Selected stock price target news of the day - June 26th, 2024

By: Matthew Otto

FedEx Meets Q4 Expectations and Outlines Positive FY2025 Outlook

FedEx reported its fourth quarter earnings for fiscal year 2024, showcasing an earnings per share of $5.41, above the predicted $5.34. Revenue for the quarter reached $22.1 billion, exceeding the consensus estimate of $22.05 billion.

FedEx delivered $6.2 billion of adjusted operating profit for FY 2024, marking a 16% year-over-year improvement. Adjusted operating margin expanded by 110 basis points, and adjusted earnings per share increased by 19%.

Looking ahead to fiscal year 2025, FedEx projects an EPS range of $20 to $22, aligning with the consensus estimate of $20.85. FedEx anticipates a low-to-mid single-digit revenue growth year-over-year and expects earnings per diluted share to be between $18.25 and $20.25 before the MTM retirement plans accounting adjustments and $20 to $22 after excluding costs related to business optimization initiatives. The DRIVE transformation program is set to deliver permanent cost reductions of $2.2 billion.

Analysts Raise Price Targets as FedEx Maintains Positive Outlook

Evercore ISI Group analyst Jonathan Chappell maintained an Outperform rating and raised the price target from $318 to $339.
Goldman Sachs analyst Jordan Alliger maintained a Buy rating and raised the price target from $316 to $333.
Morgan Stanley analyst Ravi Shanker reiterated an Equal-Weight rating and increased the price target from $210 to $215.
BofA Securities analyst Ken Hoexter kept a Buy rating and raised the price target from $340 to $347.
Baird analyst Garrett Holland maintained an Outperform rating and upgraded the price target from $325 to $340.

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

Analyst Ken Hoexter (BAML) currently has the highest performing score on FDX with 23/32 (71.88%) price target fulfillment ratio. His price targets carry an average of $59.87 (21.37%) potential upside. FedEx stock price reaches these price targets on average within 371 days.

SolarEdge Announces $300 Million Convertible Notes Offering Amid Market Volatility

SolarEdge Technologies has announced plans to initiate a private offering of $300 million aggregate principal amount of Convertible Senior Notes due 2029, subject to market conditions and regulatory approvals. The offering includes an option for initial purchasers to buy an additional $45 million aggregate principal amount of the Notes, bringing the potential total offering to $345 million.

This move is aimed at addressing financial obligations, including the redemption of a portion of its outstanding 0.000% Convertible Notes due 2025 and general corporate purposes. The Notes will mature on July 1, 2029, with specific conversion terms allowing holders options to convert into cash, SolarEdge common stock, or a combination thereof.

Truist Securities analyst Jordan Levy, rating SolarEdge as a Hold, has set a price target of $60, reflecting cautious optimism amid a challenging market environment. Meanwhile, J.P. Morgan analyst Mark Strouse has lowered its year-end 2024 price target for SolarEdge from $59 to $49, underscoring ongoing uncertainties in the solar-power sector. Strouse also revised its price target to $83 from $91 in May, highlighting the volatile nature of SolarEdge’s stock amid operational and market challenges.

Analysts Adjust Price Targets Amid Market Challenges

Piper Sandler analyst Kashy Harrison maintained a Neutral rating and lowered the price target from $53 to $25.
Morgan Stanley analyst Andrew Percoco maintained an Equal-Weight rating and downgraded the price target from $83 to $41.
Scotiabank analyst Tristan Richardson reiterated a Sector Perform rating and lowered the price target from $72 to $46.
Canaccord Genuity analyst Austin Moeller kept a Hold rating and decreased the price target from $58 to $38.
JP Morgan analyst Mark Strouse maintained an Overweight rating and lowered the price target from $59 to $49.

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

Analyst Mark Strouse (JPMORGAN) currently has the highest performing score on SEDG with 18/31 (58.06%) price target fulfillment ratio. His price targets carry an average of $24.69 (71.96%) potential upside. SolarEdge Technologies stock price reaches these price targets on average within 74 days.

TD SYNNEX Reports Q2 2024 Earnings: Highlights Growth Trajectory Amidst Market Dynamics

In TD SYNNEX’s Second Quarter Fiscal 2024 Earnings Call, reported EPS of $2.73, which was slightly below analysts’ expectations of $2.82. Total revenue of $13.95 billion for the quarter, slightly missing the consensus estimate of $14.1 billion.

Gross billings increased by 3% year-over-year to $19.3 billion, surpassing expectations and driven by growth across Endpoint Solutions, Advanced Solutions, and Strategic Technologies, which now account for 25% of total business. TD SYNNEX reported gross profit of $974 million with a margin of 7%.

Looking forward, TD SYNNEX provided guidance for the third quarter of fiscal 2024, forecasting EPS in the range of $2.55 to $3.05, below the consensus estimate of $2.93. Revenue guidance for Q3 is expected to range between $13.3 billion and $14.9 billion, slightly missing analysts’ consensus of $14.51 billion.

Analysts Set Diverse Price Targets Following Recent Updates

JP Morgan analyst Joseph Cardoso downgraded to Neutral and lowered the price target from $126 to $123.
Barrington Research analyst Vincent Colicchio maintained an Outperform rating and a $138 price target.
Barclays analyst Tim Long raised the price target to $131.
UBS analyst David Vogt sets a new price target of $150.
RBC Capital analyst Ashish Sabadra reiterated Sector Perform rating with a $135 price target.
Raymond James analyst Adam Tindle increased the price target to $135.

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

Analyst Ashish Sabadra (RBC) currently has the highest performing score on SNX with 6/7 (85.71%) price target fulfillment ratio. His price targets carry an average of $5.5 (4.25%) potential upside. TD SYNNEX stock price reaches these price targets on average within 24 days.