Selected stock price target news of the day - December 5th, 2023

By: Matthew Otto

GitLab Q3 Earnings with Lingering Caution

GitLab reported a fiscal third-quarter net loss of $1.84 per share, but adjusted earnings stood at a positive 9 cents per share. Revenue witnessed a 32% year-over-year increase, reaching $149.7 million. According to a FactSet poll, analysts had anticipated an adjusted loss of 1 cent per share on revenue of $141.5 million. GitLab’s outlook for the fourth quarter includes a revenue range of $157 million to $158 million, accompanied by an adjusted profit forecast of 8 to 9 cents per share.

D.A. Davidson analyst Gil Luria took a more cautious stance, adjusting the target price for GitLab to $60 while maintaining a Neutral rating. Luria expressed concerns about the company’s valuation, particularly in light of executives’ comments during an earnings call indicating that midmarket and smaller business customers were exhibiting caution amid an uncertain macroeconomic environment. Luria noted that although the demand environment appears to be stabilizing for GitLab, prolonged sales cycles are a cause for pause.

Analysts Offer Diverse Perspectives on the Company’s Future

Barclays analyst Ryan Macwilliams reiterated an Equal-Weight rating and raised the price target from $50 to $55.
D.A. Davidson analyst Gil Luria maintained a Neutral rating and increased the price target from $50 to $60.
Mizuho Securities analyst Gregg Moskowitz raised the price target to $65
BTIG analyst Gary Powell set the price target at $68.
Cantor Fitzgerald analyst Jonathan Ruykhaver increased the price target to $65.
JPMorgan analyst Pinjalim Bora maintained a Neutral rating and raised the price target from $48 to $55.

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

Analyst Michael Turits (KEYBANK) currently has the highest performing score on GTLB with 3/7 (42.86%) price target fulfillment ratio. His price targets carry an average of $15.12 (27.81%) potential upside. GitLab stock price reaches these price targets on average within 63 days.

GM’s Commitment to Cruise Amid Safety and Regulatory Challenges

General Motors is facing challenges in its self-driving unit, Cruise. In a recent statement, GM CEO Mary Barra refrained from disclosing the financial commitment GM is willing to make until the completion of ongoing assessments, including an external safety review set to conclude in early 2024.

With safety concerns in the spotlight, Cruise recently paused all driverless and supervised car trips in the United States. The move came after a regulatory suspension in California following a pedestrian-involved accident on October 2, raising questions about the safety measures in place for autonomous vehicles. The California Public Utilities Commission has summoned Cruise for a hearing, citing concerns about misleading the Commission and making misleading public comments regarding the recent accident.

Mixed Signals from Analysts: Varied Ratings and Price Target Adjustments

Citigroup analyst Itay Michaeli maintained a Buy rating and raised the price target from $90 to $95.
HSBC analyst Wesley Brooks initiated a Buy rating and a Price Target of $41.3.
Mizuho analyst Vijay Rakesh upgraded from Neutral to Buy and the price target from $38 to $42.

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

Analyst Philippe Houchois (JEFFERIES) currently has the highest performing score on GM with 8/9 (88.89%) price target fulfillment ratio. His price targets carry an average of $1.9 (6.78%) potential upside. General Motors stock price reaches these price targets on average within 93 days.

SAIC Reports Q3 FY2024 Results and Strategic Success

Science Applications International reported revenue of $1.90 billion versus the consensus estimate of $1.79 billion, reflecting a 10.6% organic growth adjusted for divestitures. Net income reached $93 million, with adjusted EBITDA at $178 million, accounting for 9.4% of revenues, indicating a 50 basis points year-over-year increase. Diluted earnings per share stood at $1.76, with adjusted diluted earnings per share reaching $2.27, showcasing a 21% and 19% rise respectively.

While cash flows provided by operating activities decreased by $27 million compared to the prior year quarter, transaction-adjusted free cash flow increased to $148 million, reflecting improved earnings and enhanced working capital efficiency. SAIC deployed $124 million of capital during the quarter, comprising $101 million in share repurchases, $19 million in cash dividends, and $4 million in capital expenditures. Looking ahead, SAIC increased its revenue and adjusted diluted EPS guidance for fiscal year 2024, projecting revenues between $7.325 billion and $7.350 billion and adjusted diluted EPS in the range of $7.70 to $7.90.

Analyst Varied Ratings and Upward Price Target Adjustments

Truist Securities analyst Tobey Sommer maintained a Hold rating and raised the price target from $115 to $130.
JP Morgan analyst Seth Seifman downgraded from Overweight to Neutral and increased the price target $130 to $142.
Wells Fargo analyst Sarah Akers reiterated an Equal-Weight rating and raised the price target from $116 to $141.

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

Analyst Bert Subin (STIFEL) currently has the highest performing score on SAIC with 6/6 (100%) price target fulfillment ratio. His price targets carry an average of $9.07 (11.64%) potential upside. Science Applications International stock price reaches these price targets on average within 92 days.