Selected stock price target news of the day - February 29th, 2024

By: Matthew Otto

Lowe’s Reports Fourth Quarter 2023 Financial Results Amidst Challenges and Initiatives

Lowe’s Companies disclosed its financial results for the Fourth Quarter of 2023, reporting sales of $18.6 billion. Despite a 6.2% decline in comparable sales, the company maintained a gross margin of 32.4% of sales, representing a 7 basis point increase from the previous year.

Operating margin, saw a slight decline, standing at 9.1% compared to the prior year’s adjusted operating margin. The company generated diluted earnings per share of $1.77, with a return on invested capital exceeding 36% for the year.

Looking forward to fiscal year 2024, Lowe’s provided guidance projecting sales ranging from $84 billion to $85 billion, with comparable sales expected to decline in the range of 2% to 3%. The company aims for an operating margin of 12.6% to 12.7%, anticipating earnings per share to be approximately $12 to $12.30.

Analysts Raise Price Targets, Maintaining Positive Outlook

DA Davidson analyst Michael Baker maintained a Buy rating and raised the price target from $258 to $270.
UBS analyst Michael Lasser reiterated a Buy rating and increased the price target from $250 to $270.
Morgan Stanley analyst Simeon Gutman kept an Overweight rating and upgraded the price target from $240 to $250.
RBC Capital analyst Steven Shemesh maintained a Sector Perform rating and increased the price target from $190 to $246.
Truist Securities analyst Scot Ciccarelli maintained a Buy rating and raised the price target from $244 to $258.
JP Morgan analyst Christopher Horvers kept an Overweight rating and raised the price target from $265 to $268.
Wedbush analyst Seth Basham reiterated a Neutral rating and upgraded the price target from $215 to $250.

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

Analyst Seth Sigman (GUGGENHEIM) currently has the highest performing score on LOW with 12/12 (100%) price target fulfillment ratio. His price targets carry an average of $17.78 (8.42%) potential upside. Lowe’s Companies stock price reaches these price targets on average within 173 days.

Bumble Announces Workforce Reduction and Revenue Growth

Bumble’s decided to lay off approximately 350 employees. This equates to a reduction constituting about 30% of the company’s workforce, which originally numbered over 950 full-time employees as of December 31, 2022.

According to Layoffs.fyi, an industry tracker, the tech sector has seen over 170 companies collectively cut nearly 44,000 jobs in recent months, showcasing an ongoing drive for operational efficiency in response to market dynamics.

The dating app reported fourth-quarter revenue, reaching $273.6 million, showcasing growth from the $241.6 million reported in the corresponding period the previous year. Bumble also disclosed a net loss of $32 million for the quarter, reflecting an improvement compared to the net loss of $159.2 million reported in the same quarter the prior year.

Analysts Adjust Ratings and Price Targets Amidst Restructuring

Susquehanna analyst Shyam Patil maintained a Positive rating and lowered the price target from $17 to $14.
Morgan Stanley analyst Brian Nowak reiterated an Equal-Weight rating and decreased the price target from $17 to $16.
Piper Sandler analyst Matt Farrell reiterated a Neutral rating and lowered the price target from $14 to $13.
RBC Capital analyst Brad Erickson kept an Outperform rating and a $16 price target.
JP Morgan analyst Cory Carpenter maintained an Overweight rating and downgraded the price target from $20 to $17.
Keybanc analyst Justin Patterson kept an Overweight rating and lowered the price target from $20 to $18.

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

Analyst Andrew Marok (RAYMOND JAMES) currently has the highest performing score on BMBL with 4/9 (44.44%) price target fulfillment ratio. His price targets carry an average of $3.19 (23.10%) potential upside. Bumble stock price reaches these price targets on average within 7 days.

Okta’s Q4 FY24 Earnings Highlights Profits and Growth Initiatives

Okta’s Fourth Quarter Fiscal Year 2024 Earnings showcased the company’s performance. In Q4, Okta achieved a non-GAAP operating profit of 14%, an improvement from the negative 1% recorded in the previous year. The company’s free cash flow margin soared to 22%, marking an increase from 3% in the corresponding period last year.

Okta witnessed an uptick in the number of million-dollar plus Annual Recurring Revenue contracts, with a 30% increase in such contracts over the course of the fiscal year. The company added 150 new customers in the last quarter alone, highlighting its continued market expansion.

Additionally, Okta’s partnership ecosystem played a role, with over 40% of its business mix now invoiced through indirect channel partners. Furthermore, Amazon Web Services contributed over $175 million in annual contract value, experiencing growth at over 130%.

Analysts Offer Varied Views: Price Targets and Recommendations

Truist Securities analyst Gregory Miller reiterated a Hold and raised the price target from $85 to $105.
Piper Sandler analyst Rob Owens maintained a Neutral and increased the price target from $85 to $110.
Canaccord Genuity analyst Michael Walkley maintained a Hold and increased the price target from $85 to $95.
Bernstein analyst Peter Weed kept a Market Perform and upgraded the price target from $84 to $114.
WestPark Capital analyst Casey Ryan upgraded Okta from Hold to Buy and announced a $140 price target.

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

Analyst Simeon Gutman (MORGAN STANLEY) currently has the highest performing score on OKTA with 4/4 (100%) price target fulfillment ratio. His price targets carry an average of $12.95 (19.31%) potential upside. Okta stock price reaches these price targets on average within 17 days.