Selected stock price target news of the day - October 11th, 2023

By: Matthew Otto

Silk road hits a curve

Silk Road Medical has announced its preliminary revenue for the third quarter ended September 30, 2023, and updated its revenue guidance for the full year 2023.

For the third quarter of 2023, the unaudited revenue is projected to be around $44.4 million, showing a 19% increase compared to the same period in the previous year.

Regarding the financial guidance for 2023, the company anticipates its revenue to be between $170 million and $174 million. This suggests a growth ranging from 23% to 26% compared to their revenue from the previous year.

However the company’s new revenue estimate for the year is lower than their prior forecast of $180 million to $184 million. Moreover, it’s below the expected revenue of about $182 million set by analysts.

Consequently, Citi has changed their rating for the stock to Sell from Buy and decreased their price target from $35 to $8.

Wall Street Action

Citi’s Joanne Wuensch downgraded to Sell.
CL King Kristen Stewart from CL King shifted her rating to Neutral.
Stifel’s Rick Wise adjusted his stance, downgrading to Hold at.
Piper Sandler’s Adam Maeder revised the price target for Silk Road Medical to $11.
B.Riley’s Neil Chatterji changed his rating on Silk Road Medical to Neutral.

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

Analyst Rick Wise (STIFEL) has currently the highest performing score on SILK with 4/6 (66.67%) price target fulfillment ratio. His price targets carry on average an $9.77 (30.31%) potential upside. Silk Road Medical stock price reaches these price targets on average within 68 days.

HP provides optimistic outlook

HP is predicting a long-term annual revenue growth of between 2% to 4%. In terms of earnings per share, HP has provided a detailed breakdown for fiscal 2024. They estimate GAAP diluted net EPS in the range of $2.75 to $3.15. Meanwhile, they forecast the non-GAAP diluted net EPS to be between $3.25 and $3.65.

HP’s financial strategies also revolve around prudent cash flow management and shareholder value creation. For fiscal 2024, the company anticipates a free cash flow in the region of $3.1 billion to $3.6 billion. Echoing their commitment to shareholders, HP plans to return an impressive 100% of this free cash flow through dividends and stock repurchases. This approach aligns with their recent announcement of a 5% increase in dividends.

Further insights into HP’s financial operations were shared by CFO, Marie Myers. She expressed confidence in the latter half of fiscal 2024, anticipating higher revenue growth, which is expected to be fueled by an increase in personal computer demand.

Morgan Stanley Adjusts on HP

Morgan Stanley analyst Erik Woodring raised the price target for HP, Inc. to $31.

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

Analyst Douglas Becker (BENCHMARK) has currently the highest performing score on HP with 2/2 (100%) price target fulfillment ratio. His price targets carry on average an $6.97 (17.55%) potential upside. HP, Inc stock price reaches these price targets on average within 121 days.