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

By: Matthew Otto

Netflix Exceeds Q3 Expectations and Provides Upbeat Guidance for Q4 and 2025

Netflix reported its third-quarter earnings with earnings per share (EPS) of $5.40, beating the analyst estimate of $5.12 by $0.28. Revenue for the quarter totaled $9.82 billion, exceeding the consensus estimate of $9.77 billion.

A driver of this growth was the performance of Netflix’s ad-supported membership tier, which surged 35% quarter-over-quarter. Although Netflix does not expect ads to become its primary growth engine until 2026, the ad-supported tier contributed to over 50% of new sign-ups in regions where it is available.

Looking ahead, Netflix provided a forecast for the fourth quarter of 2024, projecting EPS of $4.23, higher than the consensus estimate of $3.90. Also expects Q4 revenue to reach $10.13 billion, surpassing the $10 billion analyst forecast. Additionally, Netflix anticipates annual revenue for 2025 to fall between $43 billion and $44 billion, reflecting an 11% to 13% growth from the expected 2024 revenue of $38.9 billion.

Citi analyst, Jason Bazinet, highlighted that Netflix’s Q4 outlook exceeded market expectations, while its 2025 guidance was largely in line with consensus estimates. Richard Broughton of Ampere Analysis emphasized Netflix’s content investments, noting that the company is positioned to produce nearly 1 in 10 global series next year, giving it a substantial edge over competitors.

Analysts Raise Price Targets Amid Strong Outlook

Oppenheimer analyst Jason Helfstein maintained an Outperform rating and raised the price target from $775 to $825.
Evercore ISI Group analyst Mark Mahaney kept an Outperform rating, while increasing the price target from $750 to $775.
BofA Securities analyst Jessica Reif Ehrlich reiterated a Buy rating and lifted the price target from $740 to $800.
Benchmark analyst Matthew Harrigan maintained a Sell rating but raised the price target from $545 to $555.
Barclays analyst Kannan Venkateshwar maintained an Underweight rating and the price target at $550.
Wedbush analyst Michael Pachter reaffirmed an Outperform rating and raised the price target from $775 to $800.
TD Cowen analyst John Blackledge reiterated a Buy rating while increasing the price target from $820 to $835.
BMO Capital analyst Brian Pitz maintained an Outperform rating and upgraded the price target from $770 to $825.
Bernstein analyst Laurent Yoon maintained a Market Perform rating and lifted the price target from $625 to $780.
Canaccord Genuity analyst Maria Ripps kept a Hold rating and raised the price target from $750 to $760.
Piper Sandler analyst Matt Farrell reiterated an Overweight rating while lifting the price target from $800 to $840.
Wells Fargo analyst Steven Cahall maintained an Overweight rating and increased the price target from $758 to $797.
UBS analyst John Hodulik maintained a Buy rating and raised the price target from $750 to $825.

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

Analyst John Hodulik (UBS) currently has the highest performing score on NFLX with 17/18 (94.44%) price target fulfillment ratio. His price targets carry an average of $61.11 (8.00%) potential upside. Netflix stock price reaches these price targets on average within 230 days.

Blackstone Exceeds Q3 Expectations with Record AUM and Strong Revenue Growth

Blackstone Group reported third-quarter earnings, surpassing Wall Street’s expectations as its assets under management (AUM) reached $1.1 trillion, a 10% increase year-over-year. Blackstone posted earnings per share (EPS) of $1.01, exceeding the analyst estimate of $0.98 by $0.03, and generated quarterly revenue of $3.66 billion, above the consensus estimate of $2.68 billion.

Additionally, Blackstone brought in $41 billion in inflows and deployed or committed $54 billion, amid a resurgence in dealmaking as the U.S. Federal Reserve began an easing cycle. Distributable earnings rose 6% to $1.3 billion, or $1.01 per share, beating analysts’ earlier expectation of $0.92. Private equity funds appreciated by 6.2%, while infrastructure funds gained 5.5%.

