Selected stock price target news of the day - September 08, 2023

By: Matthew Otto

G-III Apparel Group Reports Q2 2024 Earnings and Expands Growth Initiatives

G-III Apparel Group has reported second quarter for fiscal year 2024 with net sales for the quarter reaching $660 million, marking a 9% increase from the previous year and exceeding expectations by approximately $65 million. Notably, the company has been successful in reducing its inventory levels by 23%, aligning it more effectively with demand and resulting in lower warehousing and freight costs.

In addition to its financial performance, G-III highlighted its strategic growth initiatives, including the repositioning and expansion of the Donna Karan brand, a new license agreement with HanesBrands for Champion outerwear, and the acquisition of the Halston brand.

G-III’s Chairman and CEO, Morris Goldfarb, expressed confidence in the company’s outlook for the remainder of the fiscal year, leading to a raised full-year guidance. The company now anticipates net sales of approximately $3.3 billion for fiscal year 2024.

Analysts with Varying Ratings and Price Targets

Dana Telsey of Telsey Advisory Group maintained a Market Perform rating and raised the price target from $22 to $24.
Noah Zatzkin at KeyBanc, reiterated an Overweight rating and increased the price target from $23 to $26.

Analyst Jay Sole (UBS) currently has the highest performing score on GIII with 4/5 (80%) price target fulfillment ratio. His price targets carry an average of $1.59 (7.53%) potential upside. G-III Apparel Group stock price reaches these price targets on average within 30 days.

Braze Reports Revenue Growth in Q2 2024 Earnings Call

In the Braze Fiscal Second Quarter 2024 Earnings Conference Call, the company reported financial results, with revenue surging by 34% year-over-year to reach $115.1 million. This performance was driven by a combination of factors, including expanded contracts, renewals, and successful acquisitions. The acquisition of North Star, which was finalized on June 1, contributed nearly $2 million to the company’s revenue for the quarter, underlining Braze’s commitment to strategic growth.

Company’s gross margin increased by 70 basis points compared to the previous year. The company’s focus on cost management was evident as the operating margin improved compared to the same quarter last year. Additionally, Braze witnessed substantial customer growth, with its total customer count reaching 1,958, marking a notable 92% increase during the quarter.

In the Braze Fiscal Second Quarter 2024 Earnings Conference Call, the company reported revenue reaching $115.1 million, signifying a 34% year-over-year growth. This increase in revenue was driven by a combination of factors, including contract expansions, renewals, and new business wins.The acquisition of North Star, which was finalized on June 1, contributed nearly $2 million to the company’s revenue for the quarter.

Braze also witnessed customer growth during the quarter, with its total customer count surging to 1,958, representing an exceptional 92% increase. Moreover, Braze’s large customers, those spending at least $500,000 annually, increased by 24% year-over-year to a total of 173, contributing significantly to the company’s overall revenue. The company’s international revenue accounted for 43% of its total revenue in the second quarter.

Analysts Bullish on Braze, Raise Price Targets on Strong Outlook

Goldman Sachs analyst Gabriela Borges maintained a Buy rating and raised the price target from $48 to $55.
Raymond James analyst Brian Peterson reiterated an Outperform rating and increased the price target from $44 to $52.
Needham analyst Scott Berg maintained a Buy rating and increased the price target from $50 to $60.
Piper Sandler analyst Brent Bracelin kept an Overweight rating and adjusted the price target from $45 to $57.

Analyst Taylor Mcginnis (UBS) currently has the highest performing score on BRZE with 2/4 (50%) price target fulfillment ratio. Her price targets carry an average of $3.38 (8.63%) potential upside. Braze stock price reaches these price targets on average within 9 days.

ChargePoint’s Earnings Report: Analysts See Long-Term Promise Amidst Short-Term Setback

ChargePoint reported its latest earnings, revealing year-over-year sales growth. However, the numbers fell short of Wall Street’s expectations. ChargePoint’s guidance for the current quarter indicates projected sales between $150 million and $165 million, below the market’s estimated $178 million.

Analysts believe that ChargePoint is well-positioned to capitalize on the growing U.S. EV charging infrastructure sector. The forecast suggests a surge in the number of charging ports in the United States, potentially expanding from around 1 million today to more than 30 million by the end of the decade. This development presents an investment opportunity, potentially exceeding $75 billion in capital.

ChargePoint continues to draw attention, with RBC analyst Chris Dendrinos issuing a Buy rating and setting a target price of $9.

Analyst Ratings and Price Target Adjustments for ChargePoint

RBC Capital analyst Chris Dendrinos initiated an Outperform rating and a Price Target of $9.
Citigroup analyst Itay Michaeli maintained a Neutral rating and lowered the price target from $10.8 to $8.25.
RF Lafferty analyst Jaime Perez reiterated a Buy rating and lowered the price target from $19 to $17.
TD Cowen analyst Gabe Daoud kept an Outperform rating and downgraded the price target from $14 to $11.
Roth MKM analyst Craig Irwin maintained a Buy rating and lowered the price target from $14 to $11.

Analyst Itay Michaeli (CITI) currently has the highest performing score on CHPT with 4/8 (50%) price target fulfillment ratio. His price targets carry an average of $3.1 (25.25%) potential upside. ChargePoint stock price reaches these price targets on average within 25 days.