Analysts Stocks

      Selected stock price target news of the day - May 23, 2023

      By Matthew Otto

       

      BPMC

      The U.S. Food and Drug Administration (FDA) has granted approval for AYVAKIT® (avapritinib) to treat adults with indolent systemic mastocytosis (ISM). The decision makes AYVAKIT the first and only approved medication designed to treat this disease.

      ISM is a subtype of systemic mastocytosis (SM), a rare hematologic disorder characterized by the proliferation of mast cells, causing a range of debilitating symptoms across various organ systems. This approval of AYVAKIT provides a new treatment option for the majority of SM cases represented by ISM. Overall systemic mastocytosis is estimated to affect about 1 in 10,000 to 50,000 people.

      This advancement marks a shift from merely managing symptoms to a disease-modifying therapy. The approval of AYVAKIT also allows healthcare providers to reassess the way they define optimal care and treatment for their patients with ISM.

      Wall Street Action

      • Michael Schmidt from Guggenheim maintains a Buy rating and raises the price target to $82 from $78.
      • Liana Moussatos from Wedbush reiterates an Outperform rating, while maintaining the price target at $75.
      • Reni Benjamin from JMP Securities reiterates a Market Outperform rating and a price target at $114, a street high.
      • Derek Archila from Wells Fargo maintains an Equal-Weight rating, raising the price target from $47 to $48.
      • Andrew Fein from HC Wainwright & Co. maintains a Buy rating and raises the price target from $75 to $85.
      • Ami Fadia from Needham maintains a Buy rating, and raises the price target from $65 to $67.
      • Peter Lawson from Barclays maintains an Equal-Weight rating, raising the price target from $44 to $46.

       

      Looking at AnaChart

       

      We see that the stock is caught around $40 to $60 range in the last two with majority of the analysts having a positive note on the stock, although there are some who don’t carry faith such as Andrew Berens of Leerink or Derek Archila of Wells Fargo.

       

      PACW

       

      PacWest Bancorp that has recently faced criticism from investors amidst a volatile market, In a filing on Monday, PacWest disclosed that it intends to sell a portfolio consisting of 74 real estate construction loans. The total outstanding balance of these loans amounts to approximately $2.6 billion. The buyer is Kennedy-Wilson Holdings (KW), and the transaction is set to be completed in several tranches during the second and third quarters.

      This move may be a strategic attempt by PacWest to address investor concerns and stabilize its position in the market

      Wall Street Action

      • DA Davidson analyst Gary Tenner maintains a Neutral but raises the price target from $3 to $8.

       

      Looking at AnaChart we see that the analyst was recommending to buy the stock with a $26 price target before it plummeted on March 20th this year. Tenner also had adjusted in October of 2022 his price target from $43 to $28 after the PacWest dropped as well from $49 to $21.

      GLBE

      Global-e Online has outperformed expectations with its Q1 2023 revenue results. The company reported revenue of $117.6 million for the quarter, which surpassed the consensus estimate of $111.55 million.

      As for future outlook, Global-e’s revenue guidance for Q2 2023 is projected to range from $125-130 million, aligning closely with the consensus estimate of $128 million.

      For the full financial year of 2023, the company expects to achieve revenue between $562-590 million. This forecast surpasses the market’s consensus of $577.8 million. However, the company did report a net loss of $43.1 million for the quarter.

      Looking forward, Global-e has updated its outlook for Q2 2023 and FY 2023. For Q2 2023, it anticipates a GMV between $755 – $785 million, and revenue between $125 – $130 million. Adjusted EBITDA is expected to fall within the range of $15 – $18 million.

      For FY 2023, the company now expects a GMV between $3,400 – $3,550 million, up from the previous guidance of $3,360 – $3,520 million. Revenue is anticipated to be in the range of $562 – $590 million, slightly up from the previous range of $557 – $584 million. Adjusted EBITDA is expected to range between $70 – $77 million, a modest increase from the earlier guidance of $66 – $74 million.

      Wall Street Action

      • Vivek Arya from BofA Securities maintains a Buy rating while raising the price target from $36 to $42.
      • Patrick Walravens from JMP Securities reiterates a Market Outperform and maintains a price target of $46, a new street high.
      • Brian Peterson from Raymond James maintains an Outperform rating and increases the price target from $35 to $40.
      • Scott Berg from Needham reiterated a Buy rating and a $44 price target.
      • Brent Bracelin from Piper Sandler has increased the price target from $34 to $38, while still maintaining the previous rating.
      • James Faucette from Morgan Stanley raised the price target to $38.

      Looking at AnaChart we see that the Israeli firm is trading at a third from its peak value of last year, however the census remained positive for the entire duration. Goldman Sachs analyst Will carries the most reserved opinion yet still a Buy rating with a potential positive upside.

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