Selected stock price target news of the day - February 26th, 2024

By: Matthew Otto

Evolent Health Reports Financial Results for Q4 2023 and Provides Outlook for 2024

Evolent Health reported its financial results for the fourth quarter and full-year ended December 31, 2023. Fourth quarter revenue surged by 45.4% year-over-year, reaching $556.1 million, at the upper end of the company’s guidance range. Adjusted EBITDA also saw growth, totaling $48.1 million, a 48.9% increase compared to the same period last year and aligning with the midpoint of Evolent’s guidance. Evolent’s core specialty care offerings drove 88% of total revenue in the quarter, with specialty care revenue growing approximately 74% year-over-year, driven by both organic growth and the NIA acquisition, which contributed approximately 19% to reported growth.

For the full-year 2023, Evolent reported revenue of $1.96 billion, representing a 45% year-over-year growth, while adjusted EBITDA totaled $194.7 million, exceeding the company’s initial guidance.

The company anticipates full-year revenues between $2.4 billion and $2.5 billion, reflecting approximately 25% organic growth at the midpoint. Furthermore, Evolent expects adjusted EBITDA for 2024 to range between $235 million and $265 million, representing approximately 30% year-over-year growth at the midpoint.

Analyst Ratings: Mixed Perspectives on Performance and Targets

JMP Securities analyst Constantine Davides maintained a Market Outperform rating and raised the price target from $37 to $38.
Canaccord Genuity analyst Richard Close reiterated a Buy rating and lowered the price target from $47 to $45.

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

Analyst Richard Close (CANACCORD) currently has the highest performing score on EVH with 16/22 (72.73%) price target fulfillment ratio. His price targets carry an average of $10.93 (32.08%) potential upside. Evolent Health stock price reaches these price targets on average within 492 days.

Carvana Reports Financial Results for Q4 2023, Anticipates Continued Growth in 2024

Carvana reported financial results for the fourth quarter of 2023 with revenue for the quarter reaching $2.424 billion. This reflects a sequential decrease of 13%.

The company’s gross profit per unit reached $5,730, a decrease of $666 from the previous quarter. Carvana’s retail GPU soared to $2,970. Furthermore, adjusted EBITDA for the quarter reached $60 million.

Looking ahead, Carvana anticipates retail units sold to increase slightly on a year-over-year basis for the first quarter, with adjusted EBITDA expected to exceed $100 million. These forecasts are supported by Carvana’s infrastructure, which includes over 6,500 acres of land and more than 500,000 parking spots.

Analysts Mixed Ratings and Price Target Adjustments

JMP Securities analyst Nicholas Jones maintained a Market Outperform rating and raised the price target from $60 to $80.
RBC Capital analyst Brad Erickson reiterated an Underperform rating and increased the price target from $24 to $45.
Wedbush analyst Seth Basham kept a Neutral rating and raised the price target from $50 to $60.
William Blair analyst Sharon Zackfia upgraded from Market Perform to Outperform.

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

Analyst Seth Basham (WEDBUSH) currently has the highest performing score on CVNA with 20/26 (76.92%) price target fulfillment ratio. His price targets carry an average of $-9.23 (-13.33%) potential downside. Carvana stock price reaches these price targets on average within 155 days.

Intracellular‘s Q3 2023 Results: Growth and Investments

Intra-Cellular Therapies has reported financial outcomes for the fourth quarter and full-year 2023, driven by the performance of its flagship product, CAPLYTA. The company disclosed that net product sales for CAPLYTA in the fourth quarter amounted to $131.5 million, marking a surge of 50.4% in comparison to the corresponding period in 2022. Throughout 2023, the total revenues reached $464.4 million, showcasing 85.5% increase over the previous year. CAPLYTA’s net sales reached $462.2 million for the full year.

Intra-Cellular Therapies expanded its prescriber base, with over 15,000 new first-time prescribers added during the year. The cumulative physician prescriber base reached over 36,000 by the end of 2023. The company’s commitment to comprehensive promotional strategies, including the addition of 50 sales representatives in Q1 2023 and an extensive direct-to-consumer campaign, contributed to an 85% increase in total prescriptions for CAPLYTA throughout the year.

Looking forward to 2024, Intra-Cellular Therapies projects a continued upward trajectory, estimating CAPLYTA net product sales to range between $645 million and $675 million.

Analysts Maintain Positive Outlook Despite Price Target Adjustments

Cantor Fitzgerald analyst Charles Duncan reiterated an Overweight rating and a price target of $101.
RBC Capital analyst Brian Abrahams maintained an Outperform rating and a price target of $86.
Canaccord Genuity analyst Sumant Kulkarni maintained a Buy rating but lowered the price target from $101 to $100.
Needham analyst Ami Fadia kept a Buy rating and raised the price target from $72 to $82.

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

Analyst Charles Duncan (CANTOR FITZGERALD) currently has the highest performing score on ITCI with 13/22 (59.09%) price target fulfillment ratio. His price targets carry an average of $30.84 (43.96%)potential upside. Intra-Cellular Therapies stock price reaches these price targets on average within 443 days.