Selected stock price target news of the day - August 1st 2024

By: Matthew Otto

Pinterest’s Q2 2024 Report: Record User Growth Overshadowed by Disappointing Revenue Guidance

Pinterest announced its Q2 2024 financial results, reporting an earnings per share of $0.29, narrowly beating the analyst estimate of $0.28. Revenue for the quarter reached $854 million, slightly exceeding the consensus estimate of $848.75 million. Also reported an adjusted EBITDA of $180 million, representing a 21% margin and a 600 basis point improvement compared to the same quarter last year.

Pinterest’s global monthly active users (MAUs) reached a record high of 522 million, marking a 12% year-over-year increase. In the U.S. and Canada, MAUs grew by 3% to 98 million, while Europe saw a 9% increase to 136 million. The most substantial growth was observed in the rest of the world markets, with a 17% rise to 288 million MAUs.

Despite these positive figures, Pinterest’s outlook for Q3 2024 has raised concerns. Pinterest provided revenue guidance in the range of $885 to $900 million, falling short of the consensus estimate of $908 million.

Analyst Ratings Reflect Mixed Sentiment Following Q2 Results

Citigroup analyst Ronald Josey maintained a Buy rating yet lowered the price target from $51 to $44.
Barclays analyst Ross Sandler maintained an Equal-Weight rating and reduced the price target from $38 to $36.
Benchmark analyst Mark Zgutowicz reiterated a Hold rating.
Raymond James analyst Aaron Kessler reiterated an Outperform rating but lowered the price target from $45 to $40.
KeyBanc analyst Justin Patterson kept an Overweight rating while lowering the price target from $45 to $43.
Evercore ISI Group analyst Mark Mahaney maintained an Outperform rating while reducing the price target from $50 to $48.
Wedbush analyst Scott Devitt held a Neutral rating and lowered the price target from $46 to $37.
Wells Fargo analyst Ken Gawrelski reiterated an Overweight rating while cutting the price target from $49 to $41.
Baird analyst Colin Sebastian maintained an Outperform rating yet reduced the price target from $44 to $41.
Roth MKM analyst Rohit Kulkarni maintained a Neutral rating and lowered the price target from $40 to $39.
UBS analyst Lloyd Walmsley reiterated a Buy rating but reduced the price target from $57 to $52.
Stifel analyst Mark Kelley maintained a Buy rating and adjusted the price target from $46 to $45.
RBC Capital analyst Brad Erickson maintained an Outperform rating and reduced the price target from $52 to $48.

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

Analyst Justin Patterson (KEYBANK) currently has the highest performing score on PINS with 10/13 (76.92%) price target fulfillment ratio. His price targets carry an average of $7.15 (21.77%) potential upside. Pinterest stock price reaches these price targets on average within 200 days.

PayPal Surpasses Q2 Expectations, Raises Full-Year Guidance Amid Growth and Strategic Advances

PayPal Holdings has announced its second-quarter financial results for 2024, reporting an EPS of $1.19 for Q2, surpassing the analyst estimate of $0.98 by $0.21. Revenue for the quarter stood at $7.9 billion, slightly above the consensus estimate of $7.82 billion.

Total payment volume grew by 11% to $417 billion, and revenue increased by 9% on a currency-neutral basis. Non-GAAP EPS surged by 36% year-over-year. In addition, Paypal reported $1.4 billion in free cash flow and $1.5 billion in share repurchases during the quarter.

For the third quarter of 2024, PayPal anticipates mid-single-digit revenue growth, with revenue expected to increase from $7.418 billion in the prior year period. EPS for Q3 is projected to be between $0.96 and $0.98, compared to $0.93 in the prior year.

For the full year 2024, PayPal forecasts EPS between $3.88 and $3.98, up from approximately $3.65 in the previous guidance. The updated outlook includes adjustments totaling approximately $530 million, including $258 million in restructuring charges incurred in the first half of the year. In addition, Paypal reported $1.4 billion in free cash flow and $1.5 billion in share repurchases during the quarter.

