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

By: Matthew Otto

FactSet Reports Q3 EPS Above Estimates and Adjusts FY2024 Guidance

FactSet held its third fiscal quarter 2024 earnings call and reported Q3 EPS of $4.37, surpassing the analyst estimate of $3.90 by $0.47. Revenue for the quarter came in at $552.7 million, closely aligning with the consensus estimate of $552.78 million. FactSet achieved organic Annual Subscription Value and professional services growth of 5%, with an adjusted operating margin of 39.4%.

Third quarter ended with 8,029 clients and over 208,000 users, with an ASV retention rate above 95% and a client retention rate of 90%. Despite market headwinds and impacts from the Credit Suisse and UBS merger, the Americas saw an organic ASV growth rate of 5.7%, driven by asset owners and wealth managers. The EMEA region experienced a 4.4% growth rate, while the Asia Pacific region led with 6.1%.

FactSet reported a 4% increase in GAAP revenue to $553 million, a 2% decrease in GAAP operating expenses to $350 million, and a free cash flow increase of 13% to $217 million. Adjusted EPS rose 15.3% to $4.37, with a GAAP EPS increase of 18.2% to $4.09.

Looking ahead, FactSet provided guidance for FY2024 EPS in the range of $16.00 to $16.40, compared to the consensus of $15.98. Expects FY2024 revenue between $2.18 billion and $2.19 billion, slightly below the consensus of $2.2 billion.

Analysts Update Ratings and Price Targets Following Q3 Earnings

Morgan Stanley analyst Toni Kaplan maintained an Underweight rating and raised the price target from $350 to $355.
RBC Capital analyst Ashish Sabadra reiterated a Sector Perform rating and a $464 price target.
Deutsche Bank analyst Faiza Alwy raised the price target from $457 to $461.
UBS analyst Alex Kramm reiterated a Neutral rating and a $455 price target.

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

Analyst Manav Patnaik (BARCLAYS) currently has the highest performing score on FDS with 8/11 (72.73%) price target fulfillment ratio. His price targets carry an average of $12.54 (2.80%) potential upside. FactSet Research Systems stock price reaches these price targets on average within 49 days.

Tesla Cybertruck Recalls Highlight Safety Concerns Amid Production Challenges

Tesla has announced recalls affecting a total of 23,071 units of its Cybertruck electric pickup trucks, according to reports from the U.S. National Highway Traffic Safety Administration. The recalls address two distinct issues: a faulty windshield wiper motor that could impair visibility and a trim in the truck bed that may detach, posing a hazard to other motorists. Specifically, 11,688 vehicles are affected by the wiper motor issue, where excessive electrical current could lead to motor controller failure. Additionally, 11,383 trucks are being recalled due to improperly installed sail appliques in the truck bed, which could become loose while in motion.

These recalls mark the latest in a series of setbacks for Tesla’s Cybertruck, which saw previous recalls earlier this year related to accelerator pedal pad issues. Despite these challenges, Tesla remains optimistic about the future production and delivery of the Cybertruck, aiming for an annual production target of 250,000 units once full-scale manufacturing begins. Tesla has not disclosed specific delivery figures for the Cybertruck, but ongoing efforts to resolve issues through comprehensive service measures are underway.

Analysts Maintain Diverse Views with Varied Price Targets

Guggenheim analyst Ronald Jewsikow reiterated Sell rating with a $126 price target.
Cantor Fitzgerald analyst Andres Sheppard reiterated Overweight rating with a $230 price target.
UBS analyst Joseph Spak reiterated Neutral rating with a $147 price target

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

Analyst Patrick Hummel (UBS) currently has the highest performing score on TSLA with 8/13 (61.54%) price target fulfillment ratio. His price targets carry an average of $-4.48 (-2.64%) potential downside. Tesla stock price reaches these price targets on average within 23 days.

Beyond Air Reports Fiscal Year 2024 Financial Results: Revenue Growth Amid Strategic Investments

Beyond Air reported its financial results for the fiscal year ended March 31, 2024, reporting an EPS of negative $1.82, $1.33 worse than the analyst estimate of negative $0.49. Total revenue of $1.2 million for the fiscal year is better than the consensus estimate of $747.2 thousand. This marks an increase from zero revenue in the previous fiscal year.

Gross margin reported a loss of $1.3 million, impacted by ongoing costs related to the upgrade of LungFit devices and depreciation of prebuilt units not yet generating revenue. Research and development expenses totaled $24.4 million, up from $16.8 million in the prior fiscal year, attributed to increased development costs including external trials and professional fees. General and administrative expenses rose to $37.3 million from $34.7 million, driven by increases in headcount.

Net losses for the fiscal year totaled $64.3 million, equating to $1.82 per share attributable to shareholders of Beyond Air, compared to a net loss of $59.4 million or $1.86 per share in the previous fiscal year. Beyond Air recorded a net cash burn of $12.8 million for the quarter ended March 31, 2024, reflecting ongoing investments in expanding their LungFit device pool, advancing clinical trials, and progressing their autism program. As of March 31, 2024, Beyond Air reported cash, cash equivalents, and marketable securities totaling $34.5 million.

Analysts Mixed Ratings Amidst Adjusted Price Targets

Piper Sandler analyst Jason Bednar maintained an Overweight rating and lowered the price target from $7 to $3.5.
BTIG analyst Marie Thibault downgraded from Buy to Neutral rating.

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

Analyst Gregory Fraser (TRUIST) currently has the highest performing score on XAIR with 1/4 (25%) price target fulfillment ratio. His price targets carry an average of $10.07 (256.23%) potential upside. Beyond Air stock price reaches these price targets on average within 141 days.