Selected stock price target news of the day - February 20th, 2024

By: Matthew Otto

DoorDash’s Q4 Results Fall Below Market Expectations

In the December quarter, DoorDash recorded a gross order volume of $17.6 billion, representing a 22% increase compared to the previous year. This figure exceeded analysts’ consensus estimate of $17.29 billion. Total orders for the quarter reached 574 million, marking a 23% rise from the prior year and surpassing the consensus expectation of 561 million orders. Additionally, DoorDash reported adjusted earnings before interest, taxes, depreciation, and amortization of $363 million, slightly above the Street’s forecast of $356 million. However, the company reported a loss of 39 cents per share, significantly wider than analysts’ anticipated loss of 16 cents per share.

Looking ahead, DoorDash provided guidance for the first quarter of 2024, expecting gross order volume to range between $18.5 billion and $18.9 billion. Adjusted EBITDA for the same period is projected to be between $320 million and $380 million. For the full year of 2024, DoorDash forecasts gross order volume to range from $74 billion to $78 billion, with adjusted EBITDA expected to be between $1.5 billion and $1.9 billion.

Analysts Offer Varied Perspectives Following Q4 Results

Mizuho analyst James Lee maintained a Buy rating and raised the price target from $140 to $152.
JMP Securities analyst Andrew Boone reiterated a Market Outperform rating and a $130 price target.
RBC Capital analyst Brad Erickson maintained a Sector Perform rating and increased the price target from $105 to $130.
Wedbush analyst Scott Devitt kept a Neutral rating and raised the price target from $92 to $115.
UBS analyst Lloyd Walmsley reiterated a Neutral rating and lowered the price target from $123 to $118.
JPMorgan analyst Doug Anmuth reiterated a Buy rating and raised the price target from $96 to $108.
Needham & Company analyst Bernie McTernan maintained a Buy rating and increased the price target from $133 to $137.

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

Analyst Scott Devitt (WEDBUSH) currently has the highest performing score on DASH with 3/4 (75%) price target fulfillment ratio. His price targets carry an average of $-1.01 (-0.87%) potential downside. DoorDash stock price reaches these price targets on average within 8 days.

Trade Desk Surges on Guidance: Analysts’ Reactions and Market Outlook

Trade Desk’s fourth-quarter adjusted per-share earnings of 41 cents met Wall Street forecasts, while its revenue of $606 million exceeded estimates of $582.1 million. For the first fiscal quarter, Trade Desk anticipates revenue of at least $478 million and adjusted earnings before interest, taxes, depreciation, and amortization of about $130 million. These projections surpass analysts’ expectations of $469 million in revenue and $125 million in adjusted EBITDA.

Truist Securities analyst, Youssef Squali, commended Trade Desk’s exceptional execution amidst a volatile digital advertising environment, particularly in Connected TV. Squali maintained its Buy rating and lifted its price target to $100 from $80.

Oppenheimer analyst, Jason Helfstein, also highlighted accelerating ad demand and maintained their Outperform rating while raising their price target to $105 from $85.

Needham analyst, Laura Martin, underscored Trade Desk’s alternative to third-party cookies, United ID 2.0, which multiple streaming services have adopted. They believe that Trade Desk’s role in developing a new identity and authentication for the open internet will be a key growth driver in 2024. Martin maintained their Buy rating and $100 price target.

However, Benchmark analyst Mark Zgutowicz expressed concerns about disruptions in the second half of the year related to Chrome cookie deprecation and maintained a Sell rating but increased the price target to $42 from $32.

Analysts Mixed Ratings as Some Raise Targets Amid Performance

Benchmark analyst Mark Zgutowicz maintained a Sell rating and raised the price target from $32 to $42.
Stephens & Co. analyst Nicholas Zangler reiterated an Overweight rating and a $85 price target.
RBC Capital analyst Matthew Hedberg maintained an Outperform rating and increased the price target from $90 to $105.
Keybanc analyst Justin Patterson kept an Overweight rating and upgraded the price target from $84 to $100.
Truist Securities analyst Youssef Squali maintained a Buy rating and lifted the price target to $100 from $80.
Oppenheimer analyst Jason Helfstein reiterated an Outperform rating and raised the price target to $105 from $85.
Needham analyst Laura Martin kept a Buy rating and a $100 price target.

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

Analyst Justin Patterson (KEYBANK) currently has the highest performing score on TTD with 12/16 (75%) price target fulfillment ratio. His price targets carry an average of $11.07 (12.45%) potential upside. Trade Desk stock price reaches these price targets on average within 47 days.

Applied Materials Q2 Outlook and Demand for AI Chips

Applied Materials forecasted second-quarter revenue of $6.5 billion, representing an increase from the previous year and surpassing market expectations by approximately $300 million. Adjusted profit per share for the quarter ending April is projected to range between $1.79 and $2.15. The company also reported a revenue of $6.1 billion, up by 15% year-over-year.

Analysts at J.P. Morgan, Harlan Sur, emphasized Applied Materials’ strategic positioning to capitalize on forthcoming technology trends, projecting sustained outperformance in the wafer fab equipment sector over the coming years. Furthermore, the company anticipates a surge in high-bandwidth memory packaging revenues, expecting them to rise compared to the previous year.

Analysts Bullish: Multiple Upgrades and Raised Price Targets

Mizuho analyst Vijay Rakesh maintained a Buy rating and raised the price target from $185 to $225.
Raymond James analyst Srini Pajjuri reiterated an Outperform rating and raised the price target from $180 to $225.
Needham analyst Charles Shi maintained a Buy rating and increased the price target from $180 to $240.
DZ Bank analyst Ingo Wermann upgraded from Hold to Buy and the price target from $166 to $230.

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

Analyst Toshiya Hari (GOLDMAN) currently has the highest performing score on AMAT with 21/23 (91.3%) price target fulfillment ratio. His price targets carry an average of $32.34 (17.23%) potential upside. Applied Materials stock price reaches these price targets on average within 119 days.