Fundraising efforts were led by credit, with private wealth AUM hitting $250 billion, nearly double compared to last year. Key transactions in the quarter included a $16 billion acquisition of Australia’s AirTrunk and an $8.4 billion acquisition of Smartsheet, in collaboration with Vista Equity Partners.

Mixed Analyst Ratings with Target Price Increases

Citigroup analyst Chris Allen maintained a Neutral rating but raised the price target from $157 to $170.
Evercore ISI Group analyst Glenn Schorr maintained an Outperform rating while increasing the price target from $155 to $181.
BofA Securities analyst Craig Siegenthaler kept a Buy rating and raised the price target from $171 to $192.
TD Cowen analyst Bill Katz maintained a Hold rating and increased the price target from $133 to $149.
JP Morgan analyst Kenneth Worthington held with a Neutral rating and lifted the price target from $125 to $146.
Goldman Sachs analyst Alexander Blostein kept a Neutral rating but raised the price target from $135 to $150.
Barclays analyst Benjamin Budish held an Equal-Weight rating while increasing the price target from $155 to $174.
BMO Capital analyst Etienne Ricard maintained a Market Perform rating but lifted the price target from $112 to $134.
Wells Fargo analyst Michael Brown kept an Overweight rating while raising the price target from $169 to $188.

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

Analyst Finian O’shea (WELLS FARGO) currently has the highest performing score on BX with 7/7 (100%) price target fulfillment ratio. His price targets carry an average of $16.5 (11.26%) potential upside. Blackstone Group stock price reaches these price targets on average within 259 days.

Intuitive Surgical Reports Strong Q3 Earnings Driven by Increased da Vinci Procedure Adoption

Intuitive Surgical reported its third-quarter earnings report with an adjusted earnings per share of $1.84, exceeding analysts’ estimates of $1.64, according to FactSet. Revenue also came in at $2.04 billion, above the consensus of $2 billion, marking a 17% increase from the $1.74 billion reported in the same quarter last year.

This performance was driven by an 18% year-over-year increase in da Vinci procedures, a flagship robotic-assisted surgical platform, which enhances the capabilities of surgeons by allowing for minimally invasive operations with greater precision and dexterity. The da Vinci system, known for its high-definition 3D visualization and robotic arms controlled from a console, is utilized in various specialties, including urology, gynecology, and general surgery, resulting in better patient outcomes and quicker recovery times.

Looking ahead, Intuitive Surgical raised the lower end of its full-year 2024 forecast for procedure growth to a range of 16% to 17%, from a prior range of 15.5% to 17%. Despite concerns about IV fluid shortages caused by recent U.S. hurricanes, Truist Securities analyst Richard Newitter maintained a Buy rating with a $570 price target, believing the tightened range is achievable. William Blair analyst, Brandon Vazquez, with an Outperform rating, highlighted the company’s premium valuation of 51 times estimated 2026 earnings per share but remained confident in its ability to meet expectations. Jefferies analyst, Matthew Taylor, raised their price target to $475 from $415 while maintaining a Hold rating, citing concerns about the stock’s current valuation.

Analyst Price Targets Raised Across the Board

Evercore ISI Group analyst Vijay Kumar maintained an In-Line rating, while raising the price target from $475 to $490.
BTIG analyst Ryan Zimmerman reiterated a Buy rating and lifted the price target from $518 to $535.
Piper Sandler analyst Adam Maeder maintained an Overweight rating and increased the price target from $495 to $538.
Stifel analyst Rick Wise continued with a Buy rating and raised the price target from $475 to $525.
Wells Fargo analyst Larry Biegelsen held an Overweight rating and lifted the price target from $466 to $549.
RBC Capital analyst Shagun Singh maintained an Outperform rating, while increasing the price target from $525 to $555.
Baird analyst David Rescott kept an Outperform rating and raised the price target from $503 to $565.

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

Analyst Matt Miksic (BARCLAYS) currently has the highest performing score on ISRG with 7/7 (100%) price target fulfillment ratio. His price targets carry an average of $54.94 (12.07%) potential upside. Intuitive Surgical stock price reaches these price targets on average within 89 days.