Selected stock price target news of the day - October 17th, 2024

By: Matthew Otto

Goldman Sachs Reports 45% Profit Increase in Q3 Amid Investment Banking Activity and Higher Provisions

Goldman Sachs’ profit for the third quarter increased by 45% to $2.99 billion, or $8.40 per share, surpassing analyst expectations of $6.89 per share, according to LSEG estimates. This growth was driven by a recovery in bond sales, stock offerings, and mergers. Investment banking fees rose 20% to $1.87 billion, with leveraged finance and investment-grade debt underwriting contributing to the increase.

Total revenue from fixed income, currency, and commodities trading decreased by 12%, while equities trading saw an 18% rise. Goldman’s advisory business continued to perform, including its role in advising Kellanova on its $36 billion acquisition by Mars.

Despite these results, Goldman booked $397 million in provisions for credit losses, an increase from $7 million in the same period last year. Also recorded a one-time loss of $415 million related to its exit from the credit card partnership with General Motors.

In asset and wealth management, revenue increased by 16%, with the bank supervising a record $3.1 trillion in assets during the quarter. Headcount grew to 46,400 as of September 30, up from 44,300 at the end of June.

Analysts Raise Price Targets Following Strong Q3 Results

Barclays analyst Jason Goldberg maintained an Overweight rating and raised the price target from $565 to $588.
JP Morgan analyst Kian Abouhossein reiterated an Overweight rating and increased the price target from $472 to $520.
Evercore ISI Group analyst Glenn Schorr continued with an Outperform rating and raised the price target from $520 to $575.
Keefe, Bruyette & Woods analyst David Konrad maintained an Outperform rating and lifted the price target from $555 to $570.
Oppenheimer analyst Chris Kotowski kept an Outperform rating and raised the price target from $577 to $614.
Morgan Stanley analyst Betsy Graseck kept an Overweight rating and increased the price target from $560 to $570.
BofA Securities analyst Ebrahim Poonawala reiterated a Buy rating and raised the price target from $563 to $575.

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

Analyst Kian Abouhossein (JPMORGAN) currently has the highest performing score on GS with 6/6 (100%) price target fulfillment ratio. His price targets carry an average of $-16.57 (-3.39%) potential downside. Goldman Sachs Group stock price reaches these price targets on average within 200 days.

J.B. Hunt Exceeds Earnings Expectations in Q3 2024 Despite Revenue Decline Across Key Segments

J.B. Hunt Transport Services reported third-quarter 2024 revenue of $3.07 billion, a 3% decrease compared to the $3.16 billion reported in the same period of 2023. This figure exceeded analysts’ consensus estimate of $3 billion.

Operating income for the quarter dropped 7% to $224.1 million, compared to $241.7 million in the prior year. Earnings per share (EPS) came in at $1.49, beating both Wall Street expectations of $1.41 per share and the analyst estimate of $1.39, although it was down from $1.80 in Q3 2023.

The intermodal (JBI) segment posted flat revenue of $1.56 billion, buoyed by a 5% year-over-year increase in volume, despite a 5% drop in gross revenue per load. Other segments saw declines, with Dedicated Contract Services (DCS) down 5% to $846 million, and Integrated Capacity Solutions (ICS) revenue falling 7% to $278 million. Truckload (JBT) gross revenue decreased by 12%, but segment operating income rose 6% to $8.2 million.

Analysts Raise Price Targets, Highlighting Mixed Ratings

Loop Capital analyst Rick Paterson maintained a Hold rating and raised the price target from $173 to $187.
Barclays analyst Brandon Oglenski kept an Equal-Weight rating while raising the price target from $160 to $175.
BMO Capital analyst Fadi Chamoun reiterated an Outperform rating and the price target at $195.
Susquehanna analyst Bascome Majors kept a Neutral rating and raised the price target from $160 to $165.
Evercore ISI Group analyst Vijay Kumar maintained an Outperform rating and raised the price target from $183 to $185.
Stephens & Co. analyst Daniel Imbro reaffirmed an Overweight rating and a $195 price target.
Benchmark analyst Christopher Kuhn reiterated a Buy rating and the price target at $185.
Stifel analyst J. Bruce Chan upheld a Hold rating and upgraded the price target from $151 to $167.
BofA Securities analyst Ken Hoexter kept a Buy rating while increasing the price target from $188 to $196.

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

Analyst Rick Paterson (LOOP CAPITAL) currently has the highest performing score on JBHT with 4/5 (80%) price target fulfillment ratio. His price targets carry an average of $12.19 (7.58%) potential upside. J.B. Hunt Transport Services stock price reaches these price targets on average within 228 days.

Charles Schwab Reports Q3 2024 Financial Results with Record Client Assets and Exceeded Earnings Estimates

For the third quarter of 2024, Charles Schwab Corporation reported net income of $1.4 billion, or $0.71 diluted earnings per common share. Excluding $153 million in pre-tax transaction-related costs, adjusted net income was $1.5 billion, resulting in adjusted earnings per share of $0.77, which exceeded the analyst estimate of $0.75. Quarterly revenue reached $4.85 billion, marking a 5% increase year-over-year and surpassing the consensus estimate of $4.77 billion.

Total client assets grew 27% year-over-year to a record $9.92 trillion, exceeding the estimated $9.75 trillion. Core net new assets amounted to $95.3 billion in Q3, bringing the year-to-date total to $252 billion, reflecting a 10% increase compared to the previous year.

The wealth management segment also experienced significant growth, with year-to-date net inflows into Schwab Wealth Advisory totaling $40 billion, a 65% increase from 2023. Charles Schwab reported a pre-tax profit margin of 38% and an adjusted margin of 41.2%.

Additionally, client transactional sweep cash rose by $9 billion during Q3, leading to an $8.9 billion reduction in Bank Supplemental Funding. Active brokerage accounts increased to 36 million, representing a 4% rise from the previous year.

Analysts Price Target Increases and Varied Ratings

Barclays analyst Benjamin Budish maintained an Equal-Weight rating while raising the price target from $64 to $74.
BofA Securities analyst Craig Siegenthaler maintained an Underperform rating, but lowered the price target from $63 to $61.
JP Morgan analyst Kenneth Worthington maintained an Overweight rating and increased the price target from $86 to $87.
Wells Fargo analyst Michael Brown maintained an Equal-Weight rating, yet raised the price target from $70 to $75.
Piper Sandler analyst Patrick Moley kept a Neutral rating while raising the price target from $64 to $65.
Goldman Sachs analyst Alexander Blostein maintained a Neutral rating and raised the price target from $67 to $74.
Keefe, Bruyette & Woods analyst Kyle Voigt reiterated an Outperform rating and raised the price target from $76 to $81.
JMP Securities analyst Devin Ryan reiterated a Market Outperform rating and increased the price target from $82 to $84.

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

Analyst Benjamin Budish (BARCLAYS) currently has the highest performing score on SCHW with 16/19 (84.21%) price target fulfillment ratio. His price targets carry an average of $4.2 (6.58%) potential upside. Charles Schwab Corporation stock price reaches these price targets on average within 47 days.