Selected stock price target news of the day - April 23rd, 2024

By: Matthew Otto

PepsiCo’s Resilience Shines Amidst Challenges: Q1 2024 Earnings Report Analysis

PepsiCo’s latest earnings report showcased adjusted earnings per share of $1.61, surpassing analysts’ projections of $1.52, while revenue totaled $18.25 billion, exceeding the anticipated $18.07 billion. Net income attributable to the company rose to $2.04 billion, or $1.48 per share, up from $1.93 billion, or $1.40 per share, in the previous year.

PepsiCo faced volume pressures, evidenced by a 0.5% decrease in the food division’s volume and flat volume in the beverage segment. The North American Quaker Food division experienced a 22% decline in volume following recalls, denting PepsiCo’s organic volume by approximately 1%.

PepsiCo also observed demand in key international markets. Snack volume in the Asia-Pacific, Australia, New Zealand, and China region surged by 12%. Moreover, despite economic challenges, European beverage volume increased by 7%, with snack volume also rising by 2%.

Looking ahead, PepsiCo projected organic revenue growth of at least 4% and core constant currency earnings per share expansion of at least 8%.

Analysts’ Ratings: Reaffirming Strength with Differing Outlooks

Wedbush’s Gerald Pascarelli reiterated an Outperform rating and the price target at $195.
Barclays analyst Lauren Lieberman maintained an Overweight rating and raised the price target from $183 to $184.

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

Analyst Kaumil Gajrawala (JEFFERIES) currently has the highest performing score on PEP with 11/13 (84.62%) price target fulfillment ratio. His price targets carry an average of $39.86 (23.57%) potential upside. PepsiCo stock price reaches these price targets on average within 169 days.

Spotify Beats Expectations with First-Quarter Profit, Charts Path to Continued Growth

Spotify Technology, reported a net profit of approximately $226 million, marking a turnaround from the loss incurred during the same period last year. This surpassed analysts’ expectations, with revenue also witnessing a 20% increase, reaching approximately $4.02 billion, outperforming earlier forecasts.

While the number of monthly active users slightly missed previous guidance, reaching approximately 615 million, premium subscribers met expectations at around 239 million, reflecting a 14% increase.

Looking ahead, Spotify anticipates sustained growth momentum in the second quarter of 2024, with forecasts projecting an operating profit of around $282 million on revenue of approximately $4.34 billion.

Analysts Upgrade Price Targets Amidst Positive Outlook

Macquarie analyst Tim Nollen maintained an Outperform rating and increased the price target from $300 to $330.
Loop Capital analyst Alan Gould maintained a Hold rating yet raised the price target from $165 to $250.
Morgan Stanley analyst Manan Gosalia reiterated an Overweight rating but upgraded the price target from $270 to $350.
Canaccord Genuity analyst Maria Ripps reiterated a Buy rating and raised the price target from $315 to $330.

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

Analyst Andrew Marok (RAYMOND JAMES) currently has the highest performing score on SPOT with 6/6 (100%) price target fulfillment ratio. His price targets carry an average of $22.24 (11.25%) potential upside. Spotify Technology stock price reaches these price targets on average within 96 days.

American Express Reports Q1 2024 Financial Results Amidst Continued Growth Momentum

American Express reported financial results for the first quarter of 2024, showcasing continued growth momentum in its key revenue streams. With revenues up 11% year-over-year to $15.8 billion and earnings per share rising by 39% to $3.33, the company demonstrated performance driven by increased spending, particularly from its U.S. consumer and international card members.

American Express attracted 3.4 million new card acquisitions in the quarter, with fee-based products accounting for the majority of new accounts. Furthermore, the company reaffirmed its full-year guidance of 9% to 11% revenue growth and EPS of $12.65 to $13.15.

American Express maintained reserves amounting to $5.6 billion, representing 2.9% of total loans and Card Member receivables. Additionally, American Express emphasized its commitment to shareholder returns, having returned $1.6 billion of capital in the first quarter while maintaining a CET1 ratio within its target range.

Analysts Offer Mixed Views as Price Targets Adjust Upwards

Moshe Orenbuch from TD Cowen maintained a Hold rating and increased the price target from $221 to $225.
Jon Arfstrom at RBC Capital continued to rate Outperform and raised the price target from $250 to $253.
Mark Devries, an analyst at Deutsche Bank, reiterated a Buy rating yet lifted the price target from $240 to $260.
James Fotheringham from BMO Capital reiterated an Underperform rating but raised the price target from $167 to $175.
Betsy Graseck, an analyst at Morgan Stanley, maintained an Equal-Weight rating and upgraded the price target from $222 to $226.

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

Analyst Moshe Orenbuch (TD COWEN) currently has the highest performing score on AXP with 15/15 (100%) price target fulfillment ratio. His price targets carry an average of $12.02 (8.23%) potential upside. American Express stock price reaches these price targets on average within 81 days.