Selected stock price target news of the day - March 20th, 2024

By: Matthew Otto

TME Group Reports Subscriber Growth and Revenue Surge in Fourth Quarter 2023 Earnings

Tencent Music Entertainment Group unveiled its Fourth Quarter and Full Year 2023 earnings, with a subscriber base surpassing 100 million. TME experienced growth, adding 18.2 million subscribers throughout the year, an increase from the previous year’s 12.3 million additions.

In the fourth quarter alone, online music revenue surged to $781 million, marking 41% year-over-year increase. Furthermore, music subscription revenues for the same period soared to $481 million, demonstrating a 45% year-over-year growth, with a monthly average revenue per paying user hitting $1.68, reflecting a 20% increase year-over-year.

TME showcased a total revenues for the fourth quarter reaching $1.09 billion, down by 7% year-over-year. The company’s gross margin stood at 38.3%, marking a 5.3 percentage point increase compared to the previous year. Operating expenses amounted to $202 million, representing 18.4% of total revenues, with selling and marketing expenses reaching $39 million, down by 4% year-over-year.

Analysts Raise Price Targets Amid Positive Outlook

Goldman Sachs analyst Ronald Keung upgraded from Neutral to Buy and announced a $14 price target.
Benchmark analyst Fawne Jiang maintained a Buy rating and raised the price target from $9 to $14.
HSBC analyst Charlene Liu maintained a Hold rating and raised the price target from $9.5 to $10.4.
Mizuho analyst Wei Fang reiterated a Buy and raised the price target from $12 to $13.
BofA Securities analyst Lei Zhang kept with a Buy rating and increased the price target from $10.5 to $12.3.
Citigroup analyst Alicia Yap upgraded from Neutral to Buy and the price target from $9 to $13.

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

Analyst Ellie Jiang (MACQUARIE) currently has the highest performing score on TME with 3/5 (60%) price target fulfillment ratio. His price targets carry an average of $1.96 (21.68%) potential upside. Tencent Music Entertainment Group stock price reaches these price targets on average within 87 days.

Next-Generation AI Chip: Nvidia’s Blackwell Set to Redefine Industry Standards

Nvidia’s CEO, Jensen Huang, unveiled Nvidia’s latest generation of AI chips, the Blackwell series, during the company’s developer conference. With an estimated research and development budget of around $10 billion and projections of one chip costing between $30,000 to $40,000, Nvidia is positioning itself in the high-performance computing market.

Analyst Stacy Rasgon at Bernstein maintains an outperform rating with a price target of $1,000, highlighting Nvidia’s unique market position and significant advancements in chip technology.

Moreover, Aaron Rakers, Wells Fargo analysts, raised their price target to $970 while reiterating an overweight rating, citing Nvidia’s technological innovations and potential for monetization. They note the company’s strategic move with the introduction of Nvidia Inference Microservice, streamlining the utilization of older GPUs, further solidifying its foothold in the AI ecosystem.

Goldman Sachs, Toshiya Hari, maintaining a buy rating, raised their price target to $1,000, emphasizing Nvidia’s instrumental role in democratizing AI across industries and predicting the Blackwell chips to be the fastest ramping product in Nvidia’s history.

Analyst Consensus: Strong Outlook Sparks Price Target Upgrades

Goldman Sachs analyst Toshiya Hari maintained a Buy rating and raised the price target from $875 to $1000.
Benchmark analyst Cody Acree reiterated a Buy rating and a $1000 price target.
Citigroup analyst Atif Malik kept a Buy rating and upgraded the price target from $820 to $1030.
Piper Sandler analyst Harsh Kumar maintained an Overweight rating and raised the price target from $850 to $1050.
Oppenheimer analyst Rick Schafer reiterated an Outperform rating and increased the price target from $850 to $1100.

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

Analyst C J Muse (CANTOR FITZGERALD) currently has the highest performing score on NVDA with 11/12 (91.67%) price target fulfillment ratio. His price targets carry an average of 11/12 (91.67%) potential upside. NVIDIA stock price reaches these price targets on average within 113 days.

Cisco’s Acquisition of Splunk: A Game-Changer in Tech Industry Expansion

Cisco Systems has successfully concluded its acquisition of Splunk, in an all-cash transaction valued at $28 billion. With Splunk now under its wing, Cisco anticipates financial gains, including an estimated annual recurring revenue boost of approximately $4 billion. It is expected to contribute to a 16% increase in revenue for the April quarter compared to the previous year, with revenue projected to range between $14.1 billion and $14.3 billion. With a blended interest rate of around 5% annually on the debt used to finance the acquisition, Cisco anticipates an annual interest expense of approximately $1.4 billion.

Analyst Price Target Revision and Rating Outlook

Piper Sandler analyst James Fish reiterated with a Neutral rating and raised the price target from $47 to $51.

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

Analyst James Fish (PIPER SANDLER) currently has the highest performing score on CSCO with 24/24 (100%) price target fulfillment ratio. His price targets carry an average of $2.33 (4.89%) potential upside. Cisco Systems stock price reaches these price targets on average within 319 days.