Analysts Adjust Price Targets Following Strong Q2 Results

TD Cowen analyst Bryan Bergin kept a Hold rating, yet increased the price target from $68 to $70.
Argus Research analyst Stephen Biggar upgraded from Hold to Buy.
Wells Fargo analyst Andrew Bauch held an Equal-Weight rating, but adjusted the price target from $65 to $70.
Baird analyst Colin Sebastian continued to favor an Outperform rating, and lifted the price target from $77 to $80.
UBS analyst Timothy Chiodo retained a Neutral rating, while adjusting the price target from $71 to $72.
RBC Capital analyst Daniel Perlin supported an Outperform rating and kept the price target at $84.
Macquarie analyst Paul Golding stayed with an Outperform rating, yet increased the price target from $85 to $90.
BMO Capital analyst Rufus Hone maintained a Market Perform rating, and elevated the price target from $65 to $72.

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

Analyst Andrew Bauch (WELLS FARGO) currently has the highest performing score on PYPL with 9/10 (90%) price target fulfillment ratio. His price targets carry an average of $-1.14 (-1.72%) potential downside. PayPal Holdings stock price reaches these price targets on average within 10 days.

Meta Platforms Exceeds Q2 Earnings Estimates and Raises Revenue Outlook for Q3

Meta Platforms reported results for the second quarter of 2024, with earnings of $5.16 per share on revenue of $39.07 billion. These figures surpassed analyst estimates of $4.70 and $38.26 billion, respectively.

Meta’s user base continues to expand, with approximately 3.27 billion people engaging with at least one of its apps daily, marking a 7% increase from the previous year. Notable growth was observed in the US, with WhatsApp reaching over 100 million monthly active users.

The Family of Apps segment generated $38.7 billion in revenue. Reality Labs experienced a 28% revenue increase driven by Quest headset sales, despite an operating loss of $4.5 billion due to higher expenses.

Looking ahead, Meta has forecasted total revenue between $38.5 billion and $41 billion, with a midpoint of $39.75 billion, exceeding expectations of $39.09 billion. Also adjusted its annual capital spending outlook to a range of $37 billion to $40 billion, up from the previous range of $35 billion to $40 billion. Its full-year expense guidance is maintained at $96 billion to $99 billion.

Analysts Boost Price Targets Across the Board

Truist Securities analyst Youssef Squali upheld a Buy rating and lifted the price target from $535 to $570.
Susquehanna analyst Shyam Patil continued a Positive rating, with an increased price target from $550 to $600.
JP Morgan analyst Doug Anmuth stayed with an Overweight rating and adjusted the price target from $480 to $610.
Evercore ISI Group analyst Mark Mahaney retained an Outperform rating and increased the price target from $550 to $600.
Wells Fargo analyst Ken Gawrelski also kept an Overweight rating, but nudged the price target up from $625 to $647.
UBS analyst Lloyd Walmsley held a Buy rating, while increasing the price target from $630 to $635.
Baird analyst Colin Sebastian remained with an Outperform rating and raised the price target from $500 to $530.
Citigroup analyst Ronald Josey reiterated a Buy rating and adjusted the price target from $550 to $580.
Jefferies analyst Brent Thill maintained a Buy rating, yet raised the price target from $565 to $600.
Needham analyst Laura Martin reiterated an Underperform rating.
Piper Sandler analyst Thomas Champion continued with an Overweight rating and elevated the price target from $545 to $575.
Morgan Stanley analyst Brian Nowak maintained an Overweight rating and boosted the price target from $550 to $575.
BofA Securities analyst Justin Post reiterated a Buy rating and increased the price target from $550 to $563.
Oppenheimer analyst Jason Helfstein maintained an Outperform rating and increased the price target from $525 to $615.
Goldman Sachs analyst Eric Sheridan reiterated a Buy rating and raised the price target from $522 to $555.

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

Analyst Thomas Champion (PIPER SANDLER) currently has the highest performing score on META with 19/21 (90.48%) price target fulfillment ratio. His price targets carry an average of $77.36 (14.80%) potential upside. Meta Platforms stock price reaches these price targets on average within 243 days.