Selected stock price target news of the day - August 22nd, 2024

By: Matthew Otto

Snowflake Reports Strong Q2 Results but Faces Market Pressure Amid Rising Costs

Snowflake reported its second quarter of fiscal year 2025, with earnings per share (EPS) coming in at $0.19, exceeding analyst estimates by $0.03. Total revenue for the quarter reached $868.82 million, surpassing the consensus estimate of $851.58 million. Product revenue specifically accounted for $829 million, reflecting a 30% year-over-year increase.

Additionally, Snowflake’s remaining performance obligations (RPO) grew by 48% year-over-year to $5.2 billion. Non-GAAP product gross margin stood at 76%, slightly down from the previous year, while the non-GAAP operating margin was reported at 5%, showing a year-over-year decline.

Looking ahead to the third quarter, Snowflake’s guidance projects product revenue between $850 million and $855 million, indicating a 22% growth from the same period last year. This forecast aligns closely with analyst expectations, which had a consensus estimate of $851 million. However, operating margins are expected to remain under pressure, with management maintaining a full-year guidance of 3%, due to higher sales commissions, increased R&D expenses, and additional hiring.

Despite these challenges, analysts remain optimistic about Snowflake’s long-term prospects, particularly due to its position in the AI-driven data analytics market. Evercore analyst Kirk Materne maintained an Outperform rating, while D.A. Davidson’s Gil Luria adjusted his price target from $230 to $175.

Analysts Lower Price Targets Amid Rising Costs Concerns

Baird analyst William Power maintained an Outperform rating but lowered the price target from $165 to $152.
Needham analyst Mike Cikos continued with a Buy rating while reducing the price target from $210 to $160.
JMP Securities analyst Joe Goodwin kept a Market Outperform rating yet adjusted the price target down from $235 to $190.
Piper Sandler analyst Brent Bracelin maintained an Overweight rating and the price target at $165.
Loop Capital analyst Mark Schappel reaffirmed a Buy rating but lowered the price target from $225 to $185.
Citigroup analyst Tyler Radke maintained a Buy rating but cut the price target from $236 to $200.

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

Analyst David Hynes (CANACCORD) currently has the highest performing score on SNOW with 7/8 (87.5%) price target fulfillment ratio. His price targets carry an average of $58.84 (37.68%) potential upside. Snowflake stock price reaches these price targets on average within 93 days.

TJX Companies Exceeds Q2 Earnings Estimates but Offers Cautious Guidance for Q3 and FY2025

The TJX Companies delivered its second-quarter earnings, reporting an EPS of $0.96, beating the consensus estimate of $0.92 by $0.04. Revenue for the quarter reached $13.47 billion, which was above the analyst consensus estimate of $13.31 billion.

TJX’s consolidated comparable store sales rose by 4%, driven by a boost in customer transactions across all divisions, surpassing analyst expectations. Specifically, the Marmaxx division, which includes TJ Maxx, Marshalls, and Sierra stores, saw a 5% increase in comparable sales, exceeding the anticipated 2.9%.

Looking ahead, TJX has raised its full-year earnings per share guidance to a range of $4.09 to $4.13, slightly below analyst estimates. For the third quarter, TJX expects earnings per share to be between $1.06 and $1.08, compared to the forecasted $1.10. For the full fiscal year 2025, TJX forecasts an EPS between $4.09 and $4.13, while analysts had previously anticipated an EPS of $4.14.

Analysts Adjust Ratings and Price Targets Following Q2 Results

Loop Capital analyst Laura Champine maintained a Buy rating and increased the price target from $125 to $140.
Evercore ISI Group analyst Michael Binetti kept an Outperform rating and raised the price target from $126 to $138.
Citigroup analyst Paul Lejuez downgraded from Buy to Neutral but raised the price target from $110 to $128.
BMO Capital analyst Simeon Siegel retained an Outperform rating and lifted the price target from $116 to $133.
Telsey Advisory Group analyst Dana Telsey kept an Outperform rating and boosted the price target from $128 to $134.
BofA Securities analyst Lorraine Hutchinson reiterated a Buy rating while raising the price target from $115 to $135.
Baird analyst Mark Altschwager maintained an Outperform rating and adjusted the price target from $113 to $128.

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

Analyst Manav Gupta (UBS) currently has the highest performing score on TJX with 4/5 (80%) price target fulfillment ratio. His price targets carry an average of $37.09 (39.08%) potential upside. The TJX Companies stock price reaches these price targets on average within 36 days.

Keysight Surpasses Q3 Revenue and EPS Estimates, Raises Q4 Guidance Amid Economic Uncertainty

Keysight Technologies reported its third-quarter results for fiscal 2024, showcasing revenue of $1.22 billion, surpassing analyst expectations of $1.19 billion. Although it represented a 12% decline from the previous year. Keysight’s adjusted earnings per share (EPS) came in at $1.57, exceeding the consensus estimate of $1.35 by $0.22. Orders for the quarter rose to $1.25 billion from $1.24 billion a year ago.

The Communications Solutions Group saw revenue of $847 million, down 8% year-over-year, while the Electronic Industrial Solutions Group reported $370 million in revenue, a decline of 20%. Keysight reported a gross margin of 64% and an operating margin of 24% for the quarter.

Looking ahead, Keysight Technologies expects revenue to range between $1.245 billion and $1.265 billion, slightly above the consensus estimate of $1.250 billion. Additionally, Keysight projects fourth-quarter EPS to be between $1.53 and $1.59, compared to the consensus estimate of $1.54.

Analyst Rating Upgrades and Target Changes Following Q3 Results

Baird analyst Richard Eastman maintained an Outperform rating and raised the price target from $160 to $163.
BofA Securities analyst David Ridley-Lane kept an Underperform rating but increased the price target from $135 to $150.
JP Morgan analyst Samik Chatterjee reiterated a Neutral rating and lifted the price target from $155 to $165.
Susquehanna analyst Mehdi Hosseini retained a Positive rating and adjusted the price target down from $195 to $185.
Wells Fargo analyst Aaron Rakers reinstated an Overweight rating with a new price target of $180.

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

Analyst Tim Long (BARCLAYS) currently has the highest performing score on KEYS with 11/13 (84.62%) price target fulfillment ratio. His price targets carry an average of $4.64 (3.17%) potential upside. Keysight Technologies stock price reaches these price targets on average within 105 days.