Selected stock price target news of the day - April 19th, 2024

By: Matthew Otto

Netflix Shifts Focus from Subscribers to Profit: First Quarter Results Exceed Expectations

Netflix has reported financial performance for the first quarter of the year, with earnings per share standing at $5.28, surpassing the $4.52 expected by analysts. Revenue for the quarter reached $9.37 billion, exceeding the $9.28 billion forecasted by the London Stock Exchange Group. Total memberships saw an increase, rising to 269.6 million, outpacing Wall Street’s expectation of 264.2 million. This surge in memberships contributed to a growth in net income, which amounted to $2.33 billion for the quarter, up from $1.30 billion in the same period last year.

Netflix anticipates a slowdown in paid net additions for the second quarter due to typical seasonal trends. However, Netflix expects revenue to reach $9.49 billion, just shy of Wall Street’s estimate of $9.54 billion. Investors are monitoring Netflix’s strategic initiatives, including price hikes, a crackdown on password sharing, and the introduction of an ad-supported tier, as the company aims to sustain its year-to-date stock growth of 27% and an 85% increase over the last 12 months.

Analysts Ratings and Price Target Adjustments Reflect Diverse Views

Wells Fargo analyst Steven Cahall maintained an Overweight rating yet raised the price target from $650 to $726.
Needham analyst Laura Martin upgraded from Hold to Buy and set a $700 price target.
Canaccord Genuity analyst Maria Ripps downgraded from Buy to Hold and lowered the price target from $720 to $585.
Pivotal Research analyst Jeffrey Wlodarczak reiterated a Buy rating and increased the price target from $765 to $800.
Bernstein analyst Laurent Yoon maintained a Market Perform rating yet upgraded the price target from $490 to $600.
Benchmark analyst Matthew Harrigan reiterated a Sell rating and a $440 price target.
BMO Capital analyst Brian Pitz kept an Outperform rating yet raised the price target from $638 to $713.

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

Analyst David Joyce (SEAPORT) currently has the highest performing score on NFLX with 2/2 (100%) price target fulfillment ratio. His price targets carry an average of $55.69 (11.48%) potential upside. Netflix stock price reaches these price targets on average within 40 days.

Travelers Reports First Quarter 2024 Results, Demonstrates Resilience Amidst Challenges

Travelers has reported first-quarter results for 2024, marked by growth in both top and bottom lines. The company posted core income of $1.1 billion, equivalent to $4.69 per diluted share, and achieved a core return on equity of 15.4%. This performance represents an increase from the prior year, with core income up by $126 million despite facing a $211 million one-time tax benefit in the previous year’s quarter. Travelers recorded record net earned premiums of $10.1 billion, marking a 14% year-over-year increase, supported by a combined ratio of 93.9%.

Business Insurance saw net written premiums grow by 9% to $5.6 billion, with renewal premium change remaining at 10.6% and retention staying at 86%. Meanwhile, Bond & Specialty Insurance achieved a 6% increase in net written premiums, reaching $943 million, driven by a 15% growth in the market-leading surety business. Personal Insurance recorded a 9% growth in net written premiums, with renewal premium change reaching 16.6% in auto and 13.4% in home insurance.

Analysts Varied Ratings and Price Target Adjustments

Jefferies analyst Yaron Kinar maintained a Hold rating and lowered the price target from $222 to $219.
RBC Capital analyst Mark Dwelle maintained a Sector Perform rating however, lowering the price target from $230 to $225.
Evercore ISI Group analyst David Motemaden reiterated an Outperform rating yet decreased the price target from $253 to $250.
Roth MKM analyst Harry Fong reiterated a Buy rating and a $240 price target.
Keefe, Bruyette & Woods analyst Meyer Shields kept a Market Perform rating and downgraded the price target from $241 to $231.

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

Analyst Jimmy Bhullar (JPMORGAN) currently has the highest performing score on TRV with 6/7 (85.71%) price target fulfillment ratio. His price targets carry an average of $-17.59 (-7.63%) potential downside. The Travelers Companies stock price reaches these price targets on average within 92 days.

Alcoa Unveils First Quarter 2024 Earnings and Strategic Acquisition Plans

Alcoa Corporation unveiled its first quarter 2024 earnings report, showcasing a mixed financial performance alongside corporate developments. The company’s proposed acquisition of Alumina Limited, valued at approximately $2.2 billion, is set to increase its ownership in the Alcoa World Alumina and Chemicals joint venture. Shareholders of Alumina Limited are poised to receive 0.02854 Alcoa shares for each Alumina Limited share.

Following the acquisition, Alcoa shareholders will own approximately 68.75% of the combined entity on a fully diluted basis, with Alumina Limited shareholders holding the remaining 31.25%. Alcoa reported flat revenue of $2.6 billion for the quarter, with a net loss attributable to Alcoa of $252 million and an adjusted EBITDA of $132 million.

Analysts Offer Varied Perspectives Outlook Following Earnings Call

UBS analyst Curt Woodworth maintained a Sell rating and raised the price target from $27 to $32.
B. Riley Securities analyst Lucas Pipes maintained a Neutral rating and increased the price target from $25 to $31.
Jefferies analyst Chris LaFemina reiterated a Buy rating yet raised the price target from $45 to $48.
BMO Capital analyst Katja Jancic reiterated a Market Perform rating yet increased the price target from $35 to $37.

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

Analyst Lawson Winder (BAML) currently has the highest performing score on AA with 3/5 (60%) price target fulfillment ratio. His price targets carry an average of $0.97 (3.13%) potential upside. Alcoa Corporation stock price reaches these price targets on average within 7 days.