Selected stock price target news of the day - August 5th, 2024

By: Matthew Otto

DoorDash Q2 Revenue Surpasses Expectations Despite Larger-Than-Expected Losses

DoorDash reported a second-quarter loss per share of $0.38, missing the analyst estimate of a $0.09 loss. However, revenue for the quarter was $2.63 billion, surpassing the consensus estimate of $2.54 billion. This marks a 23% increase in revenue from the $2.13 billion reported in the same quarter last year.

The delivery service also reported a total of 635 million orders for the quarter, up 19% year-over-year. Marketplace Gross Order Value (GOV) reported a total of $19.71 billion, a 20% increase from the previous year.

Looking ahead to the third quarter, DoorDash expects Marketplace GOV to be between $19.4 billion and $19.8 billion and adjusted EBITDA to range from $470 million to $540 million. DoorDash also provided guidance for 2024, anticipating stock-based compensation expenses between $1.1 billion and $1.2 billion, restricted stock unit issuances of 6.0 million to 7.0 million, and depreciation and amortization expenses of $560 million to $590 million.

Analysts Update Ratings and Price Targets Following Q2 Report

Susquehanna analyst Shyam Patil continued a Positive rating and increased the price target from $135 to $140.
Wells Fargo analyst Ken Gawrelski retained an Equal-Weight rating but boosted the price target from $125 to $127.
UBS analyst Lloyd Walmsley held a Neutral stance and elevated the price target from $125 to $143.
JMP Securities analyst Andrew Boone kept a Market Outperform rating while raising the price target from $140 to $145.
BMO Capital analyst Brian Pitz upheld an Outperform rating and adjusted the price target from $127 to $140.
Benchmark analyst Mark Zgutowicz maintained a Buy rating and lifted the price target from $150 to $152.
Oppenheimer analyst Jason Helfstein remained with Outperform rating yet increased the price target from $125 to $145.
Morgan Stanley analyst Brian Nowak kept an Overweight rating and enhanced the price target from $145 to $150.
Evercore ISI Group analyst Mark Mahaney continued with an Outperform rating and raised the price target from $145 to $155.

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

Analyst Lloyd Walmsley (UBS) currently has the highest performing score on DASH with 6/8 (75%) price target fulfillment ratio. His price targets carry an average of $25.77 (21.98%) potential upside. DoorDash stock price reaches these price targets on average within 44 days.

Wayfair Reports Decline in Revenue and Challenges in Q2 2024; Provides Cautious Outlook for Q3

In the second quarter of 2024, Wayfair reported an earnings per share of $0.47, missing the consensus estimate of $0.48 by $0.01. Revenue for the quarter totaled $3.12 billion, which was below the expected $3.18 billion. A decline in revenue, down 1.7% compared to the same period last year.

Gross margin reported for Q2 was 30.3%. Customer service and merchant fees remained an expense at 3.7% of net revenue, while advertising costs accounted for 11.7%. Wayfair also reported adjusted EBITDA of $163 million, or 5.2% of net revenue.

Wayfair reported a net cash from operations of $245 million, with capital expenditures at $62 million, resulting in a free cash flow generation of $183 million. Additionally, stock-based compensation and related taxes also saw a reduction, down by over 40% year-over-year to $98 million

Looking ahead to the third quarter of 2024, Wayfair’s guidance suggests continued macroeconomic challenges. Gross margin is projected to hover around 30%, with additional pricing investments expected to strain profitability. Wayfair aims to sustain its adjusted EBITDA margin in the mid-single-digit range, with a cautious long-term goal of achieving a 10% or higher margin.

Analysts Significant Reductions and Divergent Views

JP Morgan analyst Christopher Horvers kept Wayfair at Overweight rating but reduced the price target from $80 to $63.
RBC Capital analyst Steven Shemesh held a Sector Perform rating and adjusted the price target from $65 to $53.
Guggenheim analyst Steven Forbes continued a Buy rating, yet revised the price target from $80 to $70.
Deutsche Bank analyst Lee Horowitz retained a Buy rating and decreased the price target from $87 to $70.
Stifel analyst Mark Kelley sustained a Hold rating, with the price target cut from $56 to $55.
Raymond James analyst Bobby Griffin supported a Strong Buy rating, while the price target was reduced from $70 to $65.
Goldman Sachs analyst Alexandra Steiger upheld a Neutral stance and lowered the price target from $67 to $54.
Citigroup analyst Ygal Arounian remained with a Buy rating, although the price target has been decreased from $85 to $70.

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

Analyst Simeon Gutman (MORGAN STANLEY) currently has the highest performing score on W with 21/25 (84%) price target fulfillment ratio. His price targets carry an average of $18.63 (26.10%) potential upside. Wayfair stock price reaches these price targets on average within 105 days.

Booking Holdings Exceeds Q2 Expectations but Projects Slower Growth Ahead

Booking Holdings reported second-quarter results, with adjusted earnings per share of $41.90, beating the analyst estimate of $38.55 by $3.35. Revenue for the quarter came in at $5.9 billion, exceeding the consensus estimate of $5.77 billion and marking a 7% increase year-over-year.

Booking Holdings generated $5.9 billion in revenue and $1.9 billion in adjusted EBITDA, while adjusted earnings per share grew by 11% year-over-year. Travelers booked 287 million room nights across Booking Holdings’ platforms, with 7.8 million alternative accommodation listings, marking an 11% increase from the previous year.

Looking ahead, Booking Holdings forecasted lower room night growth for the third quarter, expecting it to be between 3% and 5%, down from the 7.1% growth in the second quarter and 14.9% growth in the same quarter last year. Booking Holdings exceeded analysts’ estimates with an adjusted profit of $41.90 per share against the expected $38.37 and revenue of $5.86 billion compared to the anticipated $5.77 billion.

Analysts Adjust Price Targets Amid Mixed Sentiment

DA Davidson analyst Tom White maintained a Buy rating and reduced the price target from $4150 to $4100.
Wells Fargo analyst Ken Gawrelski kept an Equal-Weight rating, and increased the price target from $3497 to $3976.
Deutsche Bank analyst Lee Horowitz reiterated a Buy rating and adjusted the price target downward from $4275 to $4105.
Benchmark analyst Daniel Kurnos remained a Buy rating but revised the price target from $4700 to $4600.
B. Riley Securities analyst Naved Khan continued a Buy rating and lowered the price target from $4900 to $4650.
Oppenheimer analyst Jed Kelly held an Outperform rating, yet lowered the price target from $4600 to $4200.
Evercore ISI Group analyst Mark Mahaney retained an Outperform rating, but downgraded the price target from $4500 to $4200.
Barclays analyst Ross Sandler maintained an Overweight rating but decreased the price target from $4300 to $3900.
Wedbush analyst Scott Devitt maintained an Outperform rating and lowered the price target from $4200 to $3900.

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

Analyst Mark Mahaney (EVERCORE) currently has the highest performing score on BKNG with 24/27 (88.89%) price target fulfillment ratio. His price targets carry an average of $871.87 (26.20%) potential upside. Booking Holdings stock price reaches these price targets on average within 464 days.