Selected stock price target news of the day - April 15th, 2024

By: Matthew Otto

Applied Digital Reports Fiscal Q3 2024 Revenue Surge Amid Challenges

Applied Digital disclosed its fiscal third-quarter financial results for the period ending February 29, 2024. Despite facing power outages that resulted in an Adjusted EBITDA loss of $2.3 million, the company reported a total revenue of $43.3 million, marking a 208% surge compared to the corresponding period in the previous year. This revenue surge was propelled by a 342% increase in Cloud Services revenue, reaching $19.6 million, while the High-Performance Computing sector contributed $23.7 million.

Net loss for the quarter amounted to $62.8 million, translating to a loss of $0.52 per basic and diluted share, driven by expenses associated with facilities and equipment not yet generating revenue. Additionally, the company successfully strengthened its balance sheet with $160 million from announced asset sales and financing transactions, enhancing its liquidity position for future endeavors.

Analysts Maintain Buy Ratings with Revised Price Targets

Lake Street analyst Rob Brown maintained a Buy rating and lowered the price target from $19 to $7.
Roth MKM analyst Darren Aftahi reiterated a Buy rating yet decreased the price target from $13 to $8.
Needham analyst John Todaro kept a Buy rating and downgraded the price target from $13 to $11.

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

Analyst John Todaro (NEEDHAM) currently has the highest performing score on APLD with 3/8 (37.5%) price target fulfillment ratio. His price targets carry an average of $8.76 (206.60%) potential upside. Applied Digital stock price reaches these price targets on average within 34 days.

JPMorgan Chase Reports First Quarter 2024 Earnings Amidst Economic Dynamics

JPMorgan Chase’s first-quarter 2024 earnings report reveals financial performance, with net income reaching $13.4 billion, equating to earnings per share of $4.44 on a revenue of $42.5 billion. The Return on Tangible Common Equity stands at 21%. Notable increases were seen in firmwide investment banking fees, soaring by 18% year-on-year, driven particularly by a rise in underwriting fees. Investment banking revenue reached $2 billion, marking a 27% increase from the previous year, with advisory fees down 21%, while underwriting fees surged, with debt up by 58% and equity by 51%.

Expenses climbed to $22 billion, rising by 9% year-on-year, primarily due to higher compensation costs and the impact of the FDIC’s special assessment. Credit costs amounted to $1.9 billion, reflecting net charge-offs of $2 billion and a net reserve release of $38 million. In the Consumer and Community Banking sector, net income reached $4.4 billion on a revenue of $16.6 billion, showing an increase of 1% year-on-year. Notably, Card outstandings soared by 13%, driven by account acquisition and the continued normalization of revolve, while Auto originations witnessed a decline of 3%.

Looking forward, JPMorgan Chase anticipates net interest income normalization, with an adjusted expense projection of approximately $91 billion.

Analysts Adjust Ratings and Price Targets in Light of Conditions

BMO Capital analyst James Fotheringham maintained a Market Perform rating yet lowered the price target from $196 to $195.
Oppenheimer analyst Chris Kotowski kept an Outperform rating and decreased the price target from $219 to $217.
Piper Sandler analyst Scott Siefers maintained an Overweight and lowered the price target from $220 to $215.

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

Analyst Betsy Graseck (MORGAN STANLEY) currently has the highest performing score on JPM with 14/15 (93.33%) price target fulfillment ratio. His price targets carry an average of $44.73 (25.38%) potential upside. JPMorgan Chase stock price reaches these price targets on average within 185 days.

State Street First Quarter 2024 Earnings Call: Financial Performance and Strategic Priorities

State Street Corporation’s First Quarter 2024 Earnings Conference Call reported a year-over-year increase in total fee revenue, up by 4%, reaching $2.1 billion. Asset servicing revenue saw an increase of 1%, totaling $1.2 billion. A record asset under custody/administration of $43.9 trillion, marking a 17% year-over-year increase.

Management fees surged by 12% year-on-year to $510 million, fueled by higher average market levels and net inflows. State Street’s EPS grew by 11% year-on-year, reaching $1.37 or $1.69 excluding notable items. This included a $0.32 impact from an additional FDIC special assessment.

Operating expenses, excluding notable items, increased marginally by 1% year-on-year. State Street continued its share buyback program, returning $308 million to shareholders in the first quarter, comprising $100 million in common share repurchases and $208 million in declared dividends.

Analysts Offer Differing Views on State Street Corporation’s Outlook

Argus Research analyst Stephen Biggar maintained a Buy rating yet raised the price target from $84 to $86.
UBS analyst Brennan Hawken reiterated a Neutral rating and the price target at $82.

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

Analyst Alexander Blostein (GOLDMAN SACHS) currently has the highest performing score on STT with 7/11 (63.64%) price target fulfillment ratio. His price targets carry an average of $14.7 (19.02%) potential upside. Five Below stock price reaches these price targets on average within 530 days.