Selected stock price target news of the day - March 25th, 2024

By: Matthew Otto

FedEx’s Quarterly Earnings Report: Surpassing Expectations Amidst Economic Challenges

FedEx reported earnings of $3.86 per share for its fiscal third quarter, exceeding Wall Street’s expectation of $3.43 per share, from sales totaling $21.7 billion, slightly lower than the projected $22 billion. FedEx marked its sixth consecutive quarter of year-over-year sales declines, down from $22.2 billion in the same period last year. However, FedEx’s operating profit margin surged by approximately 1 percentage point to reach about 6%, surpassing analyst estimates of around 5.5%.

The Express business segment was a standout performer with an operating profit margin of 2.5%, higher than the expected 1.2%. Looking ahead, FedEx revised its full-year financial guidance, now expecting adjusted earnings per share between $17.25 and $18.25 for fiscal 2024, compared to the previous projection of $17 to $18.50.

Analyst Price Target Upgrades Amidst Diverse Outlooks

UBS analyst Thomas Wadewitz upheld a Buy rating and elevated the price target from $323 to $340.
Baird analyst Garrett Holland maintained an Outperform stance and adjusted the price target from $315 to $325.
BofA Securities analyst Ken Hoexter reiterated a Buy rating while increasing the price target from $313 to $346.
Morgan Stanley analyst Ravi Shanker kept an Equal-Weight rating yet raised the price target from $195 to $210.
TD Cowen analyst Helane Becker remained bullish with an Outperform rating and raised the price target to $320 from $293.
Evercore ISI Group analyst Jonathan Chappell sustained an Outperform rating yet revised the price target upwards to $351 from $327.
Goldman Sachs analyst Jordan Alliger reaffirmed a Buy rating and adjusted the price target upwards to $324 from $291.
BMO Capital analyst Fadi Chamoun maintained a Market Perform rating and lifted the price target from $290 to $310.

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

Analyst Ken Hoexter (BAML) currently has the highest performing score on FDX with 22/31 (70.97%) price target fulfillment ratio. His price targets carry an average of $66.75 (27.11%) potential upside. FedEx stock price reaches these price targets on average within 359 days.

Accenture’s Resilience: Second Quarter 2024 Earnings Reflect Strategic Growth and Financial Discipline

Accenture reported its second-quarter fiscal 2024 earnings with revenues at $15.8 billion for the quarter. The company secured $21.6 billion in new bookings, reflecting a 2% decline year-over-year but with a book-to-bill ratio of 1.4.

Operating margin remained steady at 13.7%. Moreover, Accenture’s cash flow of $2 billion and its return of $2.1 billion to shareholders through dividends and share repurchases.

Looking ahead, Accenture provided guidance for the third quarter and full fiscal year 2024, projecting revenue growth in the range of 1% to 3% in local currency, with an expected adjusted operating margin expansion to 15.5%. Accenture anticipates returning at least $7.7 billion to shareholders through dividends and share repurchases.

Analysts Ratings and Price Targets: A Varied Outlook Emerges

Citigroup analyst Ashwin Shirvaikar maintained a Buy rating while lowering the price target from $430 to $400.
BMO Capital analyst Keith Bachman reiterated a Market Perform rating yet lowered the price target from $385 to $375.
Morgan Stanley analyst James Faucette kept an Overweight rating although lowered the price target from $417 to $400.
TD Cowen analyst Bryan Bergin maintained a Market Perform rating but lowered the price target from $363 to $350.
RBC Capital analyst Daniel Perlin reiterated an Outperform rating and raised the price target from $374 to $381.
Mizuho analyst Dan Dolev reiterated a Buy rating and lowered the price target from $426 to $398.

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

Analyst Arvind Ramnani (PIPER SANDLER) currently has the highest performing score on ACN with 24/27 (88.89%) price target fulfillment ratio. His price targets carry an average of $21.33 (5.72%) potential upside. Accenture stock price reaches these price targets on average within 164 days.

Academy Sports Outdoors: Q4 and Fiscal Year 2023 Results, Forecasts Growth Despite Economic Headwinds

Academy Sports and Outdoors disclosed its Fourth Quarter and Fiscal Year 2023 Results, revealing a 2.8% increase in sales, totaling $1.8 billion for the quarter. Faced a 3.6% decline in comparable store sales, attributed to weakened consumer spending on durable goods. Notably, adjusted earnings per share rose by 8% to $2.21 for the fourth quarter.

For the full fiscal year 2023, Academy Sports and Outdoors reported net sales of $6.2 billion, representing a 6.5% decline in comparable store sales. However, the company maintained a gross margin rate of 34.3%, indicating a slight decrease of 30 basis points compared to the previous year.

Looking ahead to fiscal 2024, the company anticipates net sales ranging from $6.07 billion to $6.35 billion, with a projected comparable store sales decline of 4% to a slight increase of 1%.

Analysts Varied Ratings and Price Target Adjustments

Anna Glaessgen from B. Riley Securities maintained a Buy rating and raised the price target to $72 from $65.
Baird analyst Justin Kleber maintained an Outperform rating and increased the price target to $80 from $70.
Wells Fargo analyst Kate Fitzsimons reiterated an Overweight rating but lowered the price target from $88 to $83.
Morgan Stanley analyst Simeon Gutman maintained an Equal-Weight rating yet decreased the price target from $70 to $65.
Evercore ISI Group analyst Greg Melich kept an Outperform rating and raised the price target to $78 from $75.
Wedbush analyst Seth Basham reiterated an Outperform rating with a $80 price target.

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

Analyst Christopher Horvers (JPMORGAN) currently has the highest performing score on ASO with 9/9 (100%) price target fulfillment ratio. His price targets carry an average of $6.23 (12.77%) potential upside. Academy Sports Outdoors stock price reaches these price targets on average within 176 days.