Selected stock price target news of the day - November 11th, 2024

By: Matthew Otto

The Trade Desk Surpasses Q3 Earnings and Revenue Estimates, Projects Strong Q4 Performance

The Trade Desk reported financial results for the third quarter of 2024 achieving an EPS of $0.41, which surpassed the analyst estimate of $0.39. Reported revenue of $628 million, above the consensus estimate of $620.01 million.

Net income for the quarter surged to $94 million, nearly doubling the $39 million recorded in Q3 2023, and the GAAP net income margin improved to 15% from 8% last year. Additionally, adjusted EBITDA reached $257 million and a margin of 41%.

Customer retention remained above 95% for the tenth consecutive year. Trade Desk also repurchased $54 million of Class A common stock, leaving $521 million authorized for future repurchases.

Looking ahead, The Trade Desk projects Q4 2024 revenue of $756 million, above the consensus estimate of $752.2 million, and anticipates an adjusted EBITDA of approximately $363 million.

Analysts Respond with Upgraded Price Targets and Positive Ratings

Macquarie analyst Tim Nollen maintained an Outperform rating, yet raised the price target from $130 to $133.
UBS analyst Chris Kuntarich maintained a Buy rating and increased the price target from $140 to $150.
Oppenheimer analyst Jason Helfstein maintained an Outperform rating and raised the price target from $120 to $135.
Wedbush analyst Scott Devitt maintained an Outperform rating while lifted the price target from $115 to $135.
Susquehanna analyst Shyam Patil maintained a Positive rating and raised the price target from $135 to $150.
Truist Securities analyst Youssef Squali maintained a Buy rating but raised the price target from $120 to $135.
Benchmark analyst Mark Zgutowicz reiterated a Sell rating and the price target at $57.
Piper Sandler analyst Matt Farrell reiterated an Overweight rating and increased the price target from $110 to $140.
Baird analyst Vikram Kesavabhotla maintained an Outperform rating and raised the price target from $130 to $140.

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

Analyst Laura Martin (NEEDHAM) currently has the highest performing score on TTD with 12/13 (92.31%) price target fulfillment ratio. His price targets carry an average of $16.28 (14.97%) potential upside. The Trade Desk stock price reaches these price targets on average within 175 days.

Airbnb Misses Q3 EPS Estimate by $0.01, Provides Inline Q4 Revenue Guidance Amid Expansion Efforts

Airbnb reported third-quarter earnings per share (EPS) of $2.13, missing analyst estimates by $0.01, with a consensus expectation of $2.14. Revenue for the quarter came in at $3.7 billion, slightly under the projected $3.72 billion, but still reflecting a 10% increase from the same period last year.

Airbnb attributed the revenue shortfall and earnings miss to elevated marketing expenses, which rose 27.5% to $514 million. Gross booking value reached $20.1 billion, slightly exceeding analyst expectations of $19.9 billion, as Airbnb recorded a total of 123 million nights and experiences booked, marking an 8% year-over-year growth.

For the fourth quarter of 2024, Airbnb has provided guidance for revenue between $2.39 billion and $2.44 billion, aligning closely with analyst expectations of $2.42 billion. Airbnb anticipates a modest increase in average daily rates (ADR) for the current quarter, while the growth rate for nights booked is expected to accelerate. Airbnb’s implied take rate held steady at 18.6%, as additional service fees from cross-currency bookings balanced with increased customer service investments.

Analysts Adjust Ratings and Price Targets Following Q3 Earnings Report

Barclays analyst Mario Lu maintained an Underweight rating yet raised the price target from $100 to $110.
JP Morgan analyst Doug Anmuth kept a Neutral rating but raised the price target from $121 to $142.
Wedbush analyst Scott Devitt continued to rate as Outperform and raised the target from $135 to $155.
Benchmark analyst Daniel Kurnos reiterated a Buy rating and a $155 price target.
Piper Sandler analyst Thomas Champion held a Neutral rating and raised the price target from $125 to $145.
Baird analyst Colin Sebastian maintained a Neutral rating and lifted the target from $120 to $140.

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

Analyst Doug Anmuth (JPMORGAN) currently has the highest performing score on ABNB with 8/9 (88.89%) price target fulfillment ratio. His price targets carry an average of $8.29 (6.20%) potential upside. Airbnb stock price reaches these price targets on average within 34 days.

Fortinet Reports Strong Q3 Earnings and Raises FY2024 Revenue Outlook Amid Competitive Challenges

Fortinet reported stronger-than-expected third-quarter earnings, with EPS of $0.63, surpassing the analyst estimate of $0.52. Revenue for the quarter came in at $1.51 billion, exceeding the consensus estimate of $1.48 billion.

Fortinet’s fourth-quarter revenue forecast of $1.56 billion to $1.62 billion, with the midpoint in line with analyst expectations of $1.59 billion. For the fourth quarter, Fortinet also guided for EPS of $0.58 to $0.62, above the consensus of $0.52.

Looking ahead, Fortinet has updated its full-year 2024 outlook. It now expects FY2024 revenue to be between $5.86 billion and $5.92 billion, slightly higher than its previous forecast of $5.8 billion to $5.9 billion, and in line with analysts’ expectations of $5.86 billion. Fortinet also revised its EPS guidance for the full year to a range of $2.20 to $2.28, above the consensus of $2.04.

Analysts Raise Price Targets Following Strong Q3 Results

Barclays analyst Saket Kalia maintained an Equal-Weight rating and raised the price target from $85 to $95.
Raymond James analyst Adam Tindle maintained an Outperform rating while increasing the price target from $85 to $95.
UBS analyst Roger Boyd maintained a Neutral rating and lifted the price target from $70 to $83.
Wedbush analyst Daniel Ives maintained an Outperform rating and raised the price target from $78 to $90.
Scotiabank analyst Patrick Colville maintained a Sector Outperform rating and elevated the price target from $75 to $85.
Piper Sandler analyst Rob Owens maintained a Neutral rating and revised the price target from $70 to $80.
Baird analyst Shrenik Kothari maintained an Outperform rating and boosted the price target from $80 to $88.

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

Analyst Catharine Trebnick (ROSENBLATT) currently has the highest performing score on FTNT with 15/16 (93.75%) price target fulfillment ratio. Her price targets carry an average of $6.34 (8.06%) potential upside. Fortinet stock price reaches these price targets on average within 190 days.