Selected stock price target news of the day - July 24th, 2024

By: Matthew Otto

Zions Bancorp Exceeds Q2 Earnings Expectations and Completes Major System Upgrade

During the Zions Bancorp Q2 Earnings Conference Call, Chairman and CEO Harris Simmons discussed the completion of the company’s transition to a new core operating system for loans and deposits. This conversion, done in collaboration with Tata Consultancy Services, replaced the legacy systems that had been in use for decades. The new system facilitates real-time fraud detection and error correction, supports omnichannel functionality like account opening, and is designed to be more intuitive for employees, thereby reducing training time.

Financially, Zions Bancorp reported Q2 earnings per share of $1.28, which was $0.19 higher than the analyst estimate of $1.09. Generated $776 million in revenue, surpassing the consensus estimate of $761.26 million. The net interest margin increased by 4 basis points from the previous quarter and by 6 basis points compared to the same quarter last year. Period-end loan balances saw a rise of 0.5%, primarily due to growth in 1-4 family residential loans, while customer deposit balances experienced a decline attributed to seasonal factors.

The common equity Tier-1 ratio improved to 10.6%, up from 10.4% in the first quarter and 10% a year ago. Net charge-offs were low at 10 basis points annualized, despite an increase in classified loan balances, particularly in the commercial and industrial portfolio. Adjusted pre-provision net revenue was $278 million, up from $242 million in the first quarter.

Analysts Update Price Targets Following Q2 Earnings

Truist Securities analyst Jennifer Demba maintained a Hold rating and raised the price target from $45 to $54.
Morgan Stanley analyst Ken Zerbe maintained an Underweight rating yet raised the price target from $39 to $42.
Wedbush analyst David Chiaverini reiterated a Neutral rating while increasing the price target from $46 to $52.
Goldman Sachs analyst Ryan Nash kept a Neutral rating and upgraded the price target from $47 to $54.
Stephens & Co. analyst Terry McEvoy reiterated an Equal-Weight rating but raised the price target from $48 to $51.
Keefe, Bruyette & Woods analyst Christopher Mcgratty maintained a Market Perform rating and increased the price target from $44 to $52.

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

Analyst Steven Alexopoulos (JPMORGAN) currently has the highest performing score on ZION with 13/18 (72.22%) price target fulfillment ratio. His price targets carry an average of $10.66 (25.79%) potential upside. Zions Bancorporation stock price reaches these price targets on average within 254 days.

Tesla’s Q2 Misses Expectations, but Promises Innovation and Growth

Tesla’s second-quarter 2024 results reported revenue of $25.5 billion versus the consensus estimate of $24.33 billion. Earnings per share of 52 cents compared to the anticipated 61 cents, and a decline from 91 cents a year ago. The quarter’s complexity was underscored by a $622 million restructuring charge, attributed to employee layoffs, which exceeded initial expectations. Excluding this charge, EPS would have increased by approximately 14 cents. Regulatory credit sales provided an offset, exceeding expectations by $450 million.

Tesla’s CEO, Elon Musk, emphasized ongoing advancements in Full Self-Driving technology, with version 12.5 expected to enhance customer experience. Musk also announced the postponement of the robotaxi product unveiling to October 10. Additionally, Tesla plans to deliver a more affordable vehicle model by early next year and ramp up production of the Optimus humanoid robot, targeting several thousand units by the end of 2025.

Analysts presented mixed views following the earnings release. Citi’s Itay Michaeli noted that while the underlying results were weaker than anticipated, upcoming catalysts such as the October 10 robotaxi event and a new low-price model in early 2025 could boost sentiment. Michaeli maintained a Hold rating, reducing the price target from $274 to $258.

Conversely, Baird’s Ben Kallo retained a Buy rating with a $280 price target, focusing on the promising timelines for new product unveilings. Wells Fargo’s Colin Langan, however, was less optimistic, citing weakening fundamentals such as lower pricing, increased competition, and new European tariffs. Langan maintained a Sell rating with a $120 price target.

Analysts Ratings and Price Target: Divergent Views and Adjustments

Truist Securities analyst William Stein maintained a Hold rating yet raised the price target from $162 to $215.
Piper Sandler analyst Alexander Potter kept an Overweight rating but increased the price target from $205 to $300.
Citigroup analyst Itay Michaeli continued a Neutral rating and lowered the price target from $274 to $258.
Needham analyst Chris Pierce reiterated a Hold rating on Tesla.
Goldman Sachs analyst Mark Delaney maintained a Neutral rating however lowered the price target from $248 to $230.
GLJ Research analyst Gordon Johnson maintained a Sell rating and raiseed the price target from $22.86 to $24.86.
Guggenheim analyst Ronald Jewsikow reiterated a Sell rating and a $134 price target.
Cantor Fitzgerald analyst Andres Sheppard kept an Overweight rating and a $230 price target.

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

Analyst Andres Sheppard (CANTOR FITZGERALD) currently has the highest performing score on TSLA with 5/7 (71.43%) price target fulfillment ratio. His price targets carry an average of $-18.5 (-7.44%) potential downside. Tesla stock price reaches these price targets on average within 21 days.

IQVIA Reports Better-Than-Expected Q2 Earnings and Revenue, Updates Full-Year Guidance

IQVIA Holdings reported second-quarter results for 2024, exceeding analyst expectations with an EPS of $2.64, surpassing the consensus estimate of $2.57 by $0.07. Revenue for the quarter reached $3.81 billion, exceeding the analyst consensus of $3.79 billion. On a reported basis, revenue grew 2.3%, and 3.5% at constant currency. Excluding COVID-related revenues, growth was 5% at constant currency.

The Technology & Analytics Solutions segment saw a 2.7% revenue increase to $1.495 billion, while the R&D Solutions segment generated $2.147 billion, up 2.4% reported and 3.3% at constant currency. Adjusted EBITDA increased by 2.7% to $887 million.

For the full year 2024, IQVIA forecasted EPS between $11.10 and $11.30, above the consensus estimate of $11.08. Expects revenue to fall between $15.42 billion and $15.52 billion, compared to the consensus of $15.46 billion.

The third-quarter guidance includes revenue projected between $3.83 billion and $3.88 billion, adjusted EBITDA expected to be between $925 million and $950 million, and adjusted diluted EPS anticipated between $2.76 and $2.86. IQVIA reported cash flow from operations of $588 million and free cash flow of $445 million, with a net debt of $11.713 billion and a net leverage ratio of 3.25 times trailing 12-month adjusted EBITDA.

Analysts Update Ratings and Price Targets Following Q2 Results

Jefferies analyst David Windley downgraded from Buy to Hold and the price target from $266 to $242.
Morgan Stanley analyst Tejas Savant maintained an Overweight rating and raised the price target from $270 to $280.
UBS analyst Dan Brennan kept a Buy rating and increased the price target from $295 to $300.
Truist Securities analyst Jailendra Singh maintained a Buy rating yet increased the price target from $292 to $300.
Evercore ISI Group analyst Elizabeth Anderson reiterated an Outperform rating and upgraded the price target from $230 to $270.
Barclays analyst Luke Sergott retained an Overweight rating while increasing the price target from $255 to $275.
Baird analyst Eric Coldwell maintained a Neutral rating and raised the price target from $235 to $251.

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

Analyst Luke Sergott (BARCLAYS) currently has the highest performing score on IQV with 12/20 (60%) price target fulfillment ratio. His price targets carry an average of $43.56 (20.60%) potential upside. IQVIA Holdings stock price reaches these price targets on average within 141 days.