Streetbeat News

Earnings

NX

Benchmark analyst Reuben Garner has reiterated a Buy rating on Quanex Building Products Corporation (NYSE:NX) and raised the price target to $33. The company's Q3 results beat estimates with record quarterly margins due to solid operational controls. The strong FCF outlook has led the analyst to predict potential opportunistic buybacks or a dividend increase. However, inflationary pressures and a tepid macro view could lead to a mixed FY24.

Portfolio Pulse from Nabaparna Bhattacharya

September 06, 2023 | 6:41 pm

ADI

AMBA

SMTC

Semtech Corp (SMTC) has been upgraded from Hold to Buy by Needham analyst Quinn Bolton, with a $35 price target. The analyst sees potential for significant long-term upside, despite potential near-term volatility due to weak end-market demand and inventory digestion in the IoT and telecom markets. The incoming CEO, Paul Pickle, is expected to introduce a new long-term operating model and highlight potential divestiture opportunities. Roth MKM analyst Scott Searle also reiterated Semtech with a Buy and a $56 price target.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 6:08 pm

F

TSLA

Tesla's Model Y continues to lead the EV SUV market, but Ford's Mustang Mach-E has seen a strong rebound in sales, ranking second in August. Ford's sales were up 61.3% YoY with 5,033 units sold in August. However, year-to-date sales are down 10.7% YoY. Ford's F-150 Lightning sales dropped by 57.1% in August due to a factory shutdown. Ford's Q2 revenue for its EV segment was $1.8 billion, up 39% YoY. Ford's shares are down 2.03% to $11.84.

Portfolio Pulse from Chris Katje

September 06, 2023 | 5:19 pm

ASND

Ascendis Pharma reported a Q2 earnings beat and entered a royalty funding agreement with Royalty Pharma, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 5:18 pm

ACI

KR

Telsey Advisory Group analyst Joseph Feldman reiterated an Outperform rating on Kroger Company (NYSE:KR) with a price target of $55. Kroger's growth is expected to be driven by geographic expansion and digital initiatives. The company's acquisition of Albertsons Companies, Inc. (NYSE:ACI) is also expected to solidify its leadership in the U.S. grocery market. Feldman expects Kroger to report solid Q2 earnings on September 8, with an EPS of $0.92.

Portfolio Pulse from Nabaparna Bhattacharya

September 06, 2023 | 5:17 pm

HQY

HealthEquity's shares are trading higher following the company's release of better-than-expected Q2 results and strong guidance. The company's performance has exceeded market expectations, leading to a positive market response.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 5:17 pm

CNM

Core & Main reported a Q2 miss and narrowed its FY23 guidance, leading to a decrease in its share prices.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 5:12 pm

ZS

Zscaler Inc (NASDAQ:ZS) reported better-than-expected fiscal Q4 results with a 43% YoY increase in revenue to $455.01 million, beating the consensus estimate of $430.42 million. The company also reported quarterly earnings of 64 cents per share, surpassing analyst estimates of 49 cents per share. Following the announcement, several analysts increased their price targets on Zscaler. Despite the positive results, Zscaler shares fell 3.8% to trade at $156.54 on Wednesday.

Portfolio Pulse from Lisa Levin

September 06, 2023 | 4:50 pm

ASAN

Asana Inc's (ASAN) stock plummeted after Q2 earnings release. Analysts from Piper Sandler, Oppenheimer, JMP Securities, RBC Capital Markets, and KeyBanc Capital Markets provided mixed reviews. While some praised Asana's cost containment efforts and potential for growth, others pointed out the company's decelerating revenue growth and weak leading indicators. Asana's shares declined by 12.94% to $18.84.

Portfolio Pulse from Priya Nigam

September 06, 2023 | 4:47 pm

CE

KeyBanc Capital Markets analyst Aleksey Yefremov upgraded Celanese Corp (NYSE:CE) to Overweight from Sector Weight with a price target of $149. The analyst believes the company is well-positioned for global manufacturing economic recovery and organic growth opportunities. The company's debt refinancing has lowered risk-related maturities in 2023-2025 and is expected to generate enough FCF to cover maturities over the next 2+ years. The analyst revised FY23 and FY24 EBITDA and EPS estimates.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 4:43 pm