Streetbeat News

Earnings

ADTX

DELL

NVOS

OLN

PD

TAOP

U.S. stocks traded mixed with the Dow Jones gaining around 50 points. Energy shares jumped by 1.9%. The U.S. economy added 187,000 jobs in August. Taoping Inc. (TAOP), Dell Technologies Inc. (DELL), and Novo Integrated Sciences, Inc. (NVOS) shares went up after positive earnings reports and announcements. Aditxt, Inc. (ADTX), PagerDuty, Inc. (PD), and Olin Corporation (OLN) shares fell due to various reasons including weak earnings forecast and leadership changes.

Portfolio Pulse from Lisa Levin

September 01, 2023 | 6:37 pm

VEEV

Veeva Systems' shares are trading higher following a Q2 earnings beat and guidance above estimates. Several analysts have raised their price targets on the stock.

Portfolio Pulse from Benzinga Newsdesk

September 01, 2023 | 6:34 pm

VMW

VMware reported mixed Q2 financial results, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

September 01, 2023 | 6:30 pm

DG

Raymond James analyst Bobby Griffin has downgraded Dollar General Corp (NYSE:DG) from Strong Buy to Outperform and lowered the price target from $200 to $160. The downgrade reflects a lower near-term earnings outlook due to margin pressure and consumer weakness. Dollar General reported Q2 FY23 sales growth of 3.9% to $9.80 billion, missing the analyst consensus. The company also lowered its FY23 EPS outlook to $7.10 - $8.30 and sales growth to 1.3% - 3.3%. Despite the downgrade, the analyst believes that Dollar General is not a permanently broken business.

Portfolio Pulse from Shivani Kumaresan

September 01, 2023 | 6:24 pm

SIG

Telsey Advisory Group analyst Dana Telsey has reiterated the Market Perform rating on Signet Jewelers Limited (NYSE:SIG), raising the price target to $82 from $71. Telsey expects engagement sales to start recovering towards the end of FY24. Despite a Q2 sales decline of 8.1% YoY, SIG beat the analyst consensus with $1.61 billion. The company continues to see FY24 sales of $7.10 billion - $7.30 billion. However, Telsey sees a more conservative back half outlook due to macro challenges and a volatile consumer spending environment.

Portfolio Pulse from Nabaparna Bhattacharya

September 01, 2023 | 6:23 pm

ELV

SPY

XLV

Elevance Health's stock price has stagnated in 2023 despite strong earnings growth, expected future growth, and an attractive forward Price/Earnings ratio. The stock is trading nearly 20% below its 52-week high, creating an attractive buy point. The company has grown earnings per share by 10.3% per year over the last five years and is expected to grow EPS by 12.7% per year over the next five years. It also has a forward P/E of 11.9 and a 1.3% dividend, which has been increasing by an average of 14.7% per year over the last 10 years.

Portfolio Pulse from Cory Mitchell

September 01, 2023 | 6:06 pm

OXM

Oxford Industries, Inc. (NYSE:OXM) has failed to meet analyst expectations for Q2 FY23, with sales growth of 16% YoY to $420.32 million, missing the consensus of $424.27 million. The company's earnings beat was due to better expense management and a lower tax rate. However, Q2 gross margin deleverage resulted from increased e-commerce flash sales and end-of-season clearance events. The company expects Q3 sales of $320 million-$335 million, with Adjusted EPS of $0.90-$1.00. Telsey Advisory Group analyst Dana Telsey has lowered the price target for OXM to $107 from $115.

Portfolio Pulse from Nabaparna Bhattacharya

September 01, 2023 | 5:59 pm

HCP

Needham analyst Alex Henderson reiterated a Buy rating on HashiCorp, Inc. (NASDAQ:HCP), raising the price target to $36 from $34. HashiCorp reported an Adjusted EPS loss of $(0.10) in Q2 FY24, beating the estimate of $(0.15). The company modestly raised guidance across the board, upping the growth outlook to 20%-21% for FY24. Henderson expects HCP to deliver solid margin leverage over time and believes that growth will rebound to 30%+ annually over the next several years.

Portfolio Pulse from Nabaparna Bhattacharya

September 01, 2023 | 5:56 pm

DSGX

The Descartes Systems Group Inc (NASDAQ:DSGX) is set to report Q2 FY24 earnings on September 6, 2023. Analysts from RBC Capital Markets expect Q2 to match consensus and anticipate that organic growth is stabilizing in the mid-single-digit range. They forecast Q2 revenue up 14% Y/Y to $141 million and an adjusted EBITDA of $60 million. The analysts also predict organic growth to slow from 7.0% Q1 to 5.5% Q2, stabilizing at 5.0-5.5% going forward. RBC maintains an Outperform rating with a price target of $95.

Portfolio Pulse from Vandana Singh

September 01, 2023 | 5:56 pm

CSCO

NTNX

Nutanix Inc (NASDAQ:NTNX) reported better-than-expected Q4 FY23 earnings, leading to several analysts raising their price targets. The company's revenue increased by 28% Y/Y to $494.21 million, beating the consensus estimate of $475.16 million. Nutanix's board also authorized a share repurchase program of up to $350 million. Analysts are bullish on Nutanix's global strategic partnership with Cisco Systems Inc (NASDAQ:CSCO) related to simplifying hybrid multi-cloud and boosting business transformation.

Portfolio Pulse from Lekha Gupta

September 01, 2023 | 5:48 pm