In this article, we’ll look at 10 stocks that received updated price targets from analysts after their recent earnings. If you want to see some more companies on the list, go directly to Analysts Revise Price Targets on These 5 Stocks After Earnings.
The Dow Jones Industrial Average and S&P 500 gained 1.27 percent and 0.04 percent, respectively, as of 01:21 PM ET today. The surge appears to have been driven by positive GDP data for the third quarter. The data showed that US GDP improved by 2.6 percent in the September quarter, above the average estimate of analysts calling for an increase of 2.4 percent. On the other hand, the 10-year Treasury yield fell below 4 percent, adding to the gains of these indexes.
However, the technology-led Nasdaq Composite fell again on Thursday morning following disappointing financial results from Meta Platforms, Inc. (NASDAQ:META). The social network giant missed revenue expectations for Q3 and issued a weak sales outlook for the current quarter.
The latest earnings posted by Meta Platforms, Inc. (NASDAQ:META) fell to a near seven-year low. Meanwhile, several analysts have cut their price targets for Meta Platforms, Inc. (NASDAQ:META), following the results.
In addition, ServiceNow, Inc. (NYSE:NOW) and Canadian Pacific Railway Limited (NYSE:CP) are also among the notable companies that received updated price targets from analysts after their recent earnings. Check out the complete article to see why analysts have changed their price targets for these stocks.
10. IDEX Corporation (NYSE:IEX)
Number of Hedge Fund Holders: 25
Mizuho boosted its target price for IDEX Corporation (NYSE:IEX) from $205 per share to $208 per share on Thursday, October 27. The research firm’s increased price reflects the company’s better results than expected Q3.
IDEX Corporation (NYSE:IEX) recently reported adjusted earnings of $2.14 per share, topping the consensus of $2 per share. Third-quarter revenue also jumped 16 percent from a year ago to $824 million, beating expectations of $780.88 million.
Additionally, IDEX Corporation (NYSE:IEX) also upgraded its full-year adjusted earnings outlook to a range of $8.04 – $8.09 per share.
9. VF Corporation (NYSE:VFC)
Number of Hedge Fund Holders: 29
JPMorgan cut its price target for VF Corporation (NYSE:VFC) from $35 per share to $29 per share on Thursday, October 27. Analyst Tom Nikic was primarily touched by the apparel and footwear company’s revised earnings for all year.
VF Corporation (NYSE:VFC) recently lowered its fiscal 2023 adjusted profit outlook to a range of $2.40 – $2.50 per share, from its previous projection of between $2.60 – $2.70 per share. The company blamed currency headwinds and high inventory levels for the weakness.
The Denver-based company updated the outlook with its fiscal second quarter results. VF Corporation (NYSE:VFC) reported adjusted earnings of 73 cents per share, below the consensus estimate of 75 cents. Revenue for the quarter fell about 4 percent on a year-over-year basis to $3.1 billion, roughly matching expectations.
8. Teladoc Health, Inc. (NYSE: TDOC)
Number of Hedge Fund Holders: 32
Barclays cut its price target for Teladoc Health, Inc. (NYSE:TDOC) from $33 per share to $32 per share on Thursday, October 27. The price-target cut comes after Teladoc cut the upper end of its 2022 adjusted EBITDA outlook from $265 million to $250 million.
However, shares of Teladoc Health, Inc. (NYSE:TDOC) climbed more than 10 percent Thursday morning following its impressive financial results for the third quarter. The virtual health care company reported a loss of 45 cents per share, narrower than a loss of 53 cents per share last year.
In addition, Teladoc Health, Inc. (NYSE:TDOC) posted revenue of $611.4 million, representing an increase of 17 percent on a year-over-year basis. The results were better than analysts’ average estimate for a loss of 55 cents per share on revenue of $608.76 million.
Like Teladoc Health, Inc. (NYSE:TDOC), analysts also revised their price targets for Meta Platforms, Inc. (NASDAQ:META), ServiceNow, Inc. (NYSE:NOW) and Canadian Pacific Railway Limited (NYSE:CP), after their recent earnings.
7. Align Technology, Inc. (NASDAQ:ALGN)
Number of Hedge Fund Holders: 33
The Shares of Align Technology, Inc. (NASDAQ:ALGN) fell to a new 52-week low on Thursday, October 27, after posting disappointing financial results for the third quarter. Several analysts cut their price targets for the medical device company following its weak quarterly performance.
Piper Sandler analyst Jason Bednar cut his price target for Align Technology, Inc. (NASDAQ:ALGN) from $300 to $230, while Stifel analyst Jonathan Block cut his price target for the stock from $325 to $265. Both analysts were primarily moved by the company’s recent earnings.
Meanwhile, Align Technology, Inc. linked. (NASDAQ:ALGN)’s weak performance on macroeconomic uncertainty, unfavorable foreign exchange rates and weakening consumer confidence.
Generally, Align Technology, Inc. (NASDAQ:ALGN) reported adjusted earnings of $1.36 per share for the third quarter, down from $2.87 per share in the corresponding period of 2021. Sales were also down 12.4 percent from a year ago to $890.3 million. The results missed analysts’ average estimates of $2.21 per share for earnings and $974.89 million for revenue.
6. O’Reilly Automotive, Inc. (NASDAQ:ORLY)
Number of Hedge Fund Holders: 41
Shares of O’Reilly Automotive, Inc. (NASDAQ:ORLY) climbed to a new 52-week high on Thursday, October 27, after crushing financial expectations for the third quarter. The impressive performance prompted Wells Fargo to raise its price target for the auto parts retailer from $800 per share to $850 per share.
O’Reilly Automotive, Inc. (NASDAQ:ORLY) reported earnings of $9.17 per share, up from $8.07 per share last year. Revenue for the quarter also improved 9 percent from a year ago to $3.80 billion. Analysts were looking for earnings of $8.47 per share on revenue of $3.71 billion.
Looking forward, O’Reilly Automotive, Inc. (NASDAQ:ORLY) guided for earnings in the range of $32.35 – $32.85 per share and revenue between $14.1 – $14.3 billion for the full year.
Speaking on the results, the CEO of O’Reilly Automotive, Inc. said. (NASDAQ:ORLY), Greg Johnson, in a statement:
“We are pleased to report a very strong performance in the third quarter, highlighted by a 7.6% increase in comparable store sales and an incredible three-year cumulative comparable sales increase of the store 31.2%.
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Disclosure: None. Analysts Revise Price Targets on These 10 Stocks After Earnings was originally published on Insider Monkey.