Selected stock price target news of the day - February 2nd, 2024

By: Matthew Otto

Mastercard’s 2023 Financial Performance and Outlook

Mastercard announced financial results for the fourth quarter and full year of 2023, showcasing growth across multiple key metrics. In Q4, the company reported an 11% year-over-year increase in net revenues on a non-GAAP currency-neutral basis, excluding special items. Operating income also surged by 13% compared to the same period last year. Notably, the company repurchased $1.8 billion worth of stock during the quarter, with an additional $586 million repurchased through January 26, 2024.

Looking forward to fiscal year 2024, Mastercard projects net revenue growth at the high end of a low double-digit rate on a currency-neutral basis, excluding acquisitions. This outlook is supported by various factors, including the issuance of over 3.3 billion Mastercard and Maestro-branded cards globally and a 10% year-over-year increase in worldwide gross dollar volume on a local currency basis. Additionally, the company anticipates a non-GAAP tax rate of 16% to 17% for Q1 2024 and approximately 17% on a full-year basis, based on the current geographic mix of its business.

Analysts Positive Ratings and Price Target Increases

Keybanc’s Alex Markgraff maintained an Overweight rating and raised the price target from $475 to $490.
Oppenheimer’s Dominick Gabriele reiterated an Outperform rating and a $510 price target.
RBC Capital’s Daniel Perlin maintained an Outperform rating and increased the price target from $432 to $499.
Mizuho’s Dan Dolev kept a Buy rating and upgraded the price target from $462 to $480.
Raymond James analyst John Davis reiterated an Outperform rating and raised the price target from $452 to $504.
BMO Capital’s Rufus Hone maintained an Outperform rating and increased the price target from $480 to $490.

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

Analyst Josh Beck (KEYBANK) currently has the highest performing score on MA with 15/15 (100%) price target fulfillment ratio. His price targets carry an average of $46.79 (11.90%) potential upside. Mastercard stock price reaches these price targets on average within 150 days.

PTC Performance in Q1 FY2024, With Double-Digit Growth and Debt Reduction Initiatives

In its recent earnings call, PTC delivered financial results for the first quarter of fiscal year 2024, reporting a 23% year-over-year growth in constant currency annual recurring revenue to reach $2.016 billion. The quarter showcased the company’s performance, marking the eighth consecutive year of double-digit organic constant currency ARR growth. PTC’s operational management was evident in the operating cash flow of $187 million and free cash flow of $183 million, surpassing guidance expectations. Notably, the company strategically reduced its gross debt by $55 million during the quarter, emphasizing its commitment to debt reduction and aiming for a year-end gross debt of approximately $1.7 billion.

Looking ahead, PTC maintains a positive outlook, expecting constant currency ARR growth of 11% to 12% for the second quarter of fiscal year 2024, with a corresponding guidance range of $2.05 billion to $2.065 billion.

Analysts Raise Price Targets Outlook, Maintaining Ratings

Keybanc analyst Jason Celino maintained an Overweight rating and raised the price target from $190 to $205.
Oppenheimer analyst Ken Wong kept an Outperform rating and increased the price target from $190 to $210.
RBC Capital analyst Matthew Hedberg reiterated an Outperform rating and a $202 price target.
Mizuho analyst Matthew Broome maintained a Buy rating and raised the price target from $200 to $210.
BMO Capital analyst Daniel Jester reiterated an Outperform rating and increased the price target from $195 to $200.

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

Analyst Matthew Broome (MIZUHO) currently has the highest performing score on PTC with 13/14 (92.86%) price target fulfillment ratio. His price targets carry an average of $30.6 (17.06%) potential upside. PTC stock price reaches these price targets on average within 205 days.

Qualcomm Surpasses Expectations with Financials in December Quarter

Qualcomm has showcased a financial performance in its recently reported December quarter, revealing adjusted earnings of $2.75 per share. This figure surpassed Wall Street’s consensus estimate of $2.37, reflecting a substantial 16% beat. Additionally, the company reported a revenue of $9.9 billion for the same quarter, surpassing analysts’ expectations by $400 million, or approximately 4%.

Looking forward, Qualcomm’s financial forecasts a revenue for the current quarter expected to be between $8.9 billion and $9.7 billion. The midpoint of this range, around $9.3 billion, aligns closely with the consensus call. Qualcomm’s leadership also anticipates the global handset market to be flat to slightly up for the year 2024.

Analysts Offer Diverse Views as Price Targets See Adjustments

Piper Sandler analyst Harsh Kumar maintained an Overweight rating and raised the price target from $140 to $165.
Keybanc analyst John Vinh also reiterated an Overweight rating and increased the price target from $165 to $180.
Cantor Fitzgerald analyst C J Muse reiterated a Neutral rating and a $150 price target.
Mizuho analyst Vijay Rakesh kept a Buy rating and raised the price target from $155 to $160.
JP Morgan analyst Samik Chatterjee maintained an Overweight rating and lowered the price target from $173 to $170.
Citigroup analyst Christopher Danely downgraded from Buy to Neutral and announced a $160 price target.

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

Analyst Gary Mobley (WELLS FARGO) currently has the highest performing score on QCOM with 12/15 (80%) price target fulfillment ratio. His price targets carry an average of $-15.53 (-14.05%) potential downside. Qualcomm stock price reaches these price targets on average within 136 days.