Analysts Stocks

      Daily Update - February 17, 2023

      Selected highlights of the day

      By: Matthew Otto

      NVDA

      ARK has shed around $9 million worth of Nvidia shares. According to Oppenheimer analysts, led by Rick Schafer, AI spending is most likely going to remain steady despite the otherwise shrinking economy.

      • Schafer reinforced his Outperform rating with upgraded target price of $250, compared to the of $225.
      • Keybanc analyst John Vinh maintains an Overweight rating and raised his price target to $280 – up from $220.

      COIN

      Analyst Chris Allen of Compass Point upgraded Coinbase Global from Neutral to Buy and provided a price target of $100.

       

      DraftKings

      Revised its full year 2023 revenue guidance upwards to a midpoint of $2.95 billion Up from the previously forecasted figure of $2.9 billion. The firm further revealed that it expects a smaller loss in comparison to the expectations indicated in November.

      During the fourth quarter of the 2021 fiscal year, DraftKings’ reported revenue surged to $855 million and suffered a net loss of 53 cents per share, contrary to what Wall Street analysts had predicted FactSet stated as merely $801 million.

      This increase was evident when compared to their earnings during the same observation period the year previous which amounted to only $473 million; average monthly payers rose by 31%, with numbers reaching 2.6 million in total When viewed alongside its Sportsbook and iGaming market expansions throughout numerous jurisdictions, retailer values demonstrate a leading industry cognizance surrounding player retention via quality delivery logistics. Accordingly, DraftKings anticipated a modified full year losses per 2022’s financial situation — standing at $3.16 and a corresponding renowned top line sales value – appearing as $2.24 billion –surpassing comparable analysts’ original predictions.

      • Susquehanna analyst, Joseph Stauff, gives a Positive rating, raising the price target from $24 to $26.,
      • Clark Lampen of BTIG has issued an upgrade from Neutral to Buy with a $24 price target.
      • Needham analyst Bernie McTernan reaffirmed his Buy rating and maintained a price target of $20.

       

      Stem has announced their fourth quarter and full year 2022 results,

      In the fourth quarter of 2022, their record revenue of $156 million was a 194% growth over their Q4 2021 revenue of $53 million, and a 56% growth sequentially vs. their Q3 2022 revenue of $100 million.

      Additionally, GAAP gross margin increased to 8%, up from (3%) in Q481 2021, while non-GAAP gross margin rose to 11%, up from 5% in Q4 2021. Despite this demand surge, net loss confirmed to be $35 million versus the net loss of $34 million seen in the same period during the previous year.

      Turning to the whole of FY2022, Stem again delivered major expansion with a record revenue of $363 million for the period – a 186% improvement over FY 2021’s revenue figure of $127 million.Their GAAP gross margin also improved significantly from 1% to 9%, and Non-GAAP gross margin could reach 13%, compared to FY 2020’s 9%. The net loss for the full 1922 fiscal year came in at a total amount of $124 versus $101 witnessed in the preceding financial period.

      STEM announced an outlook for the year 2023. Revenue is expected to range between $550 to $650 million, with a non-GAAP gross margin of 15% and 20%. Adjusted EBITDA meanwhile is projected to be in the range of $(35)-$(5). Last but not least, bookings are estimated to total between $1400-$1600 million , and CARR at year-end is anticipated to reach a range between $80-$90.

      • Susquehanna analyst Biju Perincheril has lowered his price target from $20 to $17.

      HUBS

      HubSpot, announced its adjusted earnings for the fourth quarter at $1.11/share with net income of $56.8 million—surpassing results from the same period last year, while meeting the consensus analyst estimate of 83c per share and net income of $42.2 million for the fourth quarter of 2022.

      Customer growth rose 24% during Dec. 2022 compared to the numbers in the year prior. For all of 2023 HubSpot projected a total revenue range ranging from a mammoth $2.050 billion to $2.060 billion—akin to double of what was observed from 2022’s mark of $1.731 billion which granted it additional leverage moving forward.

       

      • Canaccord Genuity analyst David Hynes has maintained a Buy rating and raised his price target to $430 up from $385.
      • Credit Suisse analyst Rich Hilliker retained an Outperform rating and amended his target price from $400 to $480.
      • Raymond James analyst Brian Peterson reaffirmed a Strong Buy and increased his forecast target to $500, up from $360.
      • Mizuho’s equity analyst Siti Panigrahi has a Buy and and raised her price target to $450 from $350.
      • Needham Analyst Joshua Reilly set a Buy rating and and upgraded his stock forecast to $470 from $380.
      • Piper Sandler analyst Brent Bracelin maintains an Overweight rating raises the price target to $450 from $350.