Selected stock price target news of the day - January 9th, 2024

By: Matthew Otto

Accolade Beats Q3 Expectations, Raises Full-Year Guidance

Accolade has reported financial results for the fiscal third quarter ending November 30, 2023. The company showcased a 9% increase in revenue, reaching $99.4 million compared to $90.9 million in the same period in 2022. Despite posting a net loss of $21.1 million, the company demonstrated an improvement, marking a 47% reduction from the previous year’s net loss of $39.9 million. Adjusted EBITDA standing at $(4.6) million, a 55% improvement from the $(10.2) million reported in 2022. Additionally, the company’s Adjusted Gross Profit grew by 10%, reaching $46.0 million, and Adjusted Gross Margin stood at 46.3%, showcasing an increase from the previous year’s 45.9%.

Looking ahead, Accolade remains optimistic about its fiscal performance, with an upward revision of guidance for fiscal year 2024. The company anticipates revenue between $411 million and $415 million, expecting approximately 20% growth. Adjusted EBITDA is projected to range between $(6) million and $(10) million for the fiscal year ending February 29, 2024. Furthermore, the company is affirming preliminary guidance for fiscal year 2025, predicting a continued revenue growth of around 20%, with Adjusted EBITDA anticipated to be between 2% and 4% of revenue.

Analysts Bullish as Price Targets Surge Following Performance

Piper Sandler analyst Jessica Tassan maintained an Overweight rating and raised the price target from $12 to $15.
Wells Fargo analyst Stan Berenshteyn reiterated an Equal-Weight rating and increased the price target from $10 to $12.
Raymond James analyst John Ransom remained with an Outperform rating and upgraded the price target from $12 to $16.
Truist Securities analyst Jailendra Singh raised the price target to $16.

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

Analyst Jessica Tassan (PIPER SANDLER) currently has the highest performing score on ACCD with 2/2 (100%) price target fulfillment ratio. Her price targets carry an average of $4.03 (50.56%) potential upside. Accolade stock price reaches these price targets on average within 19 days.

Netflix’s Uncertain Future: Citi Analysts Issue Caution

Citi analyst Jason Bazinet has downgraded Netflix from Buy to Neutral. Bazinet points to three potential risks: optimistic 2024 revenue estimates, the likelihood of content investments exceeding expectations in 2025, and the possibility of significant acquisitions. These considerations come at a juncture when Netflix is anticipated to have over $8 billion in net cash by 2025, opening avenues for strategic moves, particularly in the gaming sector through potential acquisitions.

While Citi’s stance introduces a note of caution, other industry analysts maintain an optimistic outlook. J.P. Morgan analysts, for instance, anticipate nearly 15% average revenue growth for Netflix in 2024 and 2025. As Netflix continues to navigate a competitive market, characterized by evolving content demands, its future trajectory remains a focal point for investors.

Analysts Divergent Views on Netflix Future Performance

Goldman Sachs analyst Eric Sheridan maintained a Neutral rating and raised the price target from $400 to $500.
BMO Capital analyst Brian Pitz initiated an Outperform rating and set a Price Target of $566.
Citigroup analyst Jason Bazinet downgraded from Buy to Neutral and set a $500 price target.

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

Analyst Benjamin Swinburne (MORGAN STANLEY) currently has the highest performing score on NFLX with 40/46 (86.96%) price target fulfillment ratio. His price targets carry an average of $63.88 (13.14%) potential upside. Netflix stock price reaches these price targets on average within 171 days.

Birmingham Amazon Workers Strike for Fair Pay

Amazon’s new distribution center in Birmingham, England, workers have voted to join the ongoing strike over pay and working conditions, according to the GMB trade union. Despite Amazon’s assurance that the upcoming strike on January 25 would cause zero disruption to customers, around 100 employees at the warehouse are set to participate. The GMB, not formally recognized by the e-commerce giant, emphasized the need for union recognition and an end to what they term as poverty pay.

Amazon, which employs 75,000 people in Britain, has faced similar challenges in the past year. Workers is staging strikes at another warehouse in Coventry. The company asserts its commitment to addressing the concerns, stating plans to raise the minimum starting pay to £12.30 to £13 ($16 to $17) an hour by April, surpassing the upcoming minimum wage in Britain set at £11.44 ($14.60).

Analysts Bullish on Amazon: Buy Ratings and Raised Targets

Stifel analyst Mark Kelley maintained a Buy rating and raised the price target from $173 to $175.
BMO Capital analyst Brian Pitz initiated an Outperform rating and a Price Target of $200.

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

Analyst Barton Crockett (ROSENBLATT) currently has the highest performing score on AMZN with 7/9 (77.78%) price target fulfillment ratio. His price targets carry an average of $57.26 (44.83%) potential upside. Amazon.com stock price reaches these price targets on average within 113 days.