Selected stock price target news of the day - January 30th, 2024

By: Matthew Otto

AMD Soars on Musk Endorsement and Analyst Upgrades

Advanced Micro Devices is experiencing a surge in investor confidence after Elon Musk’s declaration that Tesla plans to utilize AMD chips for its artificial intelligence initiatives. Susquehanna analyst Christopher Rolland raised his target price to $210, maintaining a Positive rating. He suggests that AMD’s software capability has significantly improved its competitiveness against Nvidia’s CUDA, a factor that hindered AMD’s performance in the past. Rolland anticipates that the MI300 chip, AMD’s primary AI hardware offering, could potentially generate over $3 billion, with an outlook of around $6 billion in revenue.

Stifel analysts, led by Ruben Roy, also raised their target price on AMD to $200 while reiterating a Buy rating. Roy emphasizes the potential of the MI300 chip and anticipates meaningful upside in 2024, driven by improving supply and strong ongoing demand. Despite the trailing price-to-earnings multiple of at least 75 times, which implies a hefty valuation, analysts see this as justified given AMD’s potential to solidify its position as a chief alternative AI chip supplier to Nvidia. Additionally, Bank of America analyst Vivek Arya raises the target price on AMD to $195, citing the possibility of AMD gaining market share from Intel, potentially achieving a 29% annual sales growth.

Analysts Issue Mixed Ratings and Price Target Adjustments

Raymond James analyst Srini Pajjuri downgraded from Strong Buy to Outperform and raised the price target from $190 to $195.
Cantor Fitzgerald analyst C J Muse reiterated an Overweight and $190 price target.
Morgan Stanley analyst Joseph Moore maintained an Overweight and raised the price target from $128 to $193.
B of A Securities analyst Vivek Arya kept a Buy rating and increased the price target from $165 to $195.
Stifel analyst Ruben Roy maintained a Buy rating and raised the target price from $170 to $200.
Susquehanna analyst Christopher Rolland reiterated a Positive rating and increased the price target from $170 to $210.

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

Analyst Matthew Bryson (WEDBUSH) currently has the highest performing score on AMD with 10/10 (100%) price target fulfillment ratio. His price targets carry an average of $21.96 (20.33%) potential upside. Advanced Micro Devices stock price reaches these price targets on average within 131 days.

GM Exceeds Q4 2023, Sets 2024 Outlook Amid Industry Challenges

General Motors reported adjusted earnings per share of $1.24 for Q4 2023, exceeding analysts’ estimates of $1.16. Furthermore, GM’s revenue for the quarter reached $42.98 billion, outpacing the anticipated $38.67 billion. Looking ahead, GM’s 2024 guidance projects net income attributable to stockholders in the range of $9.8 billion to $11.2 billion, with corresponding earnings per share expected to be between $8.50 and $9.50. The company also forecasts adjusted earnings before interest and taxes of $12 billion to $14 billion, along with adjusted automotive free cash flow estimated to be between $8 billion and $10 billion.

Despite challenges in key markets such as China, where GM’s equity income for the year declined by 34%, the company remains steadfast in its commitment to innovation and growth. GM’s proactive measures include plans to reduce spending on its majority-owned autonomous vehicle subsidiary, Cruise, by approximately $1 billion in 2024. Additionally, GM aims to capitalize on the evolving automotive landscape by expanding its electric vehicle lineup, with plans to add 1 million units worth of EV production capacity in North America by 2025. Despite facing headwinds such as slower-than-expected EV adoption in the U.S., GM projected industry sales of approximately 16 million units in 2024.

Analysts Mixed Views as Price Targets Diverge

CFRA analyst Garrett Nelson maintained a Hold rating and raised the price target from $34 to $38.
Barclays analyst Dan Levy reiterated an Overweight rating and increased the price target from $37 to $44.
Redburn Atlantic analyst Adrian Yanoshik initiated a Neutral rating and a Price Target of $40.

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

Analyst Mark Delaney (GOLDMAN) currently has the highest performing score on GM with 5/9 (55.56%) price target fulfillment ratio. His price targets carry an average of $13.07 (45.18%) potential upside. General Motors stock price reaches these price targets on average within 58 days.

F5 Networks Surpasses Q1 Earnings, Forecasts Growth

F5 Networks reported fiscal first-quarter earnings, with earnings per share at $3.43 better than the analyst estimate of $3.04. Revenue came in at $693 million, outperforming analysts’ expectations of $684.77 million. Looking ahead, the company provided revenue guidance for the fiscal second quarter in the range of $675 million to $695 million, exceeding Wall Street estimates. However, the projected earnings per share for the second quarter fell slightly below consensus expectations at $2.79 to $2.91. F5’s raised fiscal 2024 earnings guidance, anticipating growth between 6% to 8%, up from the previous range of 5% to 7%, reflects optimism driven by a lower expected tax rate for the year.

While some analysts express concerns about muted growth prospects, Needham analyst Alex Henderson remains bullish, upgrading the stock to a Buy rating and increasing the price target to $220 from $200, citing signs of customer stabilization and demand for F5’s networking and security solutions.

Mixed Analyst Ratings as Price Targets Adjust

Piper Sandler analyst James Fish maintained a Neutral rating and raised the price target from $170 to $187.
Goldman Sachs analyst Michael Ng reiterated a Neutral rating and increased the price target from $156 to $179.
Barclays analyst Tim Long kept an Equal-Weight rating and upgraded the price target from $163 to $206.
Needham analyst Alex Henderson maintained a Buy rating and raised the price target from $200 to $220.

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

Analyst Matthew Hedberg (RBC) currently has the highest performing score on FFIV with 15/16 (93.75%) price target fulfillment ratio. His price targets carry an average of $8.32 (5.49%) potential upside. F5 Networks stock price reaches these price targets on average within 133 days.