Selected stock price target news of the day - February 8th, 2024

By: Matthew Otto

Fortinet Quarterly Earnings Beat Estimates and Billings Exceed Expectations

Fortinet reported adjusted earnings of 51 cents per share for the fourth quarter, outperforming analysts’ estimates of 43 cents per share. Moreover, the company’s fourth-quarter billings stood at $1.86 billion, marking an 8.5% increase from the previous year and surpassing expectations. William Blair analyst, Jonathan Ho, acknowledged the positive trajectory, affirming that Fortinet’s business remains robust and capable of navigating through uncertain market conditions. However, Ho advised investors to exercise patience, as the company’s cautious guidance reflects ongoing macroeconomic uncertainties.

Looking ahead, Fortinet provided guidance for its upcoming fiscal quarters, expecting billings between $1.39 billion to $1.45 billion for the first fiscal quarter, slightly below analysts’ projections. For fiscal year 2024, the company forecasts billings in the range of $6.4 billion to $6.6 billion, while Wall Street consensus pegged it at $6.53 billion.

Mixed Analyst Ratings Following Quarterly Earnings Beat

DZ Bank analyst Markus Leistner downgraded from Hold to Sell and announced a $60 price target.
Truist Securities analyst Joel Fishbein maintained a Buy and raised the price target from $60 to $80.
Morgan Stanley analyst Hamza Fodderwala maintained an Overweight rating and increased the price target from $77 to $81.
Scotiabank analyst Patrick Colville reiterated a Sector Outperform rating and increased the price target from $70 to $90.
Cantor Fitzgerald analyst Yi Fu Lee assumed a Neutral rating and raised the Price Target to $75.
RBC Capital analyst Dan Bergstrom maintained a Sector Perform rating and raised the price target from $60 to $71.
Wells Fargo analyst Andrew Nowinski kept an Equal-Weight rating and increased the price target from $65 to $70.
BMO Capital analyst Keith Bachman maintained a Market Perform rating and raised the price target from $70 to $82.
Susquehanna analyst Anne Meisner reiterated a Neutral rating and increased the price target from $55 to $80.

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

Analyst Amit Daryanani (EVERCORE) currently has the highest performing score on FTNT with 2/3 (66.67%) price target fulfillment ratio. His price targets carry an average of $0.52 (1.03%) potential upside. Fortinet stock price reaches these price targets on average within 7 days.

Chipotle Surpasses Expectations with Strong Q4 Financial Results and Strategic Growth Plans

Chipotle Mexican Grill has reported financial results for the fourth quarter of 2023, with earnings per share standing at $10.36, surpassing the anticipated $9.75. Chipotle’s revenue for the quarter reached $2.52 billion, outperforming Wall Street estimates of $2.49 billion. Notably, net income rose to $282.1 million, or $10.21 per share, marking an increase from the previous year’s $223.7 million, or $8.02 per share. The performance was underlined by a 15.4% year-over-year increase in net sales.

Chipotle’s same-store sales growth of 8.4% outpaced estimates. The company experienced a 7.4% rise in foot traffic during the quarter. The impact of menu adjustments, including the reintroduction of carne asada and a 3% price increase in October, contributed to the sales growth. Looking ahead to 2024, Chipotle is maintaining momentum, projecting mid-single-digit same-store sales growth for the full year. The company also plans to open between 285 and 315 new locations.

Analysts Positive Ratings and Upward Price Target Revisions

Truist Securities analyst Joel Fishbein maintained a Buy rating and raised the price target from $2700 to $2920.
Barclays analyst Jeffrey Bernstein reiterated an Equal-Weight rating and increased the price target from $2246 to $2400.
TD Cowen analyst Andrew Charles maintained an Outperform rating and raised the price target from $2650 to $2900.
Keybanc analyst Eric Gonzalez kept an Overweight rating and increased the price target from $2250 to $2750.
Citigroup analyst Jon Tower maintained a Buy rating and upgraded the price target from $2699 to $3016.
Wedbush analyst Nick Setyan reiterated a Neutral rating and a $2400 price target.
Stephens & Co. analyst Joshua Long maintained an Overweight rating and raised the price target from $2800 to $3000.
BMO Capital analyst Andrew Strelzik reiterated a Market Perform rating and upgraded the price target from $2100 to $2400.

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

Analyst Chris O’cull (STIFEL) currently has the highest performing score on CMG with 18/21 (85.71%) price target fulfillment ratio. His price targets carry an average of $77.72 (3.13%) potential upside. Chipotle Mexican Grill stock price reaches these price targets on average within 108 days.

Roblox Q4 Earnings, Exceeds Analyst Expectations with Revenue and Bookings

Roblox fourth-quarter financials revealed a narrower-than-anticipated loss of 52 cents per share, surpassing Wall Street’s estimate of a 55-cent loss, as reported by FactSet. The company’s revenue for the quarter soared to $750 million, reflecting a 30% surge compared to the corresponding period last year.

Roblox’s bookings for the period reached $1.13 billion, exhibiting a 25% increase from the previous year. Mike Hickey, Analysts at Benchmark, who rated Roblox shares as a Buy, underscored the company’s ambitious financial goals. In a Wednesday report, Hickey emphasized Roblox’s aim for over 20% annual growth in its top line through at least 2027, coupled with a strategic focus on managing fixed costs to achieve an annual margin expansion ranging from 100 to 300 basis points.

Looking ahead, Roblox’s optimistic outlook for the first quarter of 2024 includes expected bookings between $910 million and $940 million, surpassing Wall Street’s consensus estimate of $902.7 million. For the entire fiscal year 2024, the company projects bookings in the range of $4.14 billion to $4.28 billion, surpassing analysts’ forecast of $4.098 billion.

Analysts Bullish as Price Targets Surge Amid Positive Outlook

Roth MKM analyst Eric Handler maintained a Buy rating and raised the price target from $50 to $55.
Wedbush analyst Nick McKay reiterated an Outperform rating and increased the price target from $53 to $56.
Barclays analyst Ross Sandler upgraded from Underweight to Equal-Weight and the price target from $26 to $46.
Goldman Sachs analyst Eric Sheridan upgraded from Sell to Neutral and the price target from $35 to $48.
Needham analyst Bernie McTernan maintained a Buy rating and increased the price target from $51 to $55.

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

Analyst Nick Mckay (WEDBUSH) currently has the highest performing score on RBLX with 6/8 (75%) price target fulfillment ratio. His price targets carry an average of $14.19 (36.56%) potential upside. Roblox stock price reaches these price targets on average within 66 days.