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

By: Matthew Otto

FDA Expands Sarepta’s Gene Therapy Approval for Duchenne Muscular Dystrophy

The Food and Drug Administration has expanded its approval of Sarepta Therapeutics’ gene therapy, Elevidys, to now include virtually all patients with Duchenne muscular dystrophy (DMD). This approval extends the treatment to any child with DMD who is at least four years old and has a confirmed genetic mutation, including those who have lost the ability to walk.

Previously, Elevidys was only approved for ambulatory patients aged four and five. According to Leerink Partners analyst Joseph P. Schwartz, this expansion increases the number of eligible patients by a factor of ten, greatly enhancing Sarepta’s revenue potential. The approval comes despite the therapy failing to show improvement in a key motor function measure during a late-stage trial, with the FDA citing compelling secondary metrics in their decision.

Sarepta maintains the treatment’s price at $3.2 million for the one-time therapy. With first-quarter 2024 revenue for Elevidys at $133.9 million, analysts like Schwartz predict that the expanded approval could drive annual sales to exceed $1 billion.

Analysts Update Price Targets Following FDA Approval

BMO Capital analyst Kostas Biliouris maintained an Outperform rating and raised the price target from $170 to $200.
Leerink Partners analyst Mani Foroohar maintained an Outperform rating and raised the price target from $165 to $230.
Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating and a $165 price target.
Piper Sandler analyst Biren Amin maintained an Overweight rating and a $157 price target.
Cantor Fitzgerald analyst Kristen Kluska reiterated a Neutral rating and a $128 price target.
Barclays analyst Gena Wang maintained an Overweight rating and upgraded the price target from $185 to $226.

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

Analyst Brian Skorney (BAIRD) currently has the highest performing score on SRPT with 41/55 (74.55%) price target fulfillment ratio. His price targets carry an average of $39.28 (24.44%) potential upside. Sarepta Therapeutics stock price reaches these price targets on average within 290 days.

Accenture Embraces AI to Boost Workforce Resilience Amid Economic Headwinds

Accenture’s Third Quarter Fiscal 2024 Earnings reported earnings per share of $3.13, falling short of the analyst estimate of $3.17. Revenue for the quarter also missed expectations, coming in at $16.5 billion versus the consensus estimate of $16.6 billion.

Accenture reported $21.1 billion in new bookings, with contributions from large-scale transformation projects. Investment in generative AI projects resulted in $900 million in new bookings and $500 million in revenue year-to-date. A 1.4% revenue growth in local currency and an adjusted operating margin increase of 10 basis points. Achieved $3 billion in free cash flow and returned $2.2 billion to shareholders.

Looking ahead, Accenture has projected its fiscal year 2024 earnings per share to be in the range of $11.85 to $12.00, below the analyst consensus of $12.08. Revenue between $16.05 billion and $16.65 billion.

Analysts Adjust Ratings and Price Targets Amid Financial Results

Goldman Sachs analyst James Schneider initiated a Neutral rating and a Price Target of $335.
Morgan Stanley analyst James Faucette maintained an Overweight rating and a $400 price target.
TD Cowen analyst Bryan Bergin retained a Hold rating but lowered the price target from $294 to $293.
Susquehanna analyst James Friedman maintained a Neutral rating and reduced the price target from $360 to $350.
BMO Capital analyst Keith Bachman kept a Market Perform rating and adjusted the price target from $375 to $350.
Piper Sandler analyst Arvind Ramnani maintained a Neutral rating with a $320 price target.

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

Analyst Arvind Ramnani (PIPER SANDLER) currently has the highest performing score on ACN with 24/29 (82.76%) price target fulfillment ratio. His price targets carry an average of $13.84 (4.52%) potential upside. Accenture stock price reaches these price targets on average within 167 days.

CarMax Reports Q1 Fiscal 2025: Expands Financing Program, Sees Sales Decline

CarMax announced its first-quarter earnings for fiscal year 2025, reporting earnings per share of $0.97, which fell slightly below analysts’ expectations of $0.98. Generated total revenue of $7.11 billion for the quarter, missing the consensus estimate of $7.2 billion.

CarMax reported a 7.0% increase in CarMax Auto Finance income to $147.0 million for the first quarter of fiscal year 2025. Retail used unit sales declined by 3.1% to 211,132 vehicles, while wholesale unit sales decreased by 8.3% to 147,685 units compared to the prior year. Gross profit per unit for retail used vehicles was $2,347, and for wholesale vehicles, it was $1,064.

CarMax repurchased $104.0 million worth of common stock during the quarter and had $2.26 billion remaining for future repurchases under its authorization. CarMax launched its first non-prime asset-backed securitization deal in June 2024 to expand its financing capabilities.

Despite purchasing 314,000 vehicles from consumers and dealers, an 8.6% decrease year-over-year, a 14.1% increase in SG&A expenses to $638.6 million.

Analysts Maintain Diverse Ratings and Adjust Price Targets

Oppenheimer analyst Brian Nagel maintained an Outperform rating and a price target of $105.
Truist Securities analyst Scot Ciccarelli maintained a Hold rating and raised the price target from $66 to $70.
Needham analyst Chris Pierce reiterated a Buy rating and lowered the price target from $91 to $87.
Morgan Stanley analyst Adam Jonas kept an Overweight rating and a price target of $80.
Evercore ISI Group analyst Michael Montani maintained an In-Line rating and lowered the price target from $73 to $68.

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

Analyst Scot Ciccarelli (TRUIST) currently has the highest performing score on KMX with 21/23 (91.3%) price target fulfillment ratio. His price targets carry an average of $-5.5 (-7.69%) potential downside. CarMax stock price reaches these price targets on average within 80 days.