Notes
MORNING BID
🔸 $NET: Upgraded to Buy by Citigroup, target price to $145 from $95, expecting 27%-30% annual revenue growth.
🔸 Citigroup: Positive 90-day watchlist for $OKTA, negative for $CRWD.
🔸 $WDC: Q2 revenue expected at $4.30B (below consensus $4.24B, EPS at $1.75-$2.05; CFO Jabre resigning.
🔸 $CRM: Upgraded to Buy from Hold by TD Cowen.
🔸 TikTok: Trump's advisor supports keeping app if deal viable; Schumer urges Biden to extend shutdown deadline by 90 days.
🔸 $OZK: Q4 EPS $1.56 vs. est. $1.44; NII $379-398M; book value up 11.5% to $47.30/share.
🔸 $CFG: Q4 EPS $0.85 vs. est. $0.83; revenue $1.99B; NIM 2.87%; provisions $162M.
🔸 $INDB: Q4 adj. EPS $1.21 vs. est. $1.16; NIM 3.33%; Q3 pre-tax profit $62.93M.
🔸 $RC: Announces $150M share buyback.
🔸 $RF: Q4 EPS $0.56 vs. est. $0.55; revenue $1.845B; Q1 NII to decline; NIM 3.55%; provisions $120M.
🔸 $WULF: Files for mixed shelf offering, size undisclosed.
🔸 $TFC: Q4 EPS $0.91 vs. est. $0.88; revenue $5.11B; tangible book value $30.01/share; CET1 ratio 11.5%; provisions $471M; Q1 revenue down 2% Q/Q; FY revenue up 3-3.5%.
🔸 $JBHT: Q4 EPS $1.53 vs. est. $1.61; revenue down 5% to $3.15B, due to declines in various segments including Intermodal (down 2%).
🔸 $DD and $AXTA: Upgraded to Outperform by Wolfe Research.
🔸 $OTIS: Authorizes $2B share repurchase program.
🔸 Shield AI: In talks to raise significant funding from $PLTR and $LMT, per The Information.
🔸 $CROX: Downgraded to Hold from Buy by Williams Trading due to weakening trends.
🔸 $RIVN: Finalizes $6.6B loan agreement with U.S. DOE for Georgia manufacturing.
Fisker: U.S. auto safety probe closed on 6,971 Ocean SUVs, no further investigation expected post-bankruptcy.
$APLT: Baird's target price adjustment: $14 to $5.
RBC's target price change: $12 to $4, rating shift from outperform to sector perform.
$ADSK: Citigroup's slight target price increase: $358 to $361.
$BFb: Barclays' target price reduction: $53 to $49.
$CF: Berenberg's target price elevation: $69 to $74.
$CRWD: Citigroup's significant target price hike: $300 to $400.
$DSGX: RBC's target price upgrade: $115 to $133.
$DOMO: TD Cowen's minor target price lift: $9 to $10.
$EQIX: Truist Securities' substantial target price increase: $935 to $1,090.
$GNL: Truist Securities' target price reduction: $8.50 to $8.
$SJM: Citigroup's target price rise: $134 to $137.
Barclays' target price elevation: $121 to $126.
$PASG: Wedbush's initiation of coverage with outperform rating, target price set at $4 from a previous $3.
$PEB: Stifel's target price adjustment: $15 to $16.25.
$PFE: Berenberg's target price uptick: $27 to $29.
$PLL: BMO's target price increase: $9.50 to $14.
$PLYM: Truist Securities' price target cut: $27 to $22.
$RDNT: Truist Securities' target price boost: $80 to $94.
$SW: JP Morgan's target price adjustment: $65 to $69.
$SBEV: H.C. Wainwright's target price decrease: $1 to $0.50.
$TXNM: Barclays' target price elevation: $46 to $52.
$ULTA: Citigroup's target price increase: $345 to $390.
$URBN: Citigroup's rating upgrade to buy from neutral, target price rise from $42 to $59.
$VYGR: Wedbush's initiation of coverage with outperform rating, target price set at $11 from $7.
$WMG: Citigroup's target price adjustment: $31 to $34.
DAILY RECAP
$AAPL saw minimal smartphone shipment growth in 2024 amidst a strong market rebound, according to IDC.
$AMBA Q3 adj EPS $0.11 vs $0.03 est., revenue $82.7M vs $79.02M est.; Q4 rev guidance $76-80M.
$ADSK Q3 EPS $2.17 vs $2.12 est., revenue $1.57B vs $1.562B est.; Q4 revs $1.623-1.638B, FY revs $6.115-6.13B.
$CRWD Q3 EPS $0.93 vs $0.81 est., revenue $1.01B vs $982.36M est.; Q4 revs $1.029-1.035B.
$DELL Q3 EPS $2.15 vs $2.06 est., revenue $24.4B vs $24.72B est.; strong growth in infrastructure, slight decline in client solutions.
$HPQ Q4 EPS $0.93 as expected, revenue $14.1B vs $13.986B est.; Q1 and FY EPS guidance lowered.
$NTNX Q1 EPS $0.42 vs $0.32 est., revenue $591M vs $571.8M est.; Q2 rev guidance $635M-$645M.
$PD Q3 EPS $0.28 vs $0.17 est., revenue $118.9M vs $116.52M est.; Q4 revs $118.5-120.5M, FY revs $464.5-466.5M.
$WDAY Q3 EPS $1.89 vs $1.76 est., revenue $2.16B vs $2.13B est.; Q4 subscription revs lower than expected.
$DDD Q3 EPS ($0.12) vs ($0.10) est., revenue $112.9M vs $115.27M est.; FY rev guidance $440-450M, improving adj EBITDA.
$GES reported Q3 EPS at $0.34, under $0.38 expected, with revenue up 13% to $738.5M. They've cut FY25 EPS and revenue growth forecasts.
$JWN beat with Q3 EPS of $0.33 vs. $0.22, revenues up 4.3% to $3.46B, and raised FY24 revenue outlook.
$URBN excelled with Q3 EPS at $1.10 vs. $0.85, revenue up 6.3% to $1.36B. Growth in Anthropologie, Free People, and Nuuly, but a decline at Urban Outfitters.
$GRO priced its IPO at $15/share, offering 2M shares instead of the planned 4.25M.
$BYDDY is seeking supplier price reductions, bracing for tougher competition in China's EV market.
$SEDG is ending its storage division, cutting jobs by 500, with expected charges for assets and inventory.
$VWAGY has agreed to divest from its Xinjiang plant amidst human rights concerns.
$IREN reported a Q1 Bitcoin mining revenue drop to $49.6M from $54.3M due to higher network difficulty and lower Bitcoin prices, despite increased hashrate. AI Cloud Services revenue rose by 28% to $3.2M from $2.5M with new GPU's added. Adjusted EBITDA fell to $2.6M from $12.2M, with 813 Bitcoins mined compared to 821 in the prior quarter.
$ACAD has secured exclusive rights to SAN711 from Saniona for global development and sales.
$GRFS stock fell after Bloomberg reported Brookfield is set to abandon its €6.45 billion acquisition attempt due to pricing disagreements.