Selected stock price target news of the day - July 25th, 2024

By: Matthew Otto

Seagate Technology Surpasses Q4 Estimates, Projects Positive Fiscal Q1 2025 Performance

Seagate Technology delivered financial results for the fourth quarter of fiscal year 2024, reporting an EPS of $1.05, surpassing the analyst estimate of $0.75 by $0.30. Revenue for the quarter reached $1.89 billion, ahead of the consensus estimate of $1.87 billion. This marked an 18% year-on-year increase, driven by global cloud demand and favorable supply-demand dynamics. Seagate’s non-GAAP gross margin was nearly 31%, bolstered by its HDD gross margin..

Looking ahead to fiscal first quarter 2025, Seagate projects revenue in the range of $2.10 billion, with a variance of plus or minus $150 million. Anticipates non-GAAP diluted EPS to be approximately $1.40, with a margin of plus or minus $0.20, compared to analysts’ estimates of $1.16 per share. This guidance excludes estimated pre-tax charges related to share-based compensation expenses, amounting to approximately $0.16 per share.

Mixed Analyst Reviews with Upward Price Target Revisions

Wedbush analyst Matt Bryson maintained an Outperform rating and increased the price target from $130 to $135.
Citigroup analyst Asiya Merchant maintained a Buy rating and raised the price target from $120 to $125.
Northland Capital Markets analyst Gus Richard reiterated an Outperform rating and boosted the price target from $119 to $142.
Baird analyst Tristan Gerra reiterated an Outperform rating and lifted the price target from $100 to $120.
Barclays analyst Tom O’Malley kept an Equal-Weight rating but raised the price target from $80 to $95.
Wells Fargo analyst Aaron Rakers maintained an Equal-Weight rating and increased the price target from $90 to $120.
UBS analyst Munjal Shah reiterated a Neutral rating and raised the price target from $110 to $120.
Benchmark analyst Mark Miller reiterated a Hold rating.
Loop Capital analyst Ananda Baruah maintained a Buy rating and raised the price target from $105 to $135.
TD Cowen analyst Krish Sankar maintained a Buy rating and increased the price target from $110 to $135.
Goldman Sachs analyst Toshiya Hari kept a Neutral rating and raised the price target from $96 to $107.
Susquehanna analyst Mehdi Hosseini maintained a Negative rating but raised the price target from $55 to $65.
Cantor Fitzgerald analyst C J Muse maintained a Neutral rating and raised the price target from $120 to $125.

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

Analyst Matthew Bryson (WEDBUSH) currently has the highest performing score on STX with 10/13 (76.92%) price target fulfillment ratio. His price targets carry an average of $9.01 (9.90%) potential upside. Seagate Technology stock price reaches these price targets on average within 89 days.

UPS Q2 2024 Earnings Decline Amid Mixed Volume Growth and Strategic Shifts

Despite a challenging first half of the year for UPS, where earnings were down approximately 30% due to costs associated with new labor contracts, UPS saw positive momentum with a 0.7% increase in average daily volume year-over-year. Revenue for the second quarter was $21.8 billion, a decline of 1.1% compared to the previous year, while consolidated operating profit stood at $2.1 billion, reflecting a 29.3% decrease. Notably, the operating margin was 9.5%, and diluted earnings per share were $1.79, down 29.5%.

UPS also outlined strategic initiatives including the acquisition of Estafeta, a domestic small package provider in Mexico, and the expansion of healthcare logistics facilities in Ireland and the Netherlands. Internationally, UPS saw mixed results, with a 2.9% decline in total average daily volume but growth in specific markets such as Asia and the Americas. International revenue was $4.4 billion, down 1% year-over-year.

Looking ahead, UPS has adjusted its full-year revenue guidance to approximately $93 billion, with an expected operating margin of around 9.4%, and plans to restart its share repurchase program with an aim to repurchase about $1 billion of shares annually, including $500 million in 2024.

Analysts Lower Price Targets Despite Holding Ratings

Stephens & Co. analyst Jack Atkins maintained an Equal-Weight rating but lowered the price target from $168 to $140.
Barclays analyst Brandon Oglenski maintained an Equal-Weight rating and lowered the price target from $145 to $120.
BofA Securities analyst Ken Hoexter reiterated a Neutral rating yet downgraded the price target from $158 to $132.
Baird analyst Benjamin Hartford reiterated an Outperform rating and downgraded the price target from $170 to $160.
Wells Fargo analyst Christian Wetherbee kept an Overweight rating but lowered the price target from $156 to $134.
UBS analyst Thomas Wadewitz maintained a Buy rating and decreased the price target from $175 to $159.
JP Morgan analyst Brian Ossenbeck maintained a Neutral rating yet lowered the price target from $150 to $144.
Susquehanna analyst Bascome Majors maintained a Neutral rating and lowered the price target from $160 to $135.

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

Analyst Bascome Majors (SUSQUEHANNA) currently has the highest performing score on UPS with 8/9 (88.89%) price target fulfillment ratio. His price targets carry an average of $13.38 (9.13%) potential upside. United Parcel Service stock price reaches these price targets on average within 40 days.

Texas Instruments Reports Strong Q2 Earnings and Revenue, Provides Optimistic Q3 Guidance

Texas Instruments announced its Q2 2024 results, reporting a net income of $1.1 billion, translating to earnings per share of $1.22, surpassing analysts’ estimates of $1.16 per share. Revenue for the quarter reached $3.82 billion, above the consensus estimate of $3.8 billion.

Gross profit stood at $2.2 billion, representing 58% of revenue and reflecting a 60 basis points increase. Operating expenses were $963 million, up 3% from a year ago, while operating profit was $1.2 billion, or 33% of revenue, a decrease of 37% from the same quarter last year. Net income for the quarter was $1.1 billion, translating to earnings per share of $1.22, slightly surpassing analysts’ estimates of $1.16 per share.

Looking ahead, Texas Instruments provided guidance for Q3 2024, forecasting EPS between $1.24 and $1.48, which is above the consensus estimate of $1.36. The company expects revenue to range from $3.94 billion to $4.26 billion, compared to the consensus estimate of $4.12 billion.

Analysts Adjust Price Targets Amid Varied Ratings

Cantor Fitzgerald analyst C.J. Muse reiterated a Neutral rating and a $210 price target.
Baird analyst Tristan Gerra maintained a Neutral rating yet raised the price target from $175 to $200.
Deutsche Bank analyst Ross Seymore held a Hold rating but raised the price target from $160 to $185.
Benchmark analyst Cody Acree reiterated a Buy rating and a $230 price target.
JP Morgan analyst Harlan Sur maintained an Overweight rating and raiseed the price target from $195 to $230.
Keybanc analyst John Vinh kept an Overweight rating while raising the price target from $200 to $250.
Goldman Sachs analyst Toshiya Hari maintained a Sell rating and raised the price target from $157 to $176.
Jefferies analyst Blayne Curtis held a Hold rating and raised the price target from $175 to $185.

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

Analyst Blayne Curtis (JEFFERIES) currently has the highest performing score on TXN with 12/14 (85.71%) price target fulfillment ratio. His price targets carry an average of $-9.2 (-4.62%) potential downside. Texas Instruments stock price reaches these price targets on average within 56 days.