigroup $67 ($66), Jefferies $63 ($58)
🔸 $CWAN: Piper Sandler $36 ($28), Upgraded to Overweight
🔸 $CVS: Bernstein $71 ($52)
🔸 $DVN: Bernstein $48 ($50), JPM $48 ($45)
🔸 $EQT: JPM $58 ($53)
🔸 $GTLB: Wells Fargo $85 ($80)
🔸 $IFF: Citigroup $99 ($100)
🔸 $KVYO: Barclays $51 ($47), Benchmark $54 ($51), Needham $56 ($46), Piper Sandler $53 ($50)
🔸 $LRCX: Susquehanna $125 ($75), Upgraded to Positive
🔸 $MTDR: JPM $76 ($75)
🔸 $RBA: CIBC $116 ($108)
🔸 $RELY: JPM $30 ($21)
🔸 $ROKU: Jefferies $100 ($55), Upgraded to Hold
🔸 $TOST: JPM $42 ($36), KBW $42 ($40)
🔸 $TNL: Jefferies $70 ($62)
🔸 $VRTX: RBC $408 ($407)
🆕 Coverage Initiations:
🔸 $SEI: Piper Sandler Overweight, PT $37
🔸 $ORA: Jefferies Buy (from Hold), PT $78 ($73)
RECAP
• $CAVA: Q3 EPS $0.15, above expectations of $0.11; sales up 39% to $243.8M; FY guidance for restaurant comp sales at 12.5%, up from 8.5-9.5%, and EBITDA at $123M. Plans to increase restaurant openings and margins.
• $FLUT: Q3 adjusted EBITDA up 74% to $450M; revenue up 27% to $3.25B; raised full-year forecasts for EBITDA and revenue, expecting 35% profit increase.
• $CART: Q3 EPS $0.42 vs. $0.22 est.; revenue $852M vs. $844M est.; Q4 EBITDA guidance $230M-$240M, below estimate; increased buyback program by $250M.
• $LNW: Q3 net income $64M, less than $100.7M expected; revenue $817M, slightly below $821.21M; continues double-digit revenue growth.
• $RIVN: Formed JV with Volkswagen for tech development, with VW investing up to $5.8B by 2027.
• $SAVE: Shares fell -60% due to bankruptcy filing rumors, currently negotiating with creditors.
• $TSLA: Recalling 2,431 Cybertrucks due to potential power loss issues, marking the sixth recall this year.
• $MODG: Q3 EPS loss at -$0.02, better than -$0.16 expected; revenue $1.01B, above $983M forecast; adjusted full-year revenue and EBITDA guidance downwards.
• $OXY: Q3 adj EPS $1.00, above $0.74 expected; production rose 15.7% to 1.41 Mboepd due to CrownRock acquisition, despite lower prices; Q4 production expected at 1.43-1.47 Mboepd.
• $RKLB: Q3 EPS ($0.10) vs. ($0.11) est., with revenues at $104.8M vs. $102.3M est.; Q4 revenue guidance $125-135M, with a new multi-launch deal for Neutron.
• $DHT: Q3 EPS $0.22, topping $0.20 estimate; adjusted EBITDA $70.4M vs. $66.4M expected, on slightly lower than expected adjusted revenues of $92.64M.
• $AB): Reported a 2% drop in AUM to $793B in October 2024 from $806B due to market downturn, with no net inflows or outflows.
• $MARA: Q3 revenue increased by 34% to $131.6M, missing the forecast of $137.5M.
• $PAY: Q3 EPS was $0.15 compared to $0.09 expected; revenue hit $231.6M against $190.6M estimated. They foresee Q4 revenue at $215M-$220M and FY24 at $829M-$834M, both above consensus.
• $RKT: Q3 adjusted EPS met estimates at $0.08; adjusted EBITDA was $286M, above the $272.33M expected, with revenues at $1.323B, beating the forecast. They anticipate a drop in Q4 revenue to $1.05-1.2B.
• $WULF: Q3 adjusted EBITDA was $6M, below the $11.2M prediction, with revenues at $27.1M, not meeting the $34.28M estimate.
• $AMGN: Clarified no link between MariTide use and bone density changes, despite earlier reports of potential loss. The company remains confident in the drug's future.
• $ICUI: Q3 adjusted EPS $1.59 vs $1.25 expected; revenue $589.131M vs $574.7M forecast, with a gross margin of 34.8%. FY guidance raised for EPS and EBITDA.
• $NTRA: Q3 EPS ($0.26) vs ($0.57) expected, revenue $439.8M vs $361.45M; FY revenue guidance set at $1.61-1.64B, above consensus.
• $PGNY: Q3 EPS $0.11, below $0.13 expected; revenue $286.625M vs $296.88M; full-year revenue and EBITDA guidance below market expectations.
• $SGMO: Q3 EPS $0.04, better than ($0.03) expected; revenue $49.41M vs $17.94M forecast. Adjusted annual operating expenses expected to be $125-145M.
• $SYRS: Shares dropped -80% after the SELECT-MDS-1 trial for tamibarotene failed to meet its primary endpoint, leading to discontinuation of the study.
• $DOX: Q4 adjusted EPS $1.70, matching expectations, with revenue at $1.264B, slightly above the $1.263B estimate.
• $PLUS: Q2 adjusted EPS $1.36, below $1.39 expected; revenue $515.2M vs $576.5M forecast. Full-year sales guidance unchanged, but adjusted EBITDA expected at $195-205M.
• $IAS: Q3 EPS $0.10 vs $0.07 expected, with revenue at $133.528M and a gross margin of 80%. Q4 revenue and EBITDA guidance were both below expectations.
• $SOUN: Q3 adjusted EPS ($0.04) vs ($0.07) expected; revenue $25.1M, above $23.02M estimate. Set FY24 and FY25 revenue targets.
• $SWKS: Q4 adjusted EPS $1.55 vs $1.52, revenue $1.025B, nearly matching estimates. Q1 guidance for revenue and EPS below expectations.
• $SPOT: Q3 revenue growth of 19% to €3.99B missed the €4.02B estimate; profit margin improved. Q4 revenue guidance below expectations but operating income and MAUs on target.
• $SMCI: Announced delay in filing Q3 2024 quarterly report due to ongoing issues with the annual report.
• $ZI: Q3 adjusted EPS $0.28, surpassing the $0.22 estimate; revenue $303.6M vs $299.38M. Q4 revenue guidance in line with estimates, but EPS slightly below consensus.