Selected stock price target news of the day - January 7th, 2024

By: Matthew Otto

Apple’s Back Tax Payment Propels Ireland to Record Budget Surplus in 2024

Apple’s $14.5 billion back tax payment played a pivotal role in Ireland achieving a budget surplus of approximately 7% of modified gross national income (GNI*) in 2024. This is equivalent to $23.1 billion, according to the finance ministry.

The payment followed a European court ruling in September, which found that Apple had benefited from unlawful tax treatment in previous years. The ruling enabled the Irish government to collect $11.5 billion of the back taxes by year-end, surpassing its initial expectation of $8.4 billion.

As a result, Ireland’s corporate tax receipts surged by 63.9% year-on-year, reaching $40.8 billion and driving the general government surplus to $23.6 billion, far above earlier projections of $7.8 billion.

Even without Apple’s contribution, Ireland’s underlying corporate tax revenue amounted to $29.2 billion—higher than the $25 billion collected in 2023, though slightly below the October forecast of $30.8 billion. The windfall allowed the government to increase spending by $9.5 billion in 2024, a 9.5% rise from the previous year.

Analyst Downgrades Amid Impact of Tax Ruling on Irish Finances

MoffettNathanson analyst Craig Moffett downgraded from Neutral to Sell rating and the price target from $202 to $188.

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

Analyst Krish Sankar (TD COWEN) currently has the highest performing score on AAPL with 31/31 (100%) price target fulfillment ratio. His price targets carry an average of $31.76 (14.55%) potential upside. Apple stock price reaches these price targets on average within 181 days.

Denali Therapeutics Reports Results from Phase 2/3 HEALEY ALS Platform Trial Evaluating DNL343

Denali Therapeutics has shared results from Regimen G of the Phase 2/3 HEALEY ALS Platform Trial, which evaluated the eIF2B agonist DNL343 in 325 participants with amyotrophic lateral sclerosis (ALS). The study did not meet its primary endpoint, which measured changes in disease progression using the ALS Functional Rating Scale-Revised (ALSFRS-R) and survival at 24 weeks.

Secondary endpoints, including assessments of muscle strength and respiratory function, were also not statistically significant. The trial enrolled 186 participants in the DNL343 treatment group and 139 in the placebo group, with 63 directly from this regimen and 76 shared from another concurrent regimen.

Globally, ALS affects an estimated 500,000 people, with 30,000 cases in the United States and 6,000 new diagnoses annually in the U.S. Current treatments are limited. While the trial did not meet its efficacy endpoints, DNL343 demonstrated a favorable safety profile and was well tolerated.

Analyst Updates Reflect Mixed Sentiment on Following Trial Results

HC Wainwright & Co. analyst Andrew Fein maintained a Buy rating.
Baird analyst Joel Beatty initiated with an Outperform rating and a price target of $31.
JPMorgan analyst Jessica Fye Lowered the price target to $24.

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

Analyst Laura Chico (WEDBUSH) currently has the highest performing score on DNLI with 12/15 (80%) price target fulfillment ratio. Her price targets carry an average of $4.13 (18.88%) potential upside. Denali Therapeutics stock price reaches these price targets on average within 113 days.

Jack in the Box Launches New Flavors for Jack Wraps Nationwide

Jack in the Box has expanded its Jack Wraps lineup with new flavors. The wraps feature 100% all-white meat chicken and a variety of fresh ingredients. The two new options include the Fajita Jack Wrap, which contains grilled or crispy chicken, caramelized onions, shredded cheddar, lettuce, tomato, and chipotle ranch, and the Caesar Jack Wrap, which includes similar chicken options paired with shredded lettuce, tomato, and Caesar dressing.

Jack in the Box continues to expand its menu with limited-time items, such as the $5 All Day Big Meal and Lemonade Tea Infusions. With over 2,180 Jack in the Box locations and nearly 600 Del Taco outlets across the U.S.

Analysts Adjust Price Targets Following New Menu Launch

UBS analyst Dennis Geiger maintained a Neutral rating, while lowering the price target from $50 to $44.
Oppenheimer analyst Brian Bittner maintained an Outperform rating and revised the price target from $60 to $52.

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

Analyst Dennis Geiger (UBS) currently has the highest performing score on JACK with 10/14 (71.43%) price target fulfillment ratio. His price targets carry an average of $5.11 (11.38%) potential upside. Jack in the Box stock price reaches these price targets on average within 156 days.