Selected stock price target news of the day - October 05, 2023
By: Matthew Otto
Clorox Grapples with Sales Slump After Cyberattack Disruption
Clorox has disclosed a significant impact on its sales and profit for the quarter ending September 30, primarily attributed to a cyberattack. The company expects a decrease in net sales, ranging from 23% to 28%, with a corresponding drop in gross margin compared to the previous year. Despite ongoing challenges, Clorox is optimistic about a gradual recovery, anticipating benefits from the restocking of retailer inventories in the current quarter.
The cyber incident prompted Clorox to implement manual procedures for various operations, slowing down product fulfillment. While the company asserts that the threat is contained and the impact is diminishing, the long-term effects remain uncertain. Clorox is currently assessing the potential repercussions on its fiscal performance in the current fiscal year and beyond.
Analysts Downgrades and Adjust Price Targets Amid Cyber Attack
- B of A Securities analyst Anna Lizzul maintained an Underperform rating and lowered the price target from $145 to $120.
- Raymond James analyst Olivia Tong downgraded from Outperform to Market Perform.
- Evercore ISI analyst Javier Escalante lowered Clorox’s price target to $120.
- Wells Fargo analyst Chris Carey lowered Clorox’s price target to $135.
Which Analyst has the best track record to show on CLX?
Analyst Steve Powers (DEUTSCHE BANK) currently has the highest performing score on CLX with 27/28 (96.43%) price target fulfillment ratio. His price targets carry an average of $30.36 (11.14%) potential upside. Clorox stock price reaches these price targets on average within 152 days.
Consumers Energy Unveils Solar Project, Paving the Way for Clean Energy Future
Consumers Energy is forging ahead on its path towards sustainable energy with the announcement of an 85-megawatt solar array at the former Karn coal facilities in Essexville, Michigan. David Hicks, Consumers Energy’s vice president of clean energy development, emphasized the thoughtful consideration given to the future use of the Karn site, with solar emerging as the ideal choice to align with both community interests and the company’s sustainability objectives.
The initiative not only reinforces the company’s dedication to increasing its renewable projects, particularly in solar energy, but also underscores the importance of a just transition for employees as the shift from fossil fuels progresses. The project is expected to generate enough power for approximately 20,000 homes, paying millions of dollars in local taxes over its 30-plus-year lifetime, thus benefiting the community on multiple fronts.
Consumers Energy’s Clean Energy Plan outlines a vision for the next two decades, projecting a reduction of over 73 million tons of CO2 emissions—an equivalent of taking 12.4 million passenger vehicles off the road for a year.
Analyst Upgrades and Adjusts Price Targets
- KeyBanc analyst Sophie Karp upgraded from Sector Weight to Overweight and set a price target of $57.
- UBS analyst Ross Fowler maintained a Buy rating and lowered the price target from $66 to $59.
Which Analyst has the best track record to show on CMS?
Analyst Stephen Byrd (MORGAN STANLEY) currently has the highest performing score on CMS with 14/14 (100%) price target fulfillment ratio. His price targets carry an average of $5.45 (10.50%) potential upside. CMS Energy stock price reaches these price targets on average within 176 days.
Accolade’s Q2 2024: Revenue Soars, EBITDA Beats Estimates
Accolade reported financial results for the second quarter of fiscal year 2024. The company’s revenue for the quarter reached $96.9 million versus the consensus estimate of $94.09 million, showcasing an impressive 11% year-over-year growth. Notably, the adjusted EBITDA for the same period revealed a loss of $8.8 million, a figure that surpassed the company’s prior guidance.
In fiscal Q2, the company experienced a notable performance in its virtual primary care and mental health services, as well as recognized approximately $2 million in performance guarantee-related revenue earlier than expected. Despite a slight sequential decline in utilization-based revenues compared to Q1, Accolade’s overall revenue performance exceeded expectations. The company’s fiscal outlook for the full year 2024 maintains a revenue guidance in the range of $410 million to $414 million, indicating a pro forma year-over-year growth of approximately 21% at the midpoint. Accolade remains optimistic about its growth trajectory and is focused on its path to profitability, with a forecasted positive adjusted EBITDA in the fourth fiscal quarter and an outlook for 2% to 4% adjusted EBITDA positive in fiscal year 2025.
Analyst Mixed Outlook as Price Targets Adjusted
- Truist Securities analyst Jailendra Singh Maintained a Buy rating and lowered price target from $17 to $15.
- Stephens & Co. analyst Jeff Garro Reiterated an Overweight rating and an $18 price target.
- Raymond James analyst John Ransom Maintained an Outperform rating and adjusted price target down from $15 to $12.
Which Analyst has the best track record to show on ACCD?
Analyst David Grossman (STIFEL) currently has the highest performing score on ACCD with 3/7 (42.86%) price target fulfillment ratio. His price targets carry an average of $11.39 (55.90%) potential upside. Accolade stock price reaches these price targets on average within 156 days.