Selected stock price target news of the day - May 2nd, 2024

By: Matthew Otto

 

Skyworks Solutions Surpasses Q2 Earnings Expectations but Issues Cautious Q3 Guidance

Skyworks Solutions reported second fiscal quarter 2024 earnings per share of $1.55, surpassing analyst estimates by $0.03. Revenue for the quarter stood at $1.05 billion, meeting consensus estimates. Skyworks demonstrated resilience with a 19% decline in mobile revenue, offset by a 1% growth in broad markets.

Gross profit totaled $471 million, with a gross margin of 45%. Operating expenses were kept below the low end of the guidance range at $192 million, contributing to an operating margin of 26.7%. Skyworks reduced internal inventory by $91 million during the quarter, while generating $300 million in operating cash flow.

Looking ahead, Skyworks Solutions provided guidance for the third quarter of fiscal 2024, forecasting an EPS of $1.21, falling short of analyst expectations of $1.47. Revenue is expected to be around $900 million plus or minus 2%, below the consensus estimate of $1024 million. Gross margin is projected to improve by 100 basis points sequentially, driven by cost reduction actions and favorable mix shift. 

 

Analysts Balanced Perspectives on Rating Changes and Price Targets

  • Benchmark analyst Cody Acree downgraded from Buy to Hold.
  • Wells Fargo analyst Gary Mobley maintained an Equal-Weight rating and lowered the price target from $110 to $100.
  • UBS analyst Timothy Arcuri maintained a Neutral rating yet decreased the price target from $110 to $100.
  • Needham analyst Quinn Bolton reiterated with a Hold rating.
  • JP Morgan analyst Peter Peng reiterated a Neutral rating and downgraded the price target from $120 to $105.
  • Mizuho analyst Vijay Rakesh kept a Buy rating yet lowered the price target from $125 to $115.
  • Piper Sandler analyst Harsh Kumar maintained a Neutral rating and lowered the price target from $105 to $95.
  • Stifel analyst Ruben Roy maintained a Buy rating and decreased the price target from $122 to $112.
  • TD Cowen analyst Matthew Ramsay downgraded from Buy to Hold and the price target from $125 to $90.

 

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

Analyst Timothy Arcuri (UBS) currently has the highest performing score on SWKS with 12/19 (63.16%) price target fulfillment ratio. His price targets carry an average of $9.7 (10.74%) potential upside. Skyworks Solutions stock price reaches these price targets on average within 124 days. 

 

 

 

PayPal Surpasses Expectations with Q1 2024 Earnings and Guidance

PayPal has reported the first quarter of 2024, exceeding analyst expectations with earnings per share stood at $1.40, surpassing the analyst estimate of $1.22 by $0.18 cents. Revenue for the quarter reached $7.7 billion, outpacing the consensus estimate of $7.51 billion. Transaction margin dollars experienced a 4% growth, while total payment volume saw a 14% increase, reaching $403.9 billion. 

Total active accounts grew by nearly 2 million from the previous quarter, reaching 427 million, with monthly active accounts up 2% year-over-year to 220 million. Additionally, PayPal generated $1.8 billion in free cash flow during the quarter, and completed $1.5 billion in share repurchases, bringing the total over the past 12 months to approximately $5.1 billion.

Looking ahead, for the second quarter, PayPal expects net revenues to increase approximately 6.5% to 7% on a currency-neutral basis. GAAP earnings per diluted share projected at $0.83. Non-GAAP earnings per diluted share are anticipated to increase by a low double-digit percentage compared to $0.87 in the prior year period. For the full year 2024, GAAP earnings per diluted share are expected to be approximately $3.65, with non-GAAP earnings per diluted share projected to increase by a mid to high single-digit percentage compared to $3.83 in the prior year.

 

Analysts Raise Price Targets Following Q1 Performance

  • Wells Fargo analyst Andrew Bauch maintained an Equal-Weight rating and raised the price target from $60 to $65.
  • TD Cowen analyst Bryan Bergin maintained a Hold rating yet increased the price target from $58 to $68.
  • RBC Capital analyst Daniel Perlin reiterated an Outperform rating while raising the price target from $74 to $84.
  • BMO Capital analyst Rufus Hone kept a Market Perform rating and upgraded the price target from $64 to $65.
  • UBS analyst Timothy Chiodo reiterated a Neutral rating and increased the price target from $63 to $71.
  • Evercore ISI Group analyst David Togut reiterated an In-Line rating yet increased the price target from $60 to $65.
  • Mizuho analyst Dan Dolev maintained a Neutral rating yet increased the price target from $60 to $68.
  • Stephens & Co. analyst Charles Nabhan kept an Equal-Weight rating and raised the price target from $70 to $75.
  • Baird analyst Colin Sebastian maintained an Outperform rating and lifted the price target from $70 to $77.

 

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

Analyst Andrew Bauch (WELLS FARGO) currently has the highest performing score on PYPL with 8/10 (80%) price target fulfillment ratio. His price targets carry an average of $-1.14 (-1.72%) potential downside. PayPal stock price reaches these price targets on average within 11 days.

 

 

 

Qualcomm Reports Q2 Performance: Revenue Matches Expectations, Profits Beat Estimates

Qualcomm unveiled its fiscal second-quarter performance reporting a revenue of $9.4 billion, in line with Wall Street expectations, showcasing a 1% increase from the previous year. Qualcomm’s adjusted profits soared to $2.44 per share, surpassing analysts’ forecasts of $2.33 per share. QCT showcased a revenue figure of $8 billion, consolidating its position within the company’s projected range. Simultaneously, QTL contributed with a revenue stream of $1.3 billion.

Looking ahead, Qualcomm projected an outlook for the June quarter, with revenue anticipated to range between $8.8 billion and $9.6 billion, complemented by adjusted profits projected to fall within the range of $2.15 to $2.35 per share. The forecast surpassed analysts’ consensus estimates, which pegged revenue at $9.1 billion, with QCT and QTL expected to contribute $7.8 billion and $1.3 billion, respectively. 

 

Analysts Issue Varied Ratings and Price Target Adjustments

  • UBS analyst Timothy Arcuri maintained a Neutral rating while raising the price target from $165 to $175.
  • Baird analyst Tristan Gerra maintained an Outperform rating yet raised the price target from $160 to $200.
  • Morgan Stanley analyst Joseph Moore reiterated an Equal-Weight rating and increased the price target from $158 to $172.
  • BofA Securities analyst Tal Liani reiterated a Buy rating and upgraded the price target from $173 to $180.
  • Wolfe Research analyst Chris Caso kept an Outperform rating and lifted the price target from $180 to $200.
  • Mizuho analyst Vijay Rakesh maintained a Buy rating yet upgraded the price target from $160 to $180.
  • HSBC analyst Frank Lee reiterated a Buy rating while increasing the price target from $170 to $190.

 

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

Analyst Gary Mobley (WELLS FARGO) currently has the highest performing score on QCOM with 13/17 (76.47%) price target fulfillment ratio. His price targets carry an average of $-32.72 (-21.42%) potential downside. Qualcomm stock price reaches these price targets on average within 129 days.

 

 

 

Daily stock Analysts Top Price Moves Snapshot