Selected stock price target news of the day - July 30th, 2024

By: Matthew Otto

Charter Q2 Results Exceed Expectations with Positive Earnings and Revenue Performance

Charter Communications reported its second-quarter results, delivering earnings per share of $8.49, which exceeded the analyst estimate of $7.99 by $0.50. Revenue for the quarter was $13.69 billion, surpassing the consensus estimate of $13.59 billion. This revenue growth was attributed to increases in residential mobile service, residential Internet, enterprise, and other revenues, which offset a decline in residential video revenue. Mobile service revenue saw a 37% increase year-over-year.

Charter’s financial performance was further highlighted by an increase in adjusted EBITDA, which grew by 2.6% year-over-year. Despite the challenges posed by the end of the Affordable Connectivity Program (ACP), which contributed to a net loss of 149,000 internet customers, Charter added 557,000 mobile lines..

Looking ahead, Charter adjusted its capital expenditure forecast for the full year 2024 to approximately $12 billion, down from the previously estimated range of $12.2 billion to $12.4 billion. This revision reflects lower net additions of internet and video customers.

Analysts Update Ratings and Price Targets Post Q2 Earnings

Deutsche Bank analyst Bryan Kraft maintained a Hold rating while raising the price target from $300 to $325.
TD Cowen analyst Gregory Williams maintained a Buy rating, and increased the price target from $488 to $525.
Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating, but raised the price target from $330 to $360.
Barclays analyst Kannan Venkateshwar reiterated an Underweight rating, and upgraded the price target from $250 to $300.
JP Morgan analyst Sebastiano Petti kept a Neutral rating while raising the price target from $300 to $385.
Wells Fargo analyst Steven Cahall maintained an Equal-Weight rating, and increased the price target from $260 to $350.
BofA Securities analyst Jessica Ehrlich reiterated with a Neutral rating, while raising the price target from $360 to $385.
Pivotal Research analyst Jeffrey Wlodarczak held a Buy rating, and raised the price target from $400 to $435.

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

Analyst John Hodulik (UBS) currently has the highest performing score on CHTR with 13/14 (92.86%) price target fulfillment ratio. His price targets carry an average of $34.37 (11.83%) potential upside. Charter Communications stock price reaches these price targets on average within 130 days.

Olin Reports Q2 2024 Results: EPS Misses Estimates, Revenue Falls Short Amid Hurricane Impact

Olin Corporation announced its Second Quarter 2024 Earnings, reporting an EPS of $0.62, which was $0.09 below the analyst estimate of $0.71. Revenue for the quarter was $1.64 billion, missing the consensus estimate of $1.71 billion.

Ken Lane, Olin’s CEO, addressed the impact of Hurricane Beryl on their Freeport, Texas facility, emphasizing the response and recovery efforts by the team. Despite the hurricane’s $100 million expected setback in the third quarter, Olin’s chemical businesses showed improvement due to seasonal demand and pricing gains.

Olin’s second quarter ended with $182.1 million in cash and cash equivalents and about $1 billion in available liquidity. Net debt increased by approximately $229 million from year-end, typical of seasonal working capital increases, ending the quarter with a net debt to adjusted EBITDA ratio of 2.6x.

Olin’s capital spending plan for 2024 was reduced by $25 million to approximately $225 million, accounting for $10 million in hurricane-related expenditures. Slater projected that year-end net debt would be similar to year-end 2023, with a leverage-free cash flow yield equating to roughly 8%. Additionally, Olin deferred international tax payments of about $80 million into 2025.

Analysts Lower Price Targets Amidst Mixed Ratings

Piper Sandler analyst James Fish maintains an Overweight rating on Olin but lowers the price target from $75 to $57.
BofA Securities analyst Steve Byrne downgrades Olin from Buy to Neutral and reduces the price target from $62 to $51.
Deutsche Bank analyst David Begleiter keeps a Hold rating on Olin, yet lowers the price target from $57 to $48.
Barclays analyst Michael Leithead maintains an Equal-Weight rating on Olin; however, he reduces the price target from $59 to $49.
Goldman Sachs analyst Duffy Fischer retains a Neutral rating on Olin, but lowers the price target from $55 to $49.
RBC Capital analyst Arun Viswanathan maintains an Outperform rating, yet reduces the price target from $61 to $52.
Wells Fargo analyst Michael Sison continues with an Equal-Weight rating on Olin, and lowers the price target from $50 to $48.
Keybanc analyst Aleksey Yefremov maintains an Overweight rating but lowers the price target from $69 to $62.

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

Analyst Michael Leithead (BARCLAYS) currently has the highest performing score on OLN with 18/23 (78.26%) price target fulfillment ratio. His price targets carry an average of $0.17 (0.29%) potential upside. Olin Corporation stock price reaches these price targets on average within 109 days.

McDonald’s Faces Challenges Amid Inflation: Q2 Earnings Miss Estimates

During McDonald’s second-quarter earnings call for 2024, CEO Chris Kempczinski acknowledged the increasing pressures on lower-income households and highlighted that these pressures have led to a decline in industry traffic in major markets such as the U.S., Australia, Canada, and Germany.

Furthermore, the ongoing war in the Middle East has also impacted performance in several markets. As a result, McDonald’s saw declines in comparable sales globally and across each of its segments.

Financially, McDonald’s reported an EPS of $2.80 for the second quarter, which was $0.27 lower than the analyst estimate of $3.07. Revenue for the quarter came in at $6.49 billion, missing the consensus estimate of $6.62 billion.

One of the strategies McDonald’s is employing to address these challenges is the introduction of a $5 value meal, which has shown results in increasing customer visits, especially among lower-income consumers. The launch of this value meal saw an 8% increase in visits on its launch day compared to the average Tuesday in 2024.

However, while this has led to an improvement in brand perception regarding value and affordability, it has not yet translated into significant sales increases. McDonald’s executives emphasized their focus on improving value execution and making necessary adjustments to sustain guest count-led growth amidst a competitive and economically challenging landscape.

Analysts Cut Price Targets Following Q2 Earnings

Truist Securities analyst Jake Bartlett maintained a Buy rating, but lowered the price target from $300 to $295.
Barclays analyst Jeffrey Bernstein reiterated an Overweight rating and lowered the price target from $320 to $300.
BMO Capital analyst Andrew Strelzik kept an Outperform rating, yet lowered the price target from $330 to $315.
JP Morgan analyst John Ivankoe maintained an Overweight rating; however, lowered the price target from $290 to $270.
Jefferies analyst Andy Barish maintained a Buy rating and downgraded the price target from $320 to $310.
TD Cowen analyst Andrew Charles reiterated a Buy rating and a $285 price target.
Wedbush analyst Nick Setyan reiterated an Outperform rating and a $295 price target.

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

Analyst John Ivankoe (JPMORGAN) currently has the highest performing score on MCD with 19/23 (82.61%) price target fulfillment ratio. His price targets carry an average of $39.51 (15.77%) potential upside. McDonald’s stock price reaches these price targets on average within 238 days.