Selected stock price target news of the day - December 13th, 2023

By: Matthew Otto

 

Johnson Controls Q4 2023 Results Despite Cyber Incident

Johnson Controls’ fourth-quarter fiscal 2023 results reached a total sales of $6.9 billion versus the consensus estimate of $7.1 billion.. The cyber incident, accounting for a 1% headwind, impacted the quarter. The service business posted a 9% organic growth. Adjusted EPS for the quarter stood at $1.05, marking a 6% year-over-year increase. Adjusted EPS is $0.04 lower than the analyst estimate of $1.09 which was attributed to the cyber incident. Looking forward to fiscal 2024, the company anticipates mid-single-digit growth in both sales and adjusted EPS.

 

In the Global Products segment, organic sales remained flat year-over-year, excluding the 2% cyber incident headwind. Global residential sales declined high-teens, primarily in North America. Building Solutions, despite a 1% headwind from the cyber incident, experienced a 5% organic sales growth. Orders in North America increased by 8%, with an 11% growth in install orders. The total backlog for Building Solutions reached $12.1 billion, showcasing the company’s order momentum. For fiscal 2024, Johnson Controls aims for segment EBITA margin expansion of at least 25 basis points and forecasts adjusted EPS in the range of $3.65 to $3.80, representing a 4% to 9% year-over-year growth.

 

Analysts Adjust Price Targets Amid Market Dynamics

  • Barclays analyst Julian Mitchell maintained an Equal-Weight rating and lowered the price target from $64 to $60.
  • Vertical Research analyst Jeffrey Sprague downgraded from Buy to Hold and set a new price target of $55.
  • Wolfe Research analyst Nigel Coe lowered the price target to $66.
  • Baird analyst Timothy Wojs decreased the price target to $60.

 

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

Analyst Deane Dray (RBC) currently has the highest performing score on JCI with 13/15 (86.67%) price target fulfillment ratio. His price targets carry an average of $5.38 (8.73%) potential upside. Johnson Controls stock price reaches these price targets on average within 243 days. 

 

 

 

Amkor Technology Commits to Net-Zero Emissions by 2050

Amkor Technology has announced its commitment to achieving net-zero greenhouse gas emissions by the year 2050. In adherence to the Science Based Targets initiative (SBTi), the semiconductor packaging and test services provider has established near-term targets, aiming to reduce absolute Scope 1 and 2 greenhouse gas emissions by 55% by 2033 within its operations. Amkor extends its sustainability efforts to its supply chain, with plans to ensure that suppliers covering 67% of Scope 3 emissions adopt science-based targets by 2028. This commitment reflects Amkor’s dedication to environmental responsibility and aligns with global initiatives aiming to limit the rise in global temperatures to 1.5°C.

 

Analyst Outlook with Raised Price Target 

  • B. Riley Securities analyst Craig Ellis maintained a Buy rating and raised the price target from $35 to $40.

 

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

Analyst Thomas Diffely (D.A. DAVIDSON) currently has the highest performing score on AMRK with 1/3 (33.33%) price target fulfillment ratio. His price targets carry an average of $6.44 (21.79%) potential upside. Amkor Technology stock price reaches these price targets on average within 198 days.

 

 

 

Casey’s General Stores Steady Growth in Q2 2024 Financial Results

Casey’s General Stores released its financial results for the second quarter of fiscal year 2024, reporting a diluted earnings per share reaching $4.24, $0.51 better than the analyst estimate of $3.73. Inside same-store sales saw a 2.9% uptick, with prepared food and dispensed beverage sales rising by 6.1%, and grocery and general merchandise sales experiencing a 1.7% increase. The company’s unique business model demonstrated resilience as it achieved an EBITDA in the first six months, totaling $306 million, a 13% increase from the previous year. The fuel segment also posted results with same-store gallons sold remaining flat while fuel margin reached $0.423 per gallon.

 

In addition to organic growth, Casey’s strategic acquisitions, particularly in Texas, contributed to a 2% increase in total revenue, reaching $4.1 billion. The company revised its fiscal 2024 outlook, anticipating EBITDA growth in line with long-term strategic goals of 8% to 10%.

 

Analysts Maintain Positive Outlook, Adjust Price Targets Upward

  • RBC Capital analyst Irene Nattel maintained a Sector Perform rating and raised the price target from $291 to $296.
  • Stephens analyst Ben Bienvenu increased the price target to $340.

 

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

Analyst John Lawrence (BENCHMARK) currently has the highest performing score on CASY with 8/8 (100%) price target fulfillment ratio. His price targets carry an average of $39.76 (17.85%) potential upside. Casey’s General Stores stock price reaches these price targets on average within 117 days.

 

 

 

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