Selected stock price target news of the day - March 21st, 2024

By: Matthew Otto

Micron’s Fiscal Q2 2024 Report: Growth Amid Semiconductor Challenges

Micron Technology delivered financial results for its second quarter of fiscal 2024, surpassing expectations with revenue reaching $5.8 billion, marking a 23% increase and a 58% year-over-year growth. Micron reported that DRAM revenue accounted for approximately $4.2 billion, representing 71% of total revenue, with an increase of 21%. NAND revenue, on the other hand, stood at around $1.6 billion, contributing 27% to Micron’s total revenue, and experiencing a 27% sequential growth.

Micron’s consolidated gross margin for the quarter was reported at 20%, marking a 19 percentage point increase sequentially, driven by higher pricing and aided by $382 million associated with selling the remainder of previously written-down inventories.

Looking ahead, forecasting fiscal Q3 revenue to reach $6.6 billion, plus or minus $200 million, with a gross margin in the range of 26.5%, plus or minus 150 basis points. Additionally, projecting a fiscal 2024 CapEx plan between $7.5 billion and $8 billion.

Analyst Sentiment: Positive Ratings and Price Target Upgrades

JP Morgan analyst Harlan Sur maintained an Overweight rating while raising the price target from $105 to $130.
Argus Research analyst Jim Kelleher upgraded from Hold to Buy.
Needham analyst Quinn Bolton reiterated a Buy rating and increased the price target from $100 to $120.
Keybanc analyst John Vinh maintained an Overweight rating and raised the price target from $115 to $135.

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

Analyst Brian Chin (STIFEL) currently has the highest performing score on MU with 5/8 (62.5%) price target fulfillment ratio. His price targets carry an average of $21.02 (21.24%) potential upside. Micron Technology stock price reaches these price targets on average within 24 days.

DLocal Reports Fourth Quarter 2023 Results Showcase Financial Performance

DLocal reported fourth-quarter 2023 results, with Total Payment Volume soaring to $18 billion. This represents a 55% year-over-year surge. Revenue surged by 59% year-over-year, reaching $650 million. Gross profit witnessed growth, rising by 37% year-over-year to $277 million. DLocal expanded its global workforce from 726 to 901 people across 49 countries, demonstrating a 24% increase.

DLocal enabled access to global products and services for 154 million people in emerging markets, marking a 62% increase compared to the previous year. Additionally, the company served over 600 merchants across 40 markets, including key regions such as Brazil and Mexico, where revenue witnessed growth of 89% and 72% respectively.

Looking ahead to 2024, DLocal provided guidance for TPV growth of 40% to 50%, aiming to surpass $26 billion at the midpoint. Gross profit is projected to range between $320 million and $360 million.

Analysts Adjust Ratings and Price Targets Amidst Market Conditions

Barclays analyst John Coffey maintained an Equal-Weight rating while lowering the price target from $18 to $17.
Susquehanna analyst James Friedman reiterated a Positive rating but lowered the price target from $24 to $21.
Meanwhile, Goldman Sachs analyst Tito Labarta maintained a Buy rating yet lowered the price target from $21 to $18.

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

Analyst Soomit Datta (NEW STREET) currently has the highest performing score on DLO with 1/4 (25%) price target fulfillment ratio. His price targets carry an average of $6.77 (37.14%) potential upside. DLocal stock price reaches these price targets on average within 5 days.

Five Below Fourth Quarter 2023 Results and Growth Strategy for Fiscal 2024

Five Below unveiled financial results for the fourth quarter of 2023 reporting a total sales of $1.34 billion for the quarter. Reflected a surge of over 19% compared to the same period last year. Comparable sales increased by 3.1%. Earnings per share for the quarter came in at $3.65, landing at the lower end of internal expectations due to higher-than-anticipated shrinkage, which amounted to approximately 100 basis points above the prior year.

Looking ahead to fiscal year 2024, Five Below is aiming to open between 225 and 235 new stores. This expansion strategy builds upon the opening of 205 new stores in 2023, bringing its total store count to 1,544 across 43 states. Five Below plans to convert approximately 200 stores to its Five Beyond format, which showcases a dedicated section for premium products.

Analysts Adjust Ratings and Price Targets Amid Market Conditions

Mizuho analyst David Bellinger maintained a Buy rating while lowering the price target from $225 to $215.
Wells Fargo analyst George Kelly maintained an Equal-Weight rating and downgraded the price target from $200 to $180.
JP Morgan analyst Matthew Korn continued an Overweight rating yet lowered the price target from $222 to $215.
Telsey Advisory Group analyst Joseph Feldman reiterated an Outperform rating and decreased the price target from $230 to $220.

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

Analyst Edward Kelly (WELLS FARGO) currently has the highest performing score on FIVE with 19/20 (95%) price target fulfillment ratio. His price targets carry an average of $8.99 (4.71%) potential upside. Five Below stock price reaches these price targets on average within 92 days.