Selected stock price target news of the day - November 29th, 2024

By: Matthew Otto

Ambarella Q3 FY2025: EPS and Revenue Beat Estimates, Strong Q4 Guidance Issued

Ambarella reported Q3 FY2025 earnings per share (EPS) of $0.11, surpassing the analyst estimate of $0.03 by $0.08. Revenue for the quarter was $82.7 million, exceeding the consensus estimate of $79.01 million. Non-GAAP gross margin was reported at 61.6%, within the expected range. Year-to-date revenue for the company stands at approximately $250 million.

For Q4 FY2025, Ambarella has issued revenue guidance of $76 to $80 million, compared to the consensus estimate of $69.081 million. Non-GAAP gross margins are expected to remain within 61.5% to 63.0%. Operating expenses on a non-GAAP basis are forecasted to range from $49.0 million to $52.0 million. This represents a decline in revenue of up to 8.1% at the midpoint.

Analysts Boost Price Targets Following Strong Q3 Performance

Stifel analyst Tore Svanberg maintained a Buy rating, while lifting the price target from $80 to $95.
Morgan Stanley analyst Joseph Moore kept an Overweight rating and raised the price target from $73 to $90.
Craig-Hallum analyst Richard Shannon reiterated a Buy rating, with the price target increased from $85 to $90.
BofA Securities analyst Vivek Arya continued with an Underperform rating but adjusted the price target upward from $57 to $65.
Susquehanna analyst Christopher Rolland held a Positive rating, revising the price target from $70 to $85.
Northland Capital Markets analyst Gus Richard reaffirmed an Outperform rating as the price target moves from $75 to $95.

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

Analyst Richard Shannon (CRAIG HALLUM) currently has the highest performing score on AMBA with 13/21 (61.9%) price target fulfillment ratio. His price targets carry an average of $26.6 (45.55%) potential upside. Ambarella stock price reaches these price targets on average within 149 days.

Best Buy Reports Q3 Earnings Below Expectations, Lowers Full-Year Guidance Amid Ongoing Sales Declines

Best Buy reported its third-quarter results posting a Q3 adjusted earnings of $1.26 per share, which was $0.04 below the analyst estimate of $1.30. Revenue for the quarter ending totaled $9.45 billion, falling short of the consensus estimate of $9.64 billion. Same-store sales declined by 2.9% compared to the same period last year, marking the 12th consecutive quarter of negative growth.

Looking ahead, Best Buy revised its guidance for the full fiscal year, now expects earnings per share for FY2025 to be in the range of $6.10 to $6.25, compared to the consensus estimate of $6.27. Revenue for the fiscal year is projected to fall between $41.1 billion and $41.5 billion, below the previous consensus of $41.58 billion.

Analysts, including Greg Melich of Evercore ISI, have noted that Best Buy will need to meet a higher earnings target of $6.83 per share next year to satisfy market expectations.

Analysts Adjust Price Targets After Q3 Miss

Wells Fargo analyst Zachary Fadem maintained an Equal-Weight rating and lowered the price target from $95 to $89.
UBS analyst Michael Lasser kept a Buy rating, while reducing the price target from $123 to $115.
Truist Securities analyst Scot Ciccarelli held a Hold rating and lowered the price target from $107 to $95.
Citigroup analyst Steven Zaccone maintained a Buy rating and cut the price target from $109 to $101.
Loop Capital analyst Anthony Chukumba continued with a Buy rating and revised the price target from $110 to $100.
Telsey Advisory Group analyst Joseph Feldman held an Outperform rating and lowered the price target from $115 to $110.

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

Analyst Zachary Fadem (WELLS FARGO) currently has the highest performing score on BBY with 15/18 (83.33%) price target fulfillment ratio. His price targets carry an average of $-5.4 (-5.38%) potential downside. Best Buy stock price reaches these price targets on average within 116 days.

Burlington Stores Reports Strong Q3 Results, Raises FY24 Adjusted EPS Guidance

Burlington Stores reported its financial results for the third quarter of fiscal 2024, with total sales rising 11% year-over-year to $2.53 billion, slightly missing analyst expectations of $2.55 billion. Comparable store sales grew 1%, on top of a 6% increase in the same period last year. Gross margin expanded by 70 basis points to 43.9%.

Burlington posted net income of $91 million, or $1.40 per diluted share, compared to $49 million, or $0.75 per share, in the prior year. Adjusted earnings per share (EPS) were $1.55, surpassing the analyst estimate of $1.54. In addition, adjusted net income increased by 41% to $100 million, reflecting strong operational efficiency and margin improvement. Also, adjusted EBIT rose to $141 million, up 30% year-over-year, with an adjusted EBIT margin of 5.6%, an 80-basis-point increase.

For the full fiscal year 2024, Burlington raised its adjusted EPS guidance to a range of $7.76 to $7.96, slightly below the consensus of $7.92. Burlington now expects total sales for FY2024 to increase by 9% to 10%, with comparable store sales growing around 2%, following a 4% increase last year.

For the fourth quarter, Burlington anticipates total sales growth of 5% to 7%, with comparable store sales expected to increase by 0% to 2%. Adjusted EPS for the fourth quarter is projected to range from $3.55 to $3.75, compared to $3.69 in the previous year.

Burlington also plans to open 101 new stores and expects capital expenditures of approximately $750 million. The company’s adjusted EBIT margin for FY2024 is expected to increase by 60 to 70 basis points, excluding acquisition-related expenses. Additionally, the company projects an effective tax rate of around 26% and net interest expense of about $40 million.

Analysts Adjust Price Targets Following Strong Q3 Results

Morgan Stanley analyst Alex Straton maintained an Overweight rating and raised the price target from $285 to $305.
Evercore ISI Group analyst Michael Binetti continued with an Outperform rating, increasing the price target from $315 to $340.
Citigroup analyst Paul Lejuez kept a Buy rating while raising the price target from $313 to $344.
Barclays analyst Adrienne Yih maintained an Overweight rating but lowered the price target from $327 to $317.
Baird analyst Mark Altschwager held an Outperform rating and raised the price target from $315 to $330.
Telsey Advisory Group analyst Dana Telsey kept an Outperform rating, increasing the price target from $310 to $320.

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

Analyst David Palmer (EVERCORE) currently has the highest performing score on BURL with 6/6 (100%) price target fulfillment ratio. His price targets carry an average of $4.93 (7.58%) potential upside. Burlington Stores stock price reaches these price targets on average within 94 days.