Selected stock price target news of the day - November 21st, 2024

By: Matthew Otto

Lowe’s Exceeds Q3 Expectations, Raises FY2024 Guidance Amid Pro Sales and Online Growth

Lowe’s Companies reported third-quarter 2024 earnings with adjusted earnings per share (EPS) of $2.89, a $0.07 higher than the analyst estimate of $2.82. Total revenue reached $20.2 billion, surpassing the consensus estimate of $19.93 billion but slightly below the $20.5 billion reported in the same quarter last year.

Net earnings for the quarter were $1.7 billion, and diluted EPS, including a $0.10 benefit from a pre-tax gain related to the sale of its Canadian retail business, came in at $2.99. Comparable sales declined by 1.1%, offset by strong growth in professional contractor sales and online channels.

For fiscal 2024, Lowe’s raised its guidance, now expecting full-year revenue of $83.0 to $83.5 billion, above the consensus estimate of $82.99 billion. Adjusted EPS is projected at $11.80 to $11.90, aligning with the analyst consensus of $11.82. Comparable sales are anticipated to decline 3.0% to 3.5%, an improvement over the previously forecasted drop of 3.5% to 4.0%. Lowe also forecasts an adjusted operating margin of 12.3% to 12.4% and capital expenditures of approximately $2 billion.

Analyst Ratings Reflect Confidence as Q3 Exceeds Expectations

Truist Securities analyst Scot Ciccarelli maintained a Buy rating while raising the price target from $307 to $310.
Evercore ISI Group analyst Greg Melich maintained an In-Line rating but increased the price target from $255 to $270.
Mizuho analyst David Bellinger kept an Outperform rating and raised the price target from $280 to $282.
RBC Capital analyst Steven Shemesh reiterated a Sector Perform rating while adjusting the price target from $290 to $291.
Barclays analyst Seth Sigman maintained an Equal-Weight rating yet raised the price target from $229 to $245.
Telsey Advisory Group analyst Joseph Feldman kept an Outperform rating and the price target at $305.

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

Analyst Zachary Fadem (WELLS FARGO) currently has the highest performing score on LOW with 24/26 (92.31%) price target fulfillment ratio. His price targets carry an average of $33.27 (12.71%) potential upside. Lowe’s Companies stock price reaches these price targets on average within 240 days.

Wix.com Reports Accelerated Growth in Q3 2024, Raises Full-Year Outlook

Wix.com exceeded market expectations with its Q3 2024 earnings, reporting an EPS of $1.50, surpassing the analyst estimate of $1.44 by $0.06. Revenue for the quarter reached $444.7 million, slightly ahead of the consensus estimate of $443.97 million.

Total bookings grew to $449.8 million, a 16% year-over-year (y/y) increase, driven by adoption of Wix Studio, advancements in AI-powered tools, and commerce activity. Creative Subscriptions revenue rose 10% y/y to $318.8 million, while Business Solutions revenue surged 22% y/y to $125.8 million. Free cash flow (FCF) margin expanded by 170 basis points, reaching 29% and generating $127.8 million in free cash flow.

Wix has raised its guidance for Q4 2024, expecting revenue between $457 and $464 million, compared to the consensus of $457.1 million. For the full year, Wix projects revenue of $1.757 to $1.764 billion, exceeding the consensus estimate of $1.757 billion.

Wix anticipates full-year bookings growth of 14% to 15%, up from prior guidance, and expects to exit 2024 with 18% y/y bookings growth. This performance is bolstered by a 13% uplift in conversions from AI onboarding tools and growing adoption of Studio, which accounted for 75% of new Partner bookings.

Analysts Raise Price Targets Following Q3 Results and Upgraded Guidance

Needham analyst Bernie McTernan maintained a Buy rating and raised the price target from $200 to $235.
Piper Sandler analyst Clarke Jeffries reiterated an Overweight rating while increasing the price target from $200 to $249.
Barclays analyst Trevor Young kept an Overweight rating and raised the price target from $184 to $236.
BofA Securities analyst Michael McGovern reaffirmed a Buy rating and raised the price target from $190 to $228.
JP Morgan analyst Alexei Gogolev maintained a Neutral rating but lifted the price target from $195 to $205.

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

Analyst Mark Zgutowicz (BENCHMARK) currently has the highest performing score on WIX with 9/11 (81.82%) price target fulfillment ratio. His price targets carry an average of $61.28 (37.43%) potential upside. Wix.com stock price reaches these price targets on average within 372 days.

The AZEK Company Reports Fiscal Year 2024 Performance with Better-than-Expected Q4 Earnings

The AZEK Company delivered its financial results for Fiscal Year 2024 with consolidated net sales increased by 5% year-over-year to $1.44 billion. Residential segment driving a 12% increase to $1.37 billion. Deck, Rail & Accessories led this growth, surging 18%.

Net income rose significantly to $153.4 million, supported by a $37.7 million gain from the Vycom business sale, while Adjusted EBITDA climbed 34% to $379.3 million, with an Adjusted EBITDA margin expansion to 26.3%. Free cash flow totaled $147 million, enabling $243 million in share repurchases.

For Q4, AZEK exceeded expectations, reporting EPS of $0.29, beating the analyst consensus of $0.27. Quarterly revenue reached $348.2 million, surpassing estimates of $339.06 million. Gross profit margin stood at 37.3%, while Adjusted EBITDA totaled $91.8 million, with a 26.3% margin.

Looking forward, AZEK projects FY2025 revenue of $1.51 to $1.54 billion, aligning with the consensus estimate of $1.526 billion. Adjusted EBITDA is expected to grow 5% to 9% year-over-year to $400 to $415 million.

Analysts Raise Price Targets Following Fiscal 2024 Performance

Truist Securities analyst Keith Hughes maintained a Buy rating and raised the price target from $52 to $57.
RBC Capital analyst Mike Dahl reiterated an Outperform rating and increased the price target from $46 to $50.
DA Davidson analyst Kurt Yinger kept a Neutral rating but lifted the price target from $44 to $50.
BMO Capital analyst Ketan Mamtora upheld a Market Perform rating while adjusting the price target from $49 to $51.
Baird analyst Timothy Wojs maintained an Outperform rating and raised the price target from $52 to $54.

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

Analyst Jeffrey Stevenson (LOOP CAPITAL) currently has the highest performing score on AZEK with 3/5 (60%) price target fulfillment ratio. His price targets carry an average of $2.55 (5.74%) potential upside. AZEK Company stock price reaches these price targets on average within 106 days.