Selected stock price target news of the day - September 24th, 2024

By: Matthew Otto

Apple iPhone 16 Launch: AI Features Delayed, Early Demand Mixed

Apple’s iPhone 16 has officially launched, but its anticipated generative artificial intelligence (AI) features will not be available at release. According to Apple, the AI-driven software update, called Apple Intelligence, is scheduled to begin rolling out in October. This update will eventually bring new functionalities such as enhanced Siri capabilities and email editing across iPhones, iPads, and Macs. The initial rollout will be limited to English, with other languages following in the coming months.

Early market indicators show mixed demand for the iPhone 16 compared to previous models. Rosenblatt analyst Barton Crockett reported slightly lower shipment times and Google search volumes, though he noted that the delayed AI features might be influencing early sales. Crockett maintains a Buy rating for Apple, setting a price target of $261.

Evercore ISI analyst Amit Daryanani also observed stronger demand in the U.S. and U.K., markets where Apple Intelligence will be available sooner. Daryanani rates Apple as Outperform with a $250 price target. While iPhone sales decreased in 2023, analysts expect growth to resume by 2025, driven by hardware and software updates available in the iPhone 16.

Analysts Offer Mixed Ratings Amid Delayed AI Features

Needham analyst Laura Martin reiterated a Buy rating and a $260 price target.
BofA Securities analyst Wamsi Mohan reiterated a Buy rating, with a $256 price target.
Barclays analyst Tim Long reiterated an Underweight rating, and set a price target of $186.
Rosenblatt analyst Barton Crockett maintained a Buy rating and set a price target of $261.
Evercore ISI analyst Amit Daryanani rated Outperform, with a $250 price target.

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

Analyst Krish Sankar (TD COWEN) currently has the highest performing score on AAPL with 30/31 (96.77%) price target fulfillment ratio. His price targets carry an average of $31.76 (14.55%) potential upside. Apple stock price reaches these price targets on average within 183 days.

Biohaven Reports Trial Results for Spinocerebellar Ataxia Drug, Plans FDA Submission

Biohaven reported that its investigational drug, troriluzole, met the primary endpoint in a clinical trial for Spinocerebellar Ataxia (SCA), a rare genetic disorder affecting the nervous system. Additionally, Biohaven stated that it plans to submit a marketing application to the U.S. Food and Drug Administration (FDA), with a potential market launch anticipated in 2025.

The trial data showed that troriluzole slowed disease progression by 50% to 70% over three years of treatment. The SCA condition, which is caused by the degeneration of brain and spinal cord cells, affects approximately 15,000 people in the U.S., according to company estimates, and currently has no FDA-approved treatments.

Analyst Christopher Raymond of Piper Sandler commented that troriluzole had been largely dismissed by investors after the previous regulatory issue but now forecasts potential U.S. revenues reaching $250 million by 2030.

Analyst Upgrades Following Positive Trial Results

RBC Capital analyst Leonid Timashev maintained an Outperform rating and raised the price target from $59 to $68.
Cantor Fitzgerald analyst Charles Duncan reiterated an Overweight rating.
HC Wainwright & Co. analyst Douglas Tsao reiterated a Buy rating and a $59 price target.
Piper Sandler analyst Christopher Raymond maintained an Overweight rating and raised the price target from $66 to $76.
Baird analyst Brian Skorney held an Outperform rating and increased the price target from $58 to $60.

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

Analyst Tessa Romero (JPMORGAN) currently has the highest performing score on BHVN with 7/7 (100%) price target fulfillment ratio. Her price targets carry an average of $8.69 (18.37%) potential upside. Biohaven Pharmaceutical Holding stock price reaches these price targets on average within 56 days.

Lennar Reports Third Quarter Results, Exceeding Analyst Expectations with $1.2 Billion in Earnings

Lennar Corporation announced its third quarter 2024 financial results, reporting net earnings of $1.2 billion, or $4.26 per diluted share, marking a 10% increase in earnings per share from $3.87 in the prior year quarter. Excluding mark-to-market gains and one-time items, adjusted net earnings stood at $1.1 billion, or $3.90 per diluted share, which was $0.26 better than the analyst estimate of $3.64.

Revenues from home sales rose 9% to $9.0 billion, driven by a 16% increase in home deliveries, totaling 21,516 homes. New orders also saw a 5% uptick, reaching 20,587 homes, while the backlog grew to 16,944 homes valued at approximately $7.7 billion. Gross margin on home sales was reported at 22.5%, and net margin at 15.8%.

Lennar maintained its balance sheet with $4.0 billion in cash and cash equivalents and no outstanding borrowings under its $2.2 billion revolving credit facility. Lennar achieved a homebuilding debt-to-total capital ratio of 7.6%.

Looking ahead, Lennar anticipates delivering between 22,500 and 23,000 homes in the fourth quarter of 2024, with new orders projected to range from 19,000 to 19,300. The average sales price is expected to be around $425,000, with gross margins on home sales anticipated to remain flat compared to the third quarter. Additionally, Lennar forecasts financial services operating earnings of approximately $140 million.

Analyst Ratings Shift Following Q3 Results

Evercore ISI Group analyst Stephen Kim maintained an Outperform rating, yet lowered the price target from $240 to $236.
Citigroup analyst Anthony Pettinari kept a Neutral rating and raised the price target from $164 to $196.
JP Morgan analyst Michael Rehaut maintained a Neutral rating while increasing the price target from $154 to $173.
RBC Capital analyst Mike Dahl continued with an Underperform rating, and raised the price target from $145 to $160.
Zelman & Associates upgraded from Neutral to Outperform.

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

Analyst Susan Maklari (GOLDMAN SACHS) currently has the highest performing score on LEN with 12/12 (100%) price target fulfillment ratio. Her price targets carry an average of $1.5 (0.87%) potential upside. Lennar Corporation stock price reaches these price targets on average within 247 days.