Streetbeat News

Earnings

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) shares dropped 10.7% to $10.23 after UBS downgraded the stock from Buy to Sell and reduced its price target from $24 to $8. The downgrade follows mixed Q4 financial results and a 10% workforce reduction. Despite exceeding revenue expectations with $1.32 billion in Q4, Rivian reported a loss of $1.36 per share. The company produced 17,541 vehicles and delivered 13,972 in Q4, with annual figures at 57,232 produced and 50,122 delivered. Year to date, RIVN shares have fallen 40.73%, outperforming its historical average annual return of -51.56%. The stock's RSI of 9.26 suggests it is oversold.

Portfolio Pulse from Henry Khederian

February 23, 2024 | 8:35 pm

ATI

PLL

SXC

ZEUS

Analyst Gregory Lewis downgraded Piedmont Lithium (PLL) to Neutral post Q4 and FY 2023 results, showing revenue growth and operational improvements. ATI Inc. (ATI) appoints Kimberly A. Fields as new CEO, aiming for significant revenue and EBITDA growth by 2027. SunCoke Energy (SXC) announces CEO Michael G. Rippey's retirement, with Katherine T. Gates succeeding him. Olympic Steel (ZEUS) reports a profitable year despite industry challenges, increasing its quarterly dividend.

Portfolio Pulse from Austin DeNoce

February 23, 2024 | 8:12 pm

KYMR

Kymera Therapeutics (NASDAQ:KYMR) received mixed analyst ratings with an updated average 12-month price target of $39.5, reflecting a 3.95% increase from the previous target. Analysts from JP Morgan, Stifel, B of A Securities, and Wells Fargo adjusted their ratings and price targets, indicating varied expectations for the company's performance. Despite the optimistic price targets, Kymera faces challenges such as a significant revenue decline of -50.5% over 3 months and below-average returns on equity and assets, alongside a high debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

February 23, 2024 | 8:01 pm

DIS

FOXA

WBD

Citigroup analyst Jason Bazinet upgraded Fox Corp (NASDAQ:FOXA) from Neutral to Buy, raising the price target from $34 to $35, following the announcement of a sports joint venture with Walt Disney Co (NYSE:DIS) and Warner Bros Discovery, Inc (NASDAQ:WBD). The JV, which encompasses ~50% of US sports rights, is expected to positively impact Fox's revenue and EBITDA for fiscal years 2025 and 2026. The Justice Department is reviewing the JV due to potential consumer and market concerns. Fox's Q2 2023 revenues were $4.23 billion, with an adjusted EPS of $0.34, beating consensus.

Portfolio Pulse from Anusuya Lahiri

February 23, 2024 | 7:42 pm

NICE

NICE Ltd (NASDAQ:NICE) reported strong Q4 fiscal 2023 results with a 9.6% year-over-year revenue growth to $623.19 million, surpassing consensus estimates. Adjusted EPS rose to $2.36 from $2.04, beating expectations. The company provided optimistic FY24 guidance, expecting significant revenue and EPS growth. Following the report, analysts from Wedbush, RBC Capital, and JMP Securities raised their price targets on NICE. Despite the positive results and outlook, NICE shares fell 2.7% to $238.90.

Portfolio Pulse from Avi Kapoor

February 23, 2024 | 7:39 pm

VZ

KeyBanc analyst Brandon Nispel maintains an Overweight rating on Verizon Communications Inc (NYSE:VZ) with a price target of $46, citing strong growth prospects for 2024 due to operational changes and data-driven strategies. The focus on myPlan is expected to double its lines and increase ARPUs, while personalized offers from extensive data analysis are anticipated to improve customer outcomes and Verizon's performance. Despite a recent price increase causing first-quarter softness, Verizon's competitive position and financial metrics are improving.

Portfolio Pulse from Anusuya Lahiri

February 23, 2024 | 7:38 pm

EVH

Evolent Health, Inc. (NYSE:EVH) reported Q4 earnings of 23 cents per share, surpassing estimates of 15 cents. Sales were $556.05 million, exceeding expectations of $542.39 million. CEO Seth Blackley highlighted a strong year with over 45% annual revenue growth and successful integration of NIA. Shares rose 11.5% to $33.20. Canaccord Genuity and JMP Securities adjusted their price targets on EVH following the results.

Portfolio Pulse from Avi Kapoor

February 23, 2024 | 7:31 pm

TAC

TransAlta reported Q4 earnings and announced an enhanced common share repurchase program of up to C$150 million, leading to a rise in its share price.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 7:27 pm

AXTI

AXT, Inc. (NASDAQ:AXTI) reported Q4 sales of $20.4 million, surpassing the consensus of $17.6 million and showing improvement from Q3's $17.4 million. Adjusted operating expenses decreased to $7.5 million from $9.0 million the previous year, though the adjusted operating loss widened to $(2.7) million from $(0.3) million a year ago. CEO Morris Young highlighted AI as a new catalyst for demand in indium phosphide for rapid data transfer. Following the report, AXT shares surged 82.8% to $4.17. Analysts from Craig-Hallum, Wedbush, and Needham revised their price targets and ratings, showing increased optimism.

Portfolio Pulse from Avi Kapoor

February 23, 2024 | 7:24 pm

AU

AngloGold Ashanti's shares have seen an increase in value following the announcement of their financial results for the fiscal year 2023.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 7:15 pm