Selected stock price target news of the day - October 30th, 2024

By: Matthew Otto

ON Semiconductor Exceeds Q3 Earnings Expectations, Provides Q4 Guidance Below Consensus

ON Semiconductor reported third-quarter 2024 financial results with revenue reaching $1.76 billion, slightly above the $1.75 billion consensus estimate but down 19% year-over-year. Adjusted earnings per share (EPS) came in at $0.99, beating the $0.97 analyst estimate, while non-GAAP gross margin increased to 45.5%, up from 45.3% in the prior quarter. Non-GAAP operating margin reached 28.2% compared to 27.5% in Q2 2024.

Segment performance was mixed, with the Power Solutions Group (PSG) down 23% year-over-year to $829.4 million. Advanced Solutions Group (AMG) declined 16% year-over-year to $653.7 million. Additionally the Intelligent Sensing Group (ISG) revenue dropped 15% year-over-year to $278.8 million.

For the fourth quarter, ON Semiconductor provided a revenue guidance range of $1.71 billion to $1.81 billion, with the midpoint of $1.76 billion slightly below the $1.78 billion analyst consensus. ON Semiconductor also projected adjusted EPS between $0.92 and $1.04, compared to a consensus estimate of $1.00.

Analysts’ Mixed Target Adjustments and Ratings

Truist Securities analyst William Stein maintained a Buy rating but lowered the price target from $97 to $89.
Baird analyst Tristan Gerra kept a Neutral rating while raising the price target from $70 to $75.
Morgan Stanley analyst Joseph Moore held an Underweight rating and raised the price target from $63 to $64.
Benchmark analyst David Williams reiterated a Buy rating and the price target at $90.
Needham analyst Quinn Bolton maintained a Buy rating, yet lowered the price target from $92 to $87.

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

Analyst Joseph Moore (MORGAN STANLEY) currently has the highest performing score on ON with 9/12 (75%) price target fulfillment ratio. His price targets carry an average of $-9.24 (-12.45%) potential downside. ON Semiconductor stock price reaches these price targets on average within 48 days.

TransMedics Reports Q3 Revenue and Earnings Below Analyst Expectations Despite Year-Over-Year Growth

TransMedics Group reported third-quarter revenue of $108.8 million, marking a 64% year-over-year increase from $66.4 million in Q3 2023. However, revenue came in below the consensus estimate of $114.99 million. Gross margin for Q3 was 56%, a decrease from 61% in the prior year.

For the quarter, TransMedics reported earnings per share (EPS) of $0.12, which missed analyst estimates by $0.17, as analysts had projected EPS of $0.29. Operating expenses for Q3 2024 were $56.9 million, down from $69.0 million in Q3 2023, though ongoing investments in research and development and organizational support increased, including $7.6 million in stock compensation expense compared to $5.1 million in Q3 2023.

TransMedics’ cash position was $330.1 million as of September 30, 2024, down from $362.8 million in the previous quarter. For the full year, TransMedics reiterated its revenue guidance in the range of $425 million to $445 million, close to the analyst consensus of $444.4 million, representing expected annual growth of 76% to 84%.

Analysts Lower Price Targets Despite Retaining Positive Ratings

Piper Sandler analyst Matt O’Brien reiterated an Overweight rating and upheld a price target of $180.
JP Morgan analyst Allen Gong maintained an Overweight rating; however, lowered the price target from $173 to $116.
Oppenheimer analyst Suraj Kalia kept an Outperform rating but reduced the price target from $200 to $125.
Canaccord Genuity analyst Jason Mills reaffirmed a Buy rating yet lowered the price target from $169 to $109.
Baird analyst Joe Vruwink sustained an Outperform rating while decreasing the price target from $200 to $150.
Needham analyst Mike Matson held a Buy rating and adjusted the price target down from $208 to $109.

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

Analyst Allen Gong (JPMORGAN) currently has the highest performing score on TMDX with 6/7 (85.71%) price target fulfillment ratio. His price targets carry an average of $9.4 (7.99%) potential upside. TransMedics Group stock price reaches these price targets on average within 19 days.

Boot Barn Achieves Q2 Sales Growth and Sets FY2025 Revenue Guidance of $1.87 Billion to $1.91 Billion

Boot Barn Holdings reported a 13.7% increase in net sales for the second fiscal quarter totaling $425.8 million compared to $374.5 million in the same period the previous year. Same store sales rose by 4.9%, with a 4.3% increase in retail store sales and a notable 10.1% rise in e-commerce sales.

The quarter saw net income climb to $29.4 million, or $0.95 per diluted share, which was slightly below the analyst estimate of $0.96. Revenue for the quarter exceeded the consensus estimate of $424.5 million. Gross profit increased to $152.9 million, representing 35.9% of net sales, primarily due to merchandise margin gains, which were partially offset by occupancy expenses linked to new stores. Additionally, Boot Barn opened 15 new stores during the quarter, expanding its total count to 425.

Looking ahead, Boot Barn has provided updated guidance for fiscal year 2025, projecting revenue between $1.87 billion and $1.91 billion, aligning with the consensus estimate of $1.87 billion, and anticipating continued growth across both retail and e-commerce channels.

Mixed Analyst Upgrades and Price Target Adjustments

Baird analyst Jonathan Komp upgraded from Neutral to Outperform while maintaining a price target of $167.
Piper Sandler analyst Peter Keith reiterated an Overweight rating and the price target at $179.
Citigroup analyst Steven Zaccone maintained a Buy rating but lowered the price target from $194 to $178.
JP Morgan analyst Matthew Boss upheld an Overweight rating and raised the price target from $160 to $181.
Benchmark analyst John Lawrence reiterated a Buy rating and a price target of $192.
Craig-Hallum analyst Jeremy Hamblin held a Hold rating and reduced the price target from $162 to $160.
Williams Trading analyst Sam Poser reiterated a Buy rating and the price target at $173.
BTIG analyst Janine Stichter maintained a Buy rating and increased the price target from $165 to $185.

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

Analyst Matthew Boss (JPMORGAN) currently has the highest performing score on BOOT with 20/21 (95.24%) price target fulfillment ratio. His price targets carry an average of $6.58 (4.29%) potential upside. Boot Barn Holdings stock price reaches these price targets on average within 164 days.