Selected stock price target news of the day - December 18th, 2023

By: Matthew Otto

 

Darden’s Fiscal Q2: Sales Growth and Segment Performances

Darden Restaurants reported financial results for the Fiscal Year 2024 Second Quarter, showcasing an increase in total sales to $2.7 billion, marking a 9.7% surge. This growth was attributed to the integration of 78 company-owned Ruth’s Chris Steak House restaurants and 45 legacy Darden new restaurants, alongside a 2.8% increase in same-restaurant sales. Darden’s strategic focus on managing costs and controlling expenses resulted in a 21% rise in adjusted diluted net earnings per share from continuing operations, reaching $1.84 for the quarter. 

 

Olive Garden and LongHorn Steakhouse, key segments of Darden’s portfolio, exhibited performances with total sales growth of 6.3% and 7.1%, respectively. Olive Garden’s 4.1% same-restaurant sales growth outpaced the industry benchmark by 540 basis points. LongHorn Steakhouse, with a same-restaurant sales growth of 4.9%, outperformed the industry by 620 basis points.

 

Bullish Analyst Ratings with Raised Price Targets

  • Raymond James analyst Brian Vaccaro maintained an Outperform rating and raised the price target from $155 to $175.
  • Stephens & Co. analyst Joshua Long reiterated an Overweight rating and a $170 price target.
  • Wedbush analyst Nick Setyan kept an Outperform rating and increased the price target from $165 to $177 for Darden Restaurants.

 

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

Analyst Andrew Strelzik (BMO) currently has the highest performing score on DRI with 17/17 (100%) price target fulfillment ratio. His price targets carry an average of $12.83 (9.02%) potential upside. Darden Restaurants stock price reaches these price targets on average within 172 days. 

 

 

 

Snap Surges on Upgrade, Set to Capitalize on Digital Advertising Boom

Snap has caught the attention of investors following an upgrade from Guggenheim. The company received a boost from analysts led by Michael Morris, who shifted their rating to Buy. Guggenheim also raised the price target to $23, reflecting their optimism about the increasing demand for digital advertising. 

 

Snapchat faces stiff competition in the social media arena, with rivals like Meta, whose Instagram platform is a major contender. Additionally, Elon Musk’s X, formerly Twitter, adds an intriguing element to the mix. 

 

 Analyst Upgrades Rating and Price Target

  • Guggenheim analyst Michael Morris upgraded from Neutral to Buy rating and raised the price target from $9 to $23.

 

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

Analyst James Heaney (JEFFERIES) currently has the highest performing score on SNAP with 6/11 (54.55%) price target fulfillment ratio. His price targets carry an average of $9.5 (25.96%) potential upside. Snap stock price reaches these price targets on average within 58 days.

 

 

 

Lennar ‘s Fiscal Performance and Strategic Agility for Growth in 2024

Lennar Corporation has reported financial results for the fourth quarter of 2023. The company delivered over 73,000 homes in 2023, marking a 10% increase in volume compared to the previous year. The company’s balance sheet was further emphasized by ending the quarter with $6.3 billion in cash and no borrowings on their $2.6 billion revolving credit facility.

 

Lennar achieved a 22-day reduction in construction cycle times, down to 161 days on average for single-family homes. This efficiency, coupled with a 43% increase in starts, led to a 10% year-over-year growth in volume. The company’s financial services arm played a role, contributing operating earnings of $168 million, with mortgage operating earnings at $119 million and title operating earnings at $50 million. Looking ahead to 2024, Lennar anticipates delivering 80,000 homes with maintained gross margins and aims to allocate at least $2.5 billion in capital to stakeholders2.

 

Analysts Diverge on Lennar’s Outlook

  • Goldman Sachs analyst Susan Maklari maintained a Buy rating and raised the price target from $138 to $158.
  • RBC Capital analyst Mike Dahl reiterated an Underperform rating and increased the price target from $114 to $137.
  • Wells Fargo analyst Deepa Raghavan kept an Overweight rating and raised the price target from $130 to $165.
  • JPMorgan analyst Michael Rehaut maintained a Neutral rating and raised the price target from $135 to $161.

 

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

Analyst Susan Maklari (GOLDMAN) currently has the highest performing score on LEN with 10/10 (100%) price target fulfillment ratio. His price targets carry an average of $23.13 (19.46%) potential upside. Lennar Corporation stock price reaches these price targets on average within 275 days.

 

 

 

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