In this article, we discuss the 5 stocks that recently received revised price targets from analysts. If you want to see some more stocks on the list, go directly to Analysts are Revising Prices Targets for These 10 Stocks.
5. Lam Research Corporation (NASDAQ:LRCX)
Number of Hedge Fund Holders: 56
Evercore ISI lowered its price target for Lam Research Corporation (NASDAQ:LRCX) from $500 per share to $450 per share on Thursday, October 20. The research firm referred to recent tensions between the U.S. and China that could hurt the company’s growth.
The price-target cut came a day after Lam Research Corporation (NASDAQ:LRCX) warned that the latest ban on high-end chips to China could reduce its 2023 revenue in the range of $2 – $2.5 billion.
Lam Research Corporation (NASDAQ:LRCX) made these comments while discussing its financial results for the September quarter. The company reported adjusted earnings of $10.42 per share for the three months ended September 25, beating the consensus of $9.57 per share. The quarterly revenue of $5.07 billion also exceeded the expectations of $4.92 billion.
4. The Procter & Gamble Company (NYSE:PG)
Number of Hedge Fund Holders: 71
Barclays raised its price target for The Procter & Gamble Company (NYSE:PG) from $139 per share to $145 per share on Thursday, October 20. The research firm was moved by the company’s better-than-expected results for the latest quarter.
The Procter & Gamble Company (NYSE:PG) released the financial results for its fiscal first quarter on Wednesday, October 19. The consumer goods giant reported adjusted earnings of $1.57 per share, surpassing the expectations of $1.54 per share. Revenue came in at $20.61 billion, while analysts were looking for $20.28 billion.
Speaking on the results, CEO of The Procter & Gamble Company (NYSE:PG), Jon Moeller, said in a statement:
“We delivered solid results in our first quarter of fiscal 2023 in a very difficult cost and operating environment. These results enable us to maintain our guidance ranges for organic sales and EPS growth for the fiscal year despite continued significant headwinds.”
3. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 72
Shares of Tesla, Inc. (NASDAQ:TSLA) slid over four percent on Thursday, October 20, after RBC Capital cut its price target for the electric vehicle giant from $340 per share to $325 per share.
The price-target cut follows the company’s mixed financial results for the third quarter. Tesla, Inc. (NASDAQ:TSLA) reported adjusted earnings of $1.05 per share, beating the consensus of 99 cents per share. On the downside, its quarterly sales of $21.45 billion missed the expectations of $21.96 billion.
Separately, Tesla, Inc. (NASDAQ:TSLA) also appeared in the second-quarter 2022 investor letter of investment management firm Carillon Tower Advisers. Here’s what the firm said:
“Tesla, Inc. (NASDAQ:TSLA), the electric vehicle and clean energy company, is set to recall more than 100,000 cars in China over a potential safety risk and is reportedly delaying a plan to restore production at its Shanghai plant. CEO Elon Musk was reported to have said that the company would cut 10% of salaried staff and freeze hiring due to a bad feeling he has about the economy.”
2. Netflix, Inc