Selected stock price target news of the day - March 27th, 2024

By: Matthew Otto

Adobe Faces AI Disruption: Navigating Market Shifts Amidst Emerging Technologies

Adobe outlined its vision for leveraging AI to expand its addressable market, projecting an increase from an estimated $205 billion in 2024 to $293 billion in 2027. Specifically, Adobe expects the addressable market for its Experience Cloud business to grow from $110 million in 2024 to $155 billion in 2027, while the DocumentCloud market is forecasted to increase from $32 billion to $47 billion over the same period.

Adobe’s revenue forecast for the fiscal year ending in November 2024 stands at $21.4 billion, with non-GAAP profits expected to range between $17.60 and $18 per share. However, guidance for the May quarter falls slightly short of consensus estimates, with projected revenue between $5.25 billion and $5.3 billion, and net new digital media revenue of $440 million compared to the previous consensus of $469.8 million.

Analysts Maintains Strong Outlook with Price Targets

BMO Capital’s Keith Bachman maintained an Outperform rating and a $610 price target.
Oppenheimer’s Brian Schwartz reiterated an Outperform rating and a $660 price target.
Piper Sandler’s Brent Bracelin kept an Overweight and a $700 price target.

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

Analyst Mark Murphy (JPMORGAN) currently has the highest performing score on ADBE with 3/3 (100%) price target fulfillment ratio. His price targets carry an average of $-33.66 (-5.31%) potential downside. Adobe Systems stock price reaches these price targets on average within 6 days.

nCino Reports Performance for Q4 and Fiscal Year 2024, Demonstrating Growth Trajectory

nCino disclosed its financial performance for Q4 and fiscal year 2024, with total revenues for Q4 stood at $123.7 million. This marked a 13% year-over-year increase from $109.2 million in Q4 2023. Subscription revenues for the same period surged to $107.5 million. This reflected a 16% rise compared to $92.8 million in Q4 of the previous fiscal year.

Fiscal year 2024 witnessed a total revenue soaring to $476.5 million, a 17% increase from $408.3 million in fiscal year 2023. Subscription revenues for the fiscal year reached $409.5 million. This marks a 19% growth compared to $344.8 million in fiscal year 2023.

nCino provided insights into its operational performance, reporting GAAP net income attributable to nCino of $1.2 million for Q4 2024. An improvement from the $(21.2) million net loss in Q4 2023. Non-GAAP net income attributable to nCino for the same period saw a surge to $23.8 million, compared to $4.4 million in Q4 of the previous fiscal year. GAAP net loss attributable to nCino shrinking to $(42.3) million, an improvement from $(102.7) million in fiscal year 2023. Non-GAAP net income attributable to nCino for fiscal year 2024 stood at $58.0 million, compared to $(8.0) million net loss in fiscal year 2023.

Analysts Update Price Targets in Response to Market Conditions

Baird analyst Joe Vruwink maintained a Neutral rating and raised the price target from $34 to $36.
Needham analyst Mayank Tandon reiterated a Buy rating and increased the price target from $40 to $42.
Piper Sandler analyst Brent Bracelin kept an Overweight rating and the price target at $42.

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

Analyst Charles Nabhan (STEPHENS) currently has the highest performing score on NCNO with a 7/7 (100%) price target fulfillment ratio. His price targets carry an average of $2.76 (8.83%) potential upside. nCino stock price reaches these price targets on average within 69 days.

TD SYNNEX Reports Fiscal Q1 2024 Earnings: Margins Rise Despite Gross Billings Decline

TD SYNNEX disclosed its First Quarter Fiscal 2024 Earnings Call, reporting $19.3 billion in total gross billings, representing a 5% year-over-year decline. Non-GAAP gross profit reaching $1 billion and a margin of 7.2%, indicating a 52 basis point increase compared to the previous year. Additionally, net revenue amounted to $14 billion, marking a 7.6% year-over-year decrease. This is primarily impacted by a 3% reduction due to gross to net revenue adjustments.

Looking forward, TD SYNNEX anticipates a modest 1.5% year-over-year growth in non-GAAP gross billings for the second quarter. Aiming for total revenue between $13.3 billion to $14.9 billion and a non-GAAP diluted EPS range of $2.50 to $3.00 per share.

TD SYNNEX returned approximately 68% of its free cash flow to shareholders in the first quarter, amounting to $199 million through share repurchases and $36 million in dividend payments.

Analysts Adjust Price Targets Amidst Market Dynamics

Barclays analyst Tim Long maintained an Equal-Weight rating and raised the price target from $111 to $118.
CFRA analyst Shreya Gheewala reiterated a Hold rating and increased the price target from $110 to $113.

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

Analyst Ashish Sabadra (RBC) currently has the highest performing score on SNX with 4/5 (80%) price target fulfillment ratio. His price targets carry an average of $4.93 (4.69%) potential upside. TD SYNNEX stock price reaches these price targets on average within 16 days.