Selected stock price target news of the day - March 11th, 2024

By: Matthew Otto

 

Costco’s Fiscal Q2 2024: Earnings Beat Expectations Despite Revenue Miss

In Costco’s fiscal second quarter of 2024, the company reported a net income of $1.74 billion, representing an increase from the previous year’s $1.47 billion. Earnings per share surpassed Wall Street expectations at $3.92, compared to the anticipated $3.62. While the revenue for the quarter was $58.44 billion, falling slightly short of the expected $59.16 billion, the 5.6% year-over-year growth in comparable sales highlighted the continued strength of Costco’s retail operations.

Customer engagement remained high during the quarter, with a 5.3% increase in global traffic and a 4.3% rise in the U.S. The average spending per shopping trip also saw growth, contributing to the overall sales performance. In the digital realm, e-commerce sales surged by 18.4%. The company’s digital efforts, including a revamped mobile app that now loads in under two seconds, contributed to a total of 33 million app downloads, with an increase of 2.8 million in the quarter alone.

 

Analysts Bullish as Price Targets Surge Across the Board

  • Barclays analyst Seth Sigman maintained an Equal-Weight rating and raised the price target from $614 to $700.
  • DA Davidson analyst Michael Baker reiterated a Neutral rating and increased the price target from $600 to $680.
  • Goldman Sachs analyst Kate McShane reiterated a Buy rating and increased the price target from $749 to $830.
  • Stifel analyst Mark Astrachan kept a Buy rating and upgraded the price target from $735 to $800.
  • Evercore ISI Group analyst Greg Melich maintained an Outperform rating and raised the price target from $770 to $815.
  • Truist Securities analyst Scot Ciccarelli maintained a Buy rating and raised the price target from $741 to $815.
  • Oppenheimer analyst Rupesh Parikh reiterated an Outperform rating and a $805 price target.

 

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

Analyst Charles Grom (GORDON HASKETT) currently has the highest performing score on COST with 5/5 (100%) price target fulfillment ratio. His price targets carry an average of $16.77 (2.61%) potential upside. Costco Wholesale Corp stock price reaches these price targets on average within 492 days. 

 

 

 

Samsara’s Fiscal Triumph: Revenue Surges, Setting New Industry Benchmarks

Samsara unveiled financial figures for its fiscal fourth quarter with a staggering $276.3 million in revenue.  Particularly noteworthy is the 49% increase in revenue from larger clients generating over $100,000 annually, underscoring Samsara’s ability to attract and retain high-value customers. 

Looking ahead, the company projects continued upward trajectory, with revenue for the upcoming fiscal quarter forecasted to range between $271 million and $273 million, accompanied by adjusted earnings of break-even to one cent per share.

For fiscal 2025, Samsara anticipates revenue growth between 27% to 28%, aiming for a revenue range of $1.186 billion to $1.196 billion, with adjusted earnings projected to reach 11 to 13 cents per share.

 

Analysts Bullish: Price Targets Surge as Positive Outlook Continues

  • Goldman Sachs analyst Kash Rangan maintained a Buy rating and raised the price target from $39 to $44.
  • TD Cowen analyst J. Derrick Wood maintained an Outperform rating and increased the price target from $36 to $45.
  • RBC Capital analyst Matthew Hedberg reiterated an Outperform rating and raised the price target from $40 to $47.
  • BMO Capital analyst Daniel Jester reiterated a Market Perform rating and increased the price target from $35 to $40.
  • Evercore ISI Group analyst Kirk Materne kept an In-Line rating and upgraded the price target from $33 to $41.
  • Truist Securities analyst Joel Fishbein reiterated a Hold rating and raised the price target from $30 to $38.
  • Wells Fargo analyst Michael Turrin maintained an Overweight rating and increased the price target from $34 to $42.

 

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

Analyst Matthew Hedberg (RBC) currently has the highest performing score on IOT with 11/11 (100%) price target fulfillment ratio. His price targets carry an average of $0.41 (1.19%) potential upside. Samsara stock price reaches these price targets on average within 134 days.

 

 

 

Burlington Stores Fourth Quarter 2023 with Sales Growth and Comp Sales Exceeding Projections

Burlington Stores reported 9% increase in total sales for the fourth quarter of fiscal year 2023, surpassing initial guidance of 5% to 7%. Comp store sales exhibited a 2% growth on a 13-week basis, outperforming projections of a range between minus 2% to flat. The 53rd week contributed an additional $138 million in total sales, bringing the fourth-quarter total sales increase to approximately 14% on a 14-week basis.

Gross margin rate for the same period stood at 42.6%, reflecting a 190 basis points surge compared to the previous year. This increase was primarily propelled by a 140 basis point rise in merchandise margins, largely attributed to lower markdowns, accompanied by a 50 basis point reduction in freight expenses.

In terms of fiscal year 2023, Burlington Stores achieved a 10% growth in total sales and a 4% comp store sales increase. Operating margin expanded by 130 basis points, exceeding the initial guidance of 80 to 120 basis points. Merchandise margins witnessed a surge of 110 basis points, while freight contributed an additional 90 basis points.

In fiscal 2023, Burlington Stores opened 104 new stores, including relocations, adding 80 net new stores to its portfolio. Share repurchases for the year amounted to $232 million, contributing to the $500 million remaining on the authorized share repurchase program set to expire in 2025. 

Looking ahead to fiscal year 2024, Burlington Stores aims for a 9% to 11% total sales growth, with expectations of opening approximately 140 gross new stores and achieving a 0% to 2% comp store sales increase. The company’s guidance for adjusted EBIT margin anticipates a growth range of 10 to 50 basis points.

 

Analysts Bullish: Price Targets Raised Following Performance

  • Goldman Sachs analyst Brooke Roach maintained a Buy rating and raised the price target from $202 to $256.
  • BofA Securities analyst Lorraine Hutchinson maintained a Buy rating and raised the price target from $245 to $250.
  • Morgan Stanley analyst Alex Straton reiterated an Overweight rating and increased the price target from $222 to $233.
  • Evercore ISI Group analyst Michael Binetti reiterated an Outperform rating and increased the price target from $235 to $250.
  • Piper Sandler analyst Edward Yruma kept an Overweight rating and raised the price target from $240 to $270.

 

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

Analyst Paul Lejuez (CITI) currently has the highest performing score on BURL with 13/15 (86.67%) price target fulfillment ratio. His price targets carry an average of $84.38 (64.60%) potential upside. Burlington Store stock price reaches these price targets on average within 115 days.

 

 

 

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