Selected stock price target news of the day - October 9th, 2024

By: Matthew Otto

Investors Weigh Tesla’s New Financing Deals and Autonomous Driving Push

Investors are closely evaluating Tesla’s recent introduction of 0% financing deals for Model 3 and Model Y purchases. This incentive offers car buyers savings of approximately $100 a month or $6,000 over the course of a 60-month loan.

However, the broader market remained steady, with S&P 500 and Dow Jones Industrial Average futures both down by less than 0.1%. Tesla, which delivered 831,000 vehicles in the first half of 2024—a 7% year-over-year decline—saw an uptick of 6% in third-quarter sales, delivering about 463,000 cars.

While the financing deals aim to boost sales, they raise concerns about profit margins. Tesla’s operating profit margin dropped from 10% in 2023 to 6% in the second quarter of 2024. Wall Street analysts expect margins to recover, projecting an 8% margin for the third quarter and 9% for the fourth, according to FactSet.

Additionally, buyers are required to purchase the Full Self Driving (FSD) software for $8,000, a move that could increase FSD adoption. More FSD-equipped vehicles provide valuable data for product development and can generate word-of-mouth marketing.

Analyst Ratings Reflect Caution with Varied Outlooks

Truist Securities analyst William Stein reiterated a Hold rating and a $236 price target.
Oppenheimer analyst Colin Rusch reiterated a Perform rating.
RBC Capital analyst Tom Narayan maintained an Outperform rating while raising the price target from $224 to $236.
Cantor Fitzgerald analyst Andres Sheppard kept a Neutral stance and a $245 price target.

Which Analyst has the best track record to show on TSLA?

Analyst Andres Sheppard (CANTOR FITZGERALD) currently has the highest performing score on TSLA with 19/19 (100%) price target fulfillment ratio. His price targets carry an average of $-16.63 (-6.36%) potential downside. Tesla stock price reaches these price targets on average within 19 days.

Air Products & Chemicals Faces Activist Investor Push for Strategic Changes

Air Products & Chemicals is undergoing increased scrutiny after activist hedge fund Mantle Ridge acquired a stake exceeding $1 billion in the company. Mantle Ridge, led by Paul Hilal, is expected to push for strategic improvements, including succession planning for the long-time CEO Seifi Ghasemi, as well as adjustments to capital allocation and overall corporate direction. The investor reportedly views Air Products as trading below its potential value, particularly in comparison to industry peers such as Linde and Air Liquide, despite its position in the industrial gas and clean hydrogen sectors.

Evercore ISI analyst, Stephen Richardson, upgraded the stock to Outperform, raising its price target from $305 to $365, citing expectations for improvements in risk management and capital use. Citi analyst, Patrick Cunningham, also increased its price target to $345, adding a 90-day positive catalyst watch, suggesting further investor gains could arise with greater clarity on leadership succession and future projects. Jefferies analyst, Laurence Alexander, followed suit by upgrading Air Products to Buy and raising its target to $364, predicting a refocus on the company’s core industrial gas operations.

Upgrades and Price Target Increases from Analysts

Mizuho analyst Christopher Parkinson maintained an Outperform rating, while increasing the price target from $308 to $360.
Citigroup analyst Patrick Cunningham held a Buy rating and raised the price target from $330 to $345.
Vertical Research analyst Kevin McCarthy upgraded from Hold to Buy.
Jefferies analyst Laurence Alexander upgraded from Hold to Buy and the price target from $295 to $364.
Evercore ISI Group analyst Stephen Richardson upgraded from In-Line to Outperform and the price target from $305 to $365.

Which Analyst has the best track record to show on APD?

Analyst Steve Byrne (BAML) currently has the highest performing score on APD with 7/9 (77.78%) price target fulfillment ratio. His price targets carry an average of $29.69 (10.52%) potential upside. Air Products and Chemicals stock price reaches these price targets on average within 186 days.

Aviat Networks Reports 28.1% Revenue Growth in Q4 Fiscal 2024 with Strong International Performance

Aviat Networks announced its financial results for the fourth quarter of fiscal 2024, achieving a total revenues of $116.7 million, representing a year-over-year increase of 28.1% from $91.1 million in the same quarter last year.

This growth was bolstered by international revenue, which surged 66.6% to $60.5 million, attributed to the Pasolink acquisition and performance in the Asia Pacific and Europe regions. North American revenue reached $56.2 million, marking an increase of 2.5%. Aviat reported an adjusted EBITDA of $11.9 million for the quarter, while cash from operations amounted to $8.3 million.

For the full fiscal year, Aviat generated total revenues of $408.1 million, up 18.5% from $344.4 million in fiscal 2023, with a total adjusted EBITDA of $48.1 million, reflecting a 6.4% increase from $45.2 million in the previous year.

Aviat recorded a GAAP net income of $1.5 million for the fourth quarter, equating to a net income per diluted share of $0.12, compared to $3.8 million or $0.32 per share in the prior year. Non-GAAP net income for the fourth quarter was $9.2 million, or $0.72 per share, slightly down from $10.3 million or $0.87 per share in the same period of fiscal 2023.

For the full year, GAAP net income was reported at $10.8 million, maintaining a net income per diluted share of $0.86, while non-GAAP net income increased to $39.2 million, equivalent to $3.15 per share. Aviat held cash and cash equivalents of $64.6 million, with total debt standing at $48.4 million.

Looking ahead, Aviat has established its fiscal 2025 guidance, projecting full-year revenues between $450 million and $490 million, alongside adjusted EBITDA between $46 million and $52 million.

Analyst Maintains Ratings But Adjusts Price Targets

JMP Securities analyst Erik Suppiger reiterated a Market Outperform rating and a price target of $50.
Lake Street analyst Jaeson Schmidt kept a Buy rating but lowered the price target from $51 to $45.
Northland Capital Markets analyst Tim Savageaux maintained an Outperform rating but reduced the price target from $40 to $35.
B. Riley analyst Dave Kang lowered the price target from $42 to $35.
Roth analyst Scott Searle lowers the price target from $50 to $43.

Which Analyst has the best track record to show on AVNW?

Analyst Tim Savageaux (NORTHLAND CAPITAL MARKETS) currently has the highest performing score on AVNW with 3/10 (30%) price target fulfillment ratio. His price targets carry an average of $18.66 (87.44%) potential upside. Aviat Networks stock price reaches these price targets on average within 103 days.