Selected stock price target news of the day - August 12th, 2024

By: Matthew Otto

Expedia Group Q2 Results Beat Estimates; Adjusts Outlook Amid Softening Demand

Expedia Group reported financial results for the second quarter, with earnings per share (EPS) of $3.51, surpassing the analyst consensus of $3.14 by $0.37. Additionally, generated $3.6 billion in revenue, slightly above the expected $3.53 billion, reflecting a 6% growth year-over-year.

Total gross bookings increased by 6% to $28.8 billion, driven by lodging gross bookings, which rose 8% to $20.7 billion, and hotel bookings, which saw an 11% year-over-year increase. Room nights growth accelerated by 10%, with Brand Expedia achieving nearly 20% growth. Business-to-Business (B2B) revenue also climbed 22% to $1.0 billion.

Despite a 5% increase in adjusted EBITDA to $786 million, Expedia experienced a 15 basis point margin contraction compared to the previous year. Adjusted EBIT rose by 8% to $475 million, showing 21 basis points of margin expansion. Net income stood at $386 million, while adjusted net income was $469 million. Year-to-date, Expedia repurchased approximately 9.2 million shares for $1.2 billion.

Expedia Group forecasted a full-year revenue growth of 6%, aligning with its prior guidance but falling short of analysts’ expectations of 7.4%. Gross bookings growth is projected to be at the lower end of the mid to high single digits range, with a 4% year-over-year increase.

Analysts Adjust Price Targets Following Q2 Earnings Report

Citigroup analyst Ronald Josey maintained a Neutral rating while raising the price target from $140 to $145.
DA Davidson analyst Tom White reiterated a Neutral rating and a $135 price target.
RBC Capital analyst Brad Erickson kept a Sector Perform rating and a $140 price target.
Wells Fargo analyst Ken Gawrelski maintained an Equal-Weight rating but lowered the price target from $140 to $130.
Benchmark analyst Daniel Kurnos maintained a Buy rating and a $180 price target.
UBS analyst Lloyd Walmsley kept a Neutral rating but lowered the price target from $140 to $137.
Wedbush analyst Scott Devitt maintained a Neutral rating and raised the price target from $125 to $130.
Piper Sandler analyst Thomas Champion reiterated a Neutral rating and lowered the price target from $145 to $140.
Barclays analyst Trevor Young maintained an Equal-Weight rating while lowering the price target from $138 to $134.

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

Analyst James Lee (MIZUHO) currently has the highest performing score on EXPE with 17/18 (94.44%) price target fulfillment ratio. His price targets carry an average of $19.67 (17.06%) potential upside. Expedia Group stock price reaches these price targets on average within 158 days.

The Trade Desk Beats Q2 Earnings Estimates and Provides Q3 Revenue Guidance

Trade Desk reported its Q2 2024 financial results, with an earnings per share (EPS) that came in at $0.39, beating the consensus estimate of $0.36 by $0.03. Revenue reported a 26% year-over-year increase in revenue, reaching $585 million for the quarter, exceeding the forecasted $578.03 million.

Financially, Trade Desk achieved an adjusted EBITDA of $242 million, reflecting a 41% margin on revenue, and continued to see performance in Connected TV (CTV) and retail media. Despite an increase in operating expenses, the Trade Desk maintained its cash position, with free cash flow of $57 million.

Looking Forward, Trade Desk projected revenue of $618 million, surpassing the consensus estimate of $605 million. Adjusted EBITDA for the quarter is expected to be approximately $248 million.

Analysts Adjust Ratings and Price Targets Following Q2 Earnings

Baird Analyst Vikram Kesavabhotla maintained an Outperform rating and raised the price target from $110 to $130.
Citigroup Analyst Ygal Arounian kept a Buy rating and increased the price target from $112 to $115.
Macquarie Analyst Tim Nollen maintained an Outperform rating and the price target of $115.
Needham Analyst Laura Martin maintained a Buy rating and lifted the price target from $100 to $115.
RBC Capital Analyst Matthew Hedberg held an Outperform rating and raised the price target from $110 to $120.
BTIG Analyst Clark Lampen reiterated a Buy rating and increased the price target from $110 to $114.
Benchmark Analyst Mark Zgutowicz held a Sell rating but upgraded the price target from $49 to $57.
Wedbush Analyst Scott Devitt reiterated an Outperform rating and a price target at $110.
Truist Securities Analyst Youssef Squali kept a Buy rating and raised the price target from $105 to $108.

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

Analyst Laura Martin (NEEDHAM) currently has the highest performing score on TTD with 8/11 (72.73%) price target fulfillment ratio. Her price targets carry an average of $9.12 (10.04%) potential upside. Trade Desk stock price reaches these price targets on average within 121 days.

Array Technologies Q2 Earnings Beat Expectations, Revises FY2024 Guidance Lower

Array Technologies reported its second quarter earnings for 2024, with earnings per share (EPS) of $0.20, surpassing the analyst estimate of $0.11 by $0.09. Revenue for the quarter totaled $255.8 million, exceeding the consensus estimate of $234.26 million.

Array Technologies reported adjusted gross margin of 35%, reflecting a year-over-year improvement of 540 basis points. Adjusted EBITDA was $55.4 million, representing 21.7% of revenue, while free cash flow was $1.8 million, resulting in a cash balance of $282 million by the end of the quarter.

For the full year 2024, Array Technologies revised its guidance, expecting EPS between $0.64 and $0.74, compared to the consensus estimate of $1.08. Also adjusted its revenue forecast to a range of $900 million to $1 billion, below the consensus estimate of $1.3 billion.

Array’s full-year adjusted EBITDA guidance has been adjusted to $185 million to $210 million, with an anticipated decrease in the effective tax rate to 24% to 26%. Capital expenditures are projected at $25 million, mainly for the new Albuquerque manufacturing facility, and free cash flow is expected to range between $60 million and $100 million.

Analysts Revise Price Targets Following Q2 Earnings Report

Truist Securities analyst Jordan Levy maintained a Buy rating, but lowered the price target from $23 to $12.
JP Morgan analyst Paul Coster kept an Overweight rating and reduced the price target from $27 to $22.
TD Cowen analyst Jeffrey Osborne held a Hold rating, while decreasing the price target from $16.5 to $11.5.
Wells Fargo analyst Michael Blum retained an Equal-Weight rating, yet cut the price target from $14 to $10.
Goldman Sachs analyst Brian Lee sustained a Buy rating and revised the price target from $21 to $14.
Oppenheimer analyst Colin Rusch maintained an Outperform rating and lowered the price target from $20 to $17.
UBS analyst Jon Windham kept a Buy rating, but reduced the price target from $24 to $16.
Piper Sandler analyst Kashy Harrison reiterated a Neutral rating and decreased the price target from $14 to $8.

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

Analyst Maheep Mandloi (MIZUHO) currently has the highest performing score on ARRY with 6/10 (60%) price target fulfillment ratio. His price targets carry an average of $4.73 (41.97%) potential upside. Array Technologies stock price reaches these price targets on average within 92 days.