Selected stock price target news of the day - September 15th, 2023
By: Matthew Otto
Salesforce is going on a hiring spree
On September 14, Bloomberg News reported that Salesforce is planning to hire 3,300 employees across various departments. This follows a 10% workforce reduction in January of this year. CEO Marc Benioff told Bloomberg, “Our job is to grow the company and to continue to achieve margins,” adding that the company needs to hire thousands of individuals.
The new positions will be distributed across sales, engineering, and Salesforce’s data cloud product, according to Chief Operating Officer Brian Millham.
The company had previously announced a 10% job cut in January, attributing the decision to over-hiring during the pandemic, which led to an excessive workforce during an economic slowdown. Salesforce has attempted to adapt to reduced tech spending by introducing new artificial intelligence features and increasing its prices for the first time in seven years.
Earlier in the month, Salesforce also introduced Einstein Copilot, a generative AI tool available across its range of applications, from Slack to Tableau, which can be customized to fit client needs. Salesforce has not yet responded to a Reuters request for comment on the hiring report.
Wall Street Approves
- Needham analyst Scott Berg has reiterated a Buy recommendation on Salesforce, maintaining a price target of $250.
- HSBC analyst Stephen Bersey has initiated coverage on Salesforce, issuing a Buy rating with a price target of $267.
Analyst Nehal Chokshi (NORTHLAND CAPITAL MARKETS) has currently the highest performing score on CRM with 4/4 (100%) price target fulfillment ratio. His price targets carry on average an $-1.8 (-0.78%) potential downside. Salesforce stock price reaches these price targets on average within 4 days.
Staar hosts an investor day in hopes to gain traction
STAAR Surgical, a firm specializing in the development, manufacturing, and marketing of implantable lenses for the eye, will host its Vision 2026 Investor Day at the Nasdaq MarketSite in Times Square. In recognition of the company’s 40th anniversary as a publicly-listed entity, Tom Frinzi, Chair of the Board and CEO, will join other members of the executive leadership team and STAAR employees to ring the Nasdaq closing bell on September 14, 2023.
The Vision 2026 Investor Day aims to outline key initiatives and projects undertaken by the company. It will also discuss growth prospects globally for STAAR and its EVO ICL family of lenses, designed for vision correction. Refractive surgeons from various parts of the world are expected to discuss their experiences with EVO ICL lenses, sharing feedback from users who have opted for this alternative to glasses and contact lenses.
The stock had been on decline since late of 2021 losing over 60% of its market value
Analysts Remain Skeptical
- Benchmark analyst Bruce Jackson downgrades from Buy to Hold.
- Needham analyst David Saxon keeps his Buy recommendation but adjusts the price target downward from $54 to $52.
- Jefferies analyst Raj Denhoy revises the price target to $60.
- Piper Sandler analyst Matt O’Brien sets a new price target at $45.
Analyst Brent Bracelin has currently the highest performing score on STAA with 19/23 (82.61%) price target fulfillment ratio. His price targets carry on average an $15.09 (24.27%)potential upside. STAAR Surgical stock price reaches these price targets on average within 62 days.
Axcelis Technologies Authorizes Additional $200 Million for Share Repurchase Program
On Tuesday, Axcelis Technologies reported that its Board of Directors authorized an additional $200 million in funding for the company’s share repurchase program.
From 2019 through Q2 of the current year, the company has returned over $157 million to shareholders through stock repurchases. The additional funding is planned to sustain the program after the current board-allocated funding is depleted later in the year. Low also noted that the company’s business model and cash flow are sufficiently robust to support both long-term investment and cash returns to shareholders.
Analysts maintain positive view on
- Benchmark analyst Mark Miller reaffirms his Buy rating, keeping the price target at $215.
- BofA Securities analyst Duksan Jang begins coverage on Axcelis Technologies, issuing a Buy” rating and setting a price target of $225.
Analyst Elyse Greenspan (WELLS FARGO) has currently the highest performing score on AXS with 10/11 (90.91%) price target fulfillment ratio. Her price targets carry on average an $4.94 (11.17%) potential upside. Axcelis stock price reaches these price targets on average within 234 days.