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Revenues

LLY

The head of Lilly International spoke at the Reuters Global Markets Forum, indicating efforts to increase capacity for Tirzepatide, a drug also known as Mounjaro. The expansion of Mounjaro is contingent on regulatory approvals, reimbursement, and adequate supplies. The discussion took place at Davos, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:17 pm

IDCC

InterDigital, Inc. (NASDAQ:IDCC) shares rose after the company released preliminary Q4 results, with revenues of approximately $105 million and non-GAAP diluted EPS of $1.34, surpassing expectations. The company also provided a strong Q1 outlook for 2024, with revenue projections between $245 million to $255 million, significantly higher than the analyst consensus of $106.12 million. The positive financial outlook is attributed to the release of a value allowance against deferred tax assets in certain foreign jurisdictions.

Portfolio Pulse from Nabaparna Bhattacharya

January 16, 2024 | 3:04 pm

BSX

Boston Scientific (NYSE:BSX) has been reviewed by 10 analysts over the last three months, with a mix of bullish and somewhat bullish ratings, and no bearish or somewhat bearish ratings. The average 12-month price target for BSX is now $63.8, up from $60.67, with a high estimate of $67.00 and a low estimate of $60.00. Analysts from firms such as RBC Capital, Raymond James, and others have maintained or raised their price targets and ratings, indicating a positive outlook on the company. Boston Scientific's financials show strong revenue growth and net margin but below-average ROE and ROA. The company's market capitalization is above industry averages, and it has a lower than average debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:00 pm

AXSM

Axsome Therapeutics (NASDAQ:AXSM) has received mixed analyst ratings over the past three months, with 6 analysts offering opinions ranging from bullish to bearish. The average 12-month price target for AXSM is $135.67, with a high estimate of $180.00 and a low of $108.00, indicating a 50.74% increase from the previous average target of $90.00. Analysts from firms including Piper Sandler, HC Wainwright & Co., Cantor Fitzgerald, and Citigroup have provided updates, with one raising the price target from $90.00 to $113.00. Axsome Therapeutics is a clinical-stage biopharmaceutical company focused on CNS disorders. Financially, the company has shown a significant revenue growth rate of 243.07% as of September 30, 2023, but struggles with profitability and efficiency, as indicated by its net margin of -107.62%, ROE of -22.69%, and ROA of -10.26%. Its debt-to-equity ratio of 0.69 is below the industry average.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:00 pm

PNC

PNC Financial Services Group Inc (NYSE:PNC) reported a 7% Y/Y revenue decline in Q4 FY23 to $5.36 billion, slightly beating consensus estimates. Net interest income dropped 8% Y/Y, and noninterest income fell 6% Y/Y, primarily due to lower trading revenue. Average loans increased 1% Y/Y, while average deposits decreased 3% Y/Y. The company's provision for credit losses was $232 million, down from $408 million a year ago. Adjusted EPS was $3.16, above the consensus of $2.94. PNC declared a quarterly dividend of $1.55 per share and returned $0.7 billion to shareholders through dividends and share repurchases. For FY24, PNC expects revenue to be stable to 2%, with net interest income declining 4%-5% Y/Y. PNC shares fell 2.32% in premarket trading.

Portfolio Pulse from Lekha Gupta

January 16, 2024 | 2:58 pm

GS

Goldman Sachs Group Inc (NYSE:GS) reported a Q4 2023 GAAP EPS of $5.48, beating the consensus of $3.43. Despite a 24% Y/Y dip in net income for fiscal 2023, Q4 net income rose 51% to $2 billion. Q4 revenue was $11.32 billion, up 7% Y/Y, with Asset & Wealth Management revenue increasing 23% Y/Y to $4.39 billion. The firm hit its $225 billion alternatives fundraising target. GS shares rose 0.25% to $378.69.

Portfolio Pulse from Vandana Singh

January 16, 2024 | 2:35 pm

PSNL

Personalis, Inc. has announced that Medicare will cover its NeXT Dx Test, a genomic tumor profiling assay designed to guide cancer treatment. This coverage is expected to increase the test's accessibility to a broader patient population, potentially improving patient outcomes and supporting Personalis' revenue growth.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:07 pm

TAOP

Taoping Inc. (NASDAQ:TAOP) reported an 80% increase in contract revenue value for the full year of 2023 compared to 2022, with contracts totaling approximately $37.94 million. The majority of this revenue is expected to be recognized in fiscal year 2023, with the remainder in 2024. The growth was driven by demand for the company's city partner ecosystem and software development and advertising solutions. Taoping is investing in new AI-driven products, expecting significant contributions in fiscal year 2024. The CEO anticipates continued strong growth in 2024, with new contributions from the Cloud Nest AI system, Smart City solutions, and other AI-driven businesses.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:05 pm

SNX

TD SYNNEX (NYSE:SNX) has reached a significant milestone with over 2,000 partners engaged in its Enablement Journey for Copilot for Microsoft 365, and more than 500 individuals certified in the program. The expansion of Copilot for Microsoft 365 to cloud solution providers reflects the industry's readiness to embrace generative AI and its transformative potential. TD SYNNEX's Enablement Journey provides technical, operational, and cultural guidance to partners, supporting enhanced collaboration and productivity. Microsoft commends TD SYNNEX's efforts in leading AI transformation and expanding Copilot's availability.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:03 pm

GIII

G-III Apparel Group (NASDAQ:GIII) received mixed analyst ratings with 1 somewhat bullish, 5 indifferent, and 1 somewhat bearish over the last quarter. The average 12-month price target is $28.43, up 15.57% from the previous $24.60. Analysts from Wells Fargo, UBS, Barclays, Telsey Advisory Group, and Keybanc have adjusted their price targets, reflecting a positive outlook on the company's performance. G-III Apparel Group, a textile company with brands like DKNY and Calvin Klein, has shown strong profitability with a net margin of 11.96% and ROE of 8.85%, but faced a revenue decline of -1.04% over 3 months.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 2:00 pm