Streetbeat News

Earnings

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

CETXP

CXAI

DAVE

DELL

HKIT

IFBD

IOT

KERN

MINM

NTNX

SLNH

TAOP

During Friday's intraday session, several information technology stocks experienced significant movements. Gainers included Taoping (NASDAQ:TAOP), Hitek Global (NASDAQ:HKIT), Dell Technologies (NYSE:DELL), Nutanix (NASDAQ:NTNX), Samsara (NYSE:IOT), and Dave (NASDAQ:DAVE). Losers included CXApp (NASDAQ:CXAI), Infobird Co (NASDAQ:IFBD), Akerna (NASDAQ:KERN), Minim (NASDAQ:MINM), Soluna Holdings (NASDAQ:SLNH), and Cemtrex (NASDAQ:CETXP). Earnings reports were released for TAOP, DELL, NTNX, and IOT.

Portfolio Pulse from Benzinga Insights

September 01, 2023 | 5:31 pm

LULU

NKE

Lululemon Athletica Inc (NASDAQ:LULU) has reported an 18% YoY increase in sales to $2.21 billion for the quarter ending July 30th, beating Refinitiv’s consensus estimate of $2.17 billion. The growth was driven by strong international sales, particularly in China, which saw a 61% increase. The company also raised its full-year guidance. Lululemon is pursuing a strategy to double its 2021 revenue of $6.25 billion to $12.5 billion by 2026, which includes expanding its brick-and-mortar footprint and direct-to-consumer revenue, and strengthening its position in the men's department.

Portfolio Pulse from Upwallstreet

September 01, 2023 | 5:25 pm

ADTX

DELL

EDBL

ESTC

ICCT

OLN

TAOP

UPTD

In Friday's mid-day session, several stocks experienced significant movements. Notable gainers included Edible Garden AG Incorporated (EDBL), TradeUP Acquisition Corp. (UPTD), and Taoping Inc. (TAOP), which reported a YoY increase in H1 EPS and sales results. Dell Technologies Inc. (DELL) and Elastic N.V. (ESTC) also gained after reporting better-than-expected Q2 results and raising their outlooks. On the other hand, Aditxt, Inc. (ADTX) and iCoreConnect Inc. (ICCT) were among the losers, with Olin Corporation (OLN) tumbling after announcing that its CEO will step down in 2024.

Portfolio Pulse from Lisa Levin

September 01, 2023 | 5:18 pm