Analysts Stocks

      Daily Update - May 12, 2023

      Selected stock price target highlights of the day

       

      By Matthew Otto

       

      TSLA

       

      Tesla’s CEO, Elon Musk, announced on Twitter Thursday afternoon that he has hired a new CEO for the social media platform. Although Musk didn’t reveal the identity of the new hire in his tweet, The Wall Street Journal has reported that it’s NBCUniversal’s Linda Yaccarino. Musk stated she would be taking over in approximately six weeks.

      Investors have been showing concerns over Musk’s dual role as CEO of Tesla and Twitter, fearing that it might distract him from his duties at Tesla. Tesla’s stock was valued at around $225 a share before Musk took over Twitter, but it ended 2022 at approximately $123, marking a significant 45% fall.

      For the readers convenience, although the Twitter stock has been delisted last year, the ticker is kept open for view on AnaChart without required registration.

      Wall Street Action

      • Wedbush analyst Dan Ives suggested that the decision could eventually add $15 to $20 a share. Currently, Ives has a $215 price target on Tesla which is a direct continuation to his bullish trend in the last few years.

       

      USFD

      US Foods Holding Corp announced results for the first quarter of fiscal year 2023. The company reported net sales of $8.5 billion, a 9.5% increase from Q1 2022, and a gross profit of $1.4 billion, marking a 19% increase.

      The foodservice giant saw improvements across multiple financial metrics. Net income available to common shareholders rose to $75 million, while Adjusted EBITDA increased by 39.8% to $337 million. The company’s diluted earnings per share (EPS) stood at $0.32, while the adjusted diluted EPS was $0.50.

       

      Contributing to the net sales increase were total case volume growth of 5.7% and food cost inflation of 3.7%. The company also noted that independent restaurant case volume rose by 8.1%.

      The foodservice distributor is expecting to maintain the momentum gained in the first quarter, with adjusted EBITDA projected to be in the range of $1.45 to $1.51 billion for the fiscal year 2023. Adjusted diluted EPS is anticipated to be between $2.45 and $2.65.

      In addition, the company is planning investments, with total capital expenditures projected to be between $410 and $430 million.

      Wall Street Action

      • Wells Fargo analyst Edward Kelly maintained an Overweight rating and increased the price target from $49 to $50.
      • Guggenheim analyst John Heinbockel kept a Buy rating on the company and also raised his price target from $45 to $50.
      • Credit Suisse analyst Lauren Silberman also expressed optimism about the company’s prospects. She maintained an Outperform rating and increased her price target from $47 to $51.
      • Truist Securities analyst Jake Bartlett raised his price target to $49.

      Looking at AnaChart we see that the stocks has rebounded from the last years lows stock price of $27 to current level  of $37 with all the analysts holding a view of substantial potential of upside with their forecast near $50

       

      CYBR

       

      CyberArk announced its financial results for Q1 2023, reporting significant growth and a positive business outlook.

      Key Financial Highlights:

      • The company’s subscription portion of Annual Recurring Revenue (ARR) reached $403 million, a year-over-year increase of 84%.
      • Total ARR for the company was $604 million, up 42% year-over-year.
      • Subscription revenue for the quarter was $92.7 million, a 78% year-over-year increase.
      • Total revenue was $161.7 million for the quarter, a 27% year-over-year growth.
      • CyberArk reported a GAAP operating loss of $46.1 million and a non-GAAP operating loss of $12.6 million for the quarter.
      • The GAAP net loss was $35.0 million, or $(0.85) per basic and diluted share. Non-GAAP net loss was $(6.9) million, or $(0.17) per basic and diluted share.

       

      Outlook for Q2 and Full Year 2023:

      For Q2 2023, CyberArk expects:

      • Total revenue to be between $170.0 million and $175.0 million.
      • Non-GAAP operating loss in the range of $(10.5) million to $(6.5) million
      • Non-GAAP net loss per share in the range of $(0.19) to $(0.09).
      • For the full year 2023, CyberArk expects total revenue to be between $724.0 million and $736.0 million.

      Wall Street Action

      • Wedbush analyst Daniel Ives reiterated an Outperform rating, maintaining a price target of $170.
      • Stephens & Co. analyst Brian Colley also reiterated an Overweight rating on the company, maintaining his price target at $180, a street high.
      • Barclays analyst Saket Kalia maintained an Overweight rating, raising his price target from $175 to $178.
      • JPMorgan Brian Essex also raised its price target for CyberArk to $159.

      Looking at AnaChart, we see that all the analysts carry an opinion of potential upside on CyberArk as the stock has been locked in the range $120 – $170 in the last year.

      Daily stock Analysts Top Price Moves Snapshot