Selected stock price target news of the day - March 1st, 2024

By: Matthew Otto

Salesforce’s Quarterly Report: Surpassing Expectations with Revenue and EPS

Salesforce reported financials in its quarterly earnings, showcasing a revenue of $9.29 billion for the quarter ending January 31, exceeding analyst expectations by $70 million. This signifies a 10.8% year-over-year growth in revenue.

Salesforce’s adjusted earnings per share were $2.29, marginally beating the anticipated $2.26 per share. A noteworthy highlight is the improvement in net income, catapulting from a loss of $98 million in the same quarter last year to a profit of $1.45 billion, translating to an earnings per share of $1.47.

Salesforce forward-looking guidance anticipates adjusted fiscal first-quarter earnings in the range of $2.37 to $2.39 per share, with a revenue projection of $9.12 billion to $9.17 billion. For the full fiscal year 2025, Salesforce aims for adjusted earnings between $9.68 and $9.76 per share, with revenue expectations ranging from $37.7 billion to $38.0 billion, implying an 8.6% growth at the midpoint.

Analysts Bullish as Price Targets Get a Boost Across the Board

Canaccord Genuity analyst David Hynes maintained a Buy rating and raised the price target from $290 to $350.
Mizuho analyst Gregg Moskowitz reiterated a Buy rating and increased the price target from $325 to $345.
BofA Securities analyst Brad Sills maintained a Buy rating and upgraded the price target from $350 to $360.
JP Morgan analyst Mark Murphy kept an Overweight rating and raised the price target from $260 to $310.
RBC Capital analyst Rishi Jaluria kept an Outperform rating and raised the price target from $285 to $325.
Evercore ISI Group analyst Kirk Materne reiterated an Outperform rating and increased the price target from $290 to $330.
JMP Securities analyst Patrick Walravens maintained a Market Outperform rating and upgraded the price target from $293 to $342.

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

Analyst Tyler Radke (CITI) currently has the highest performing score on CRM with 12/13 (92.31%) price target fulfillment ratio. His price targets carry an average of $24.55 (8.17%) potential upside. Saleforce.com stock price reaches these price targets on average within 168 days.

Bath & Body Works 2023 Results: Sales Growth Amid Fiscal Challenges

Bath & Body Works reported net sales of $2.912 billion for the fourth quarter ended Feb. 3, 2024, marking 0.8% increase compared to the same period in the previous year, which stood at $2.889 billion. The inclusion of an extra week in 2023 contributed approximately $80 million in net sales. Earnings from continuing operations per diluted share saw a rise to $2.55 for the fourth quarter of 2023, compared to $1.86 for the corresponding period in the prior year. Adjusted earnings from continuing operations per diluted share, excluding significant items, stood at $2.06, with adjusted net income from continuing operations totaling $469 million.

For the fiscal year ended Feb. 3, 2024, Bath & Body Works reported a decline in net sales by 1.7%, amounting to $7.429 billion compared to $7.560 billion in the previous fiscal year. Despite the decrease in net sales, earnings from continuing operations per diluted share for the full year surged to $3.84, up from $3.40 in 2022. Adjusted earnings from continuing operations per diluted share for the fiscal year 2023 were $3.27, with adjusted net income from continuing operations totaling $747 million.

Looking forward to fiscal 2024, Bath & Body Works forecasts a range of net sales outcomes, with a decline of 3.0% to flat compared to fiscal 2023, while full-year earnings per diluted share are expected to range between $3.00 and $3.35, including the anticipated impact of approximately $300 million of cash deployed towards share repurchases.

Analyst Price Target Adjustments Following Q4 2023 Results

BMO Capital analyst Simeon Siegel maintained an Outperform rating and raised the price target from $48 to $50.
TD Cowen analyst Gary Taylor reiterated an Outperform rating and increased the price target from $35 to $55.
Evercore ISI Group analyst Omar Saad maintained an In-Line rating and raised the price target from $30 to $45.
Telsey Advisory Group analyst Dana Telsey kept an Outperform rating and upgraded the price target from $50 to $53.

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

Analyst Matthew Boss (JPMORGAN) currently has the highest performing score on BBWI with 4/8 (50%) price target fulfillment ratio. His price targets carry an average of $-1.83 (-4.97%) potential downside. Bath & Body Works stock price reaches these price targets on average within 30 days.

Best Buy Beats Expectations: Q4 2024 Revenue and EPS, Amid Tough Market

Best Buy showcased its fiscal fourth quarter of 2024, exceeding Wall Street’s revenue and earnings projections. With revenue reaching $14.65 billion, surpassing analysts’ expectations of $14.56 billion, and adjusted earnings per share hitting $2.72 compared to the anticipated $2.52.

Best Buy reported a 7% decline in net income to $460 million from the previous year’s $495 million. Also a 4.8% decrease in comparable sales.

Looking forward, Best Buy forecasts a fiscal year 2024 with revenue expected to range between $41.3 billion to $42.6 billion. A drop from the prior fiscal year’s total revenue of $43.45 billion.

Best Buy, with changing consumer behaviors and market dynamics, plans to close 10 to 15 stores in the upcoming year following the shuttering of 24 stores in the previous fiscal year.

Analysts Varied Ratings and Price Target Adjustments

Barclays analyst Seth Sigman maintained an Equal-Weight rating and raised the price target from $69 to $81.
Goldman Sachs analyst Kate McShane maintained a Buy rating and raised the price target from $81 to $90.
Wedbush analyst Seth Basham reiterated a Neutral rating and increased the price target from $75 to $85.
Truist Securities analyst Scot Ciccarelli reiterated a Hold rating and increased the price target from $68 to $87.
Barclays analyst Seth Sigman kept an Equal-Weight rating and upgraded the price target from $69 to $88.
Telsey Advisory Group analyst Joseph Feldman kept a Market Perform rating and upgraded the price target from $75 to $85.

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

Analyst Zachary Fadem (WELLS FARGO) currently has the highest performing score on BBY with 13/17 (76.47%) price target fulfillment ratio. His price targets carry an average of $-5.3 (-7.04%) potential downside. Best Buy stock price reaches these price targets on average within 119 days.