Selected stock price target news of the day - November 14th, 2023

By: Matthew Otto

Beauty Health Q3 2023: Facing Challenges, Eyeing Long-Term Strategy

The Beauty Health Company reported its third-quarter 2023 financial results, revealing a 10% growth in net sales to $97.4 million. Notably, the Americas experienced an 11% decline in revenue due to challenges related to the Syndeo program, with U.S. delivery systems underperforming. The Asia Pacific region saw a 63% year-over-year growth, reaching $24.7 million, fueled by delivery system placements, particularly in China, which accounted for $16.9 million with a staggering 79% year-over-year growth.

Beauty Health maintains a balance sheet with $559 million in cash and an undrawn $50 million credit facility. The company is actively addressing the Syndeo program issues, incurring a $63.1 million restructuring charge in Q3. This charge includes an $18.8 million impairment for approximately 4,300 obsolete Syndeo 1.0 and 2.0 devices in inventory. The company is focusing on reaccelerating Syndeo adoption in the U.S. and pursuing a strategic transformation program expected to deliver over $20 million in annualized cost savings. The revised fiscal 2023 guidance forecasts net sales between $385 million and $400 million, with an adjusted EBITDA margin of 5% to 6%.

Analyst Downgrades, Signaling Concerns in Market Confidence

TD Cowen’s Oliver Chen downgraded from Outperform to Market Perform and the price target from $9 to $2.5.
Raymond James analyst Olivia Tong lowered from Market Perform to Underperform.
Piper Sandler analyst Korinne Wolfmeyer downgraded from Overweight to Underweight and the price target from $12 to $2.
Canaccord Genuity analyst Susan Anderson reduced from Buy to Hold and the price target from $10 to $2.5.
JP Morgan analyst Allen Gong downgraded from Neutral to Underweight.

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

Analyst Allen Gong (JPMORGAN) currently has the highest performing score on SKIN with 1/5 (20%) price target fulfillment ratio. His price targets carry an average of $5 (47.19%) potential upside. The Beauty Health Company stock price reaches these price targets on average within 26 days.

Fisker Reports Q3 Loss, Misses Sales Targets, and Adjusts Production

Fisker reported third-quarter sales amounted to approximately $72 million, significantly below the anticipated $143 million. This period marked Fisker’s inaugural quarter of sales as it shipped 1,097 units of its first electric vehicle, the Ocean. Despite the delivery of 1,200 vehicles in October, the company has revised its full-year production guidance to a range of 13,000 to 17,000 units, down from the earlier projection of 20,000 to 23,000 units for 2022. Production forecasts for 2023 have also been adjusted, with initial estimates of 32,000 to 36,000 units now scaled back.

The company’s financial outlook for 2023 includes expected research and development, selling, general and administrative expenses, and capital spending in the range of $565 million to $640 million, consistent with the guidance provided in August. Fisker closed the quarter with $625 million in cash and investments.

Analysts Slash Fisker Price Targets Across the Board

Evercore ISI analyst Chris McNally lowered the price target to $6.
Barclays analyst Dan Levy adjusted the price target to $4.
CFRA analyst Garrett Nelson lowered the price target to $1.

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

Analyst Jaime Perez (LAFFERTY) currently has the highest performing score on FSR with 3/7 (42.86%) price target fulfillment ratio. His price targets carry an average of $5.47 (60.41%) potential upside. Fisker stock price reaches these price targets on average within 18 days.