In this article, we will take a look at the 10 stocks that recently received revised price targets from analysts. If you want to see some other companies on the list, go directly to Analysts are Revising Prices Targets for These 5 Stocks.
U.S. stocks inched lower on Thursday morning as the 10-year Treasury yield hit a record high. The surge in Treasury yields also overshadowed the better-than-expected earnings reports of companies like Lam Research Corporation (NASDAQ:LRCX) and Netflix, Inc. (NASDAQ:NFLX). In addition, Tesla, Inc. (NASDAQ:TSLA) and International Business Machines Corporation (NYSE:IBM) were also among the notable stocks that came into the limelight after their recent earnings.
Meanwhile, analysts continue to react to the latest financial performances of these companies. They revised their price targets for Netflix, Inc. (NASDAQ:NFLX), Lam Research Corporation (NASDAQ:LRCX) and Tesla, Inc. (NASDAQ:TSLA). Check out the complete article to see some more stocks with updated price targets from analysts.
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10. Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 26
Morgan Stanley slashed its price target for Palantir Technologies Inc. (NYSE:PLTR) from $11 per share to $10 per share on Thursday, October 20, as the research firm expects the weaker environment to persist through the next year.
Meanwhile, Palantir Technologies Inc. (NYSE:PLTR) recently secured a multi-year deal with car rental company Hertz. The partnership will allow Hertz to improve its operational efficiencies using Palantir’s data-driven insights.
Earlier this week, Palantir Technologies Inc. (NYSE:PLTR) also announced its Q3 earnings release date. It plans to report its financial results for the third quarter on November 7.
9. The Travelers Companies, Inc. (NYSE:TRV)
Number of Hedge Fund Holders: 31
RBC Capital lifted its price target for The Travelers Companies, Inc. (NYSE:TRV) from $165 per share to $180 per share on Thursday, October 20. The research firm referred to the company’s lower-than-expected catastrophe losses in Q3.
The Travelers Companies, Inc. (NYSE:TRV) released its financial results for the third quarter on Wednesday, October 19. The insurance company reported core earnings of $2.20 per share, down from $2.60 per share in the year-ago period but well above the consensus of $1.56 per share.
Speaking on the results, CEO of The Travelers Companies, Inc. (NYSE:TRV), Alan Schnitzer, said in a statement:
“Even in the face of challenging weather, we generated meaningful profit with core income for the quarter of $526 million, or $2.20 per diluted share, and core return on equity of 7.9%. These results benefited from record net earned premiums of $8.6 billion, up 10% compared to the prior year period.”
8. Hewlett Packard Enterprise Company (NYSE:HPE)
Number of Hedge Fund Holders: 37
Citi analyst Jim Suva trimmed his price target for Hewlett Packard Enterprise Company (NYSE:HPE) from $13.50 per share to $11.50 per share on Thursday, October 20. Suva was primarily moved by the company’s earnings and cash flow outlook for fiscal 2023.
The price-target cut came a day after Hewlett Packard Enterprise Company (NYSE:HPE) issued its profit guidance for its fiscal 2023. The software and computer services provider expects adjusted earnings in the range of $1.96 – $2.04 for the year, below analysts’ average estimate of $2.10 per share.
Moreover, Hewlett Packard Enterprise Company (NYSE:HPE) projected revenue growth of 2 – 4 percent and free cash flow between $1.9 – $2.1 billion for the same period.
Besides Hewlett Packard Enterprise Company (NYSE:HPE), analysts also changed their price targets for Netflix, Inc. (NASDAQ:NFLX), Lam Research Corporation (NASDAQ:LRCX) and Tesla, Inc. (NASDAQ:TSLA).
7. International Business Machines Corporation (NYSE:IBM)
Number of Hedge Fund Holders: 40
BofA lowered its price target for International Business Machines Corporation (NYSE:IBM) from $155 per share to $145 per share on Tuesday, October 18. Analyst Wamsi Mohan believes foreign exchange headwinds will continue to affect the company’s sales. Nevertheless, Mohan kept a “Buy” rating for International Business Machines Corporation (NYSE:IBM).
Meanwhile, International Business Machines Corporation (NYSE:IBM) released its third-quarter results on Wednesday, October 19. The company reported adjusted earnings of $1.81 per share on revenue of $14.11 billion. Analysts were calling for earnings of $1.77 per share and revenue of $13.51 billion.
Speaking on the results, International Business Machines Corporation (NYSE:IBM) said foreign-exchange rates would reduce its full-year sales by 7 percent. On the bright side, IBM reaffirmed its free cash flow guidance of about $10 billion for the year.
6. Lockheed Martin Corporation (NYSE:LMT)
Number of Hedge Fund Holders: 55
RBC Capital increased its price target for Lockheed Martin Corporation (NYSE:LMT) from $420 per share to $455 per share on Wednesday, October 19. The research firm was mainly moved by the company’s recent earnings.
Earlier this week, Lockheed Martin Corporation (NYSE:LMT) posted better-than-expected profit for the third quarter. The aerospace and defense company earned $6.87 per share on an adjusted basis, up from $6.60 per share in the corresponding period of 2021. Analysts were looking for earnings of $6.72 per share.
Meanwhile, Lockheed Martin Corporation (NYSE:LMT) also reaffirmed its financial outlook for the full year. It continues to expect earnings of $21.55 per share on revenue of about $65.3 billion.
Among other updates, Lockheed Martin Corporation (NYSE:LMT) said it intends to repurchase $4 billion worth of its common stock during the fourth quarter.
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Disclosure: None. Analysts are Revising Prices Targets for These 10 Stocks is originally published on Insider Monkey.
