Selected stock price target news of the day - October 30th, 2023

By: Matthew Otto

Apple’s Scary Fast Event Faces Investor Skepticism

Apple is gearing up for its virtual-only event, Scary Fast, scheduled for Monday, where updates to its Mac personal computer lineup, including faster processors, are anticipated. Despite the positive outlook, D.A. Davidson analysts, Tom Forte express skepticism about whether a speedier processor will be sufficient to drive significant market momentum. He highlighted Apple’s challenge in overcoming a pull-forward in demand from the early days of the COVID-19 pandemic.

Brandon Nispel, an analyst at KeyBanc, noted concerns about Apple’s stock trading at rich multiples. Nispel emphasized that trends in key markets, particularly the U.S., are expected to remain soft, putting pressure on international growth. Despite Apple’s solid foundation in artificial intelligence, Nispel pointed out the company’s limited room for incremental capital investment in AI technology in 2024 while concurrently striving to grow free cash flow.

Analysts Diverge on Apple’s Prospects

Barclays analyst Tim Long maintained an Equal-Weight rating and lowered the price target from $167 to $166.
KeyBanc analyst Brandon Nispel reiterated Sector Weight rating.
D.A. Davidson analysts Tom Forte maintained a Neutral rating and a $180 target price.

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

Analyst Krish Sankar (COWEN) currently has the highest performing score on AAPL with 26/29 (89.66%) price target fulfillment ratio. His price targets carry an average of $17.79 (20.36%) potential upside. Apple stock price reaches these price targets on average within 112 days.

AbbVie Q3 Revenue Beats Estimates

AbbVie reported its third-quarter earnings last Friday, revealing a profit of $2.95 per share on revenue of $13.93 billion. This surpassed analyst expectations surveyed by FactSet, who predicted earnings of $2.87 per share from revenue of $13.72 billion. However, a year-on-year comparison reflects a decline in performance, with the company’s earnings dropping from $3.66 per share and revenue decreasing from $14.81 billion in the same period last year.

The global revenue for Humira, a key drug addressing conditions like rheumatoid arthritis and plaque psoriasis, experienced a decline recording a 36% decrease from the prior year, totaling $3.55 billion. Despite this, AbbVie’s immunology segment saw a positive shift, with two other drugs, Skyrizi and Rinvoq, experiencing revenue gains of 52% and 59%, respectively. Looking ahead, AbbVie is optimistic about fiscal 2023, forecasting earnings in the range of $11.19 to $11.23 per share, up from the previous estimate of $10.86 to $11.06.

Analysts Bullish on AbbVie: Price Targets Raised

Morgan Stanley’s Terence Flynn maintained an Overweight rating and raised the price target from $193 to $196
Barclays analyst Carter Gould upgraded from Equal-Weight to Overweight and the price target from $160 to $170.

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

Analyst Christopher Raymond (PIPER SANDLER) currently has the highest performing score on ABBV with 34/36 (94.44%) price target fulfillment ratio. His price targets carry an average of $27.6 (32.22%) potential upside. AbbVie stock price reaches these price targets on average within 483 days.

Saia’s Q3 2023 Record Revenue Amid Industry Shifts

Saia reported its performance in the third quarter of 2023, showcasing a revenue of $775 million, marking a 6.2% increase from the same period last year. Notably, this was attributed to a 12.2% surge in shipments per workday, buoyed by the impact of a competitor’s operational shutdown in late July. The company’s commitment to maintaining high service levels during this industry disruption translated into a 8.4% increase in yield, excluding fuel surcharge, and a 3% rise in revenue per shipment, excluding fuel surcharge.

Despite the challenges posed by the sudden industry capacity shift, Saia demonstrated resilience, reflected in its operating ratio of 83.4%. While this represents a slight deterioration from the previous year, the company navigated the complexities by hiring and onboarding over 1,000 new employees since June 2023. This expansion contributed to a 15.9% increase in salaries, wages, and benefits.

Analyst Actions Reflect Divergent Views on Saia

Barclays analyst Brandon Oglenski maintained an Overweight rating and lowered the price target from $460 to $450.
Wolfe Research analyst Scott Group upgraded from Peer Perform to Outperform and set a new price target of $418.
Raymond James analyst Patrick Tyler Brown reiterated with an Outperform rating and lowered the price target from $450 to $420.

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

Analyst Ken Hoexter (BAML) currently has the highest performing score on SAIA with 7/9 (77.78%) price target fulfillment ratio. His price targets carry an average of $21.27 (5.37%) potential upside. Saia stock price reaches these price targets on average within 20 days.