Selected stock price target news of the day - January 3rd, 2024
By: Matthew Otto
Verizon Gains Traction on Wall Street with Upgraded Outlook for 2024
Verizon Communications has garnered attention on Wall Street due to an upgrade by KeyBanc Capital Markets. The telecom firm’s shares were elevated from Sector Weight to Overweight. KeyBanc analyst, Brandon Nispel, titled ‘New Year, New Verizon,’ expresses optimism about the company’s prospects in the wireless industry for 2024, highlighting an anticipated growth in earnings before interest, taxes, depreciation, and amortization exceeding the flat performance witnessed in the previous year. Nispel underscores Verizon’s current valuation, noting that it trades at historically low levels with a forward enterprise value-to-EBITDA ratio of 6.25 times, compared to its three-year average of 6.9 times.
According to Nispel, the expected positive trajectory for Verizon in 2024 is grounded in factors such as the anticipation of above-average postpaid-phone subscriber growth, a decline in capital expenditure, and a perceived lack of competitive intensity within the sector. Nispel suggests that wireless carriers, including Verizon, appear content with their performance, contributing to a stable market environment.
Analysts Upgraded Rating for Verizon
- Keybanc analyst Brandon Nispel upgraded from Sector Weight to Overweight rating and set a $45 price target.
Which Analyst has the best track record to show on VZ?
Analyst Kannan Venkateshwar (BARCLAYS) currently has the highest performing score on VZ with 3/8 (37.5%) price target fulfillment ratio. His price targets carry an average of $4.31 (12.79%) potential upside. Verizon Communications stock price reaches these price targets on average within 193 days.
Lattice Semiconductor Shines Amidst Recent Underperformance
Lattice Semiconductor is positioned as a potential buying opportunity, according to Benchmark analyst David Williams. Despite a recent underperformance of 0.86% compared to its chip-industry peers, Williams raised his price target on Lattice stock to $95 from $70, reaffirming a Buy rating. The analyst is optimistic about the long-term prospects of Lattice’s Avant product lineup, introduced in late 2022, anticipating a doubling of its contribution to the company’s overall revenue by fiscal 2025. Despite challenges in the industrial and automotive markets, Williams believes Avant’s higher price points and superior performance can drive an inflection in revenue and earnings as the industrial segment recovers.
In October, Lattice faced a decline following a disappointing forecast, citing softened demand and deteriorating order trends in Asia and Europe. However, Williams expresses increasing conviction in Lattice’s execution, design momentum, margin sustainability, and expanding cash flow. Although Lattice has underperformed with a 5% rise over the past 12 months, compared to the 61% gain in the iShares Semiconductor exchange-traded fund, Williams sees the company as uniquely positioned for potential share appreciation in the evolving semiconductor landscape.
Analyst Upgrades Lattice to Buy and Raises Price Target
- Benchmark analyst David Williams upgraded to Buy and the price target from $70 to $95.
Which Analyst has the best track record to show on LSCC?
Analyst John Vinh (KEYBANK) currently has the highest performing score on LSCC with 6/8 (75%) price target fulfillment ratio. His price targets carry an average of $54.39 (97.81%) potential upside. Lattice Semiconductor stock price reaches these price targets on average within 43 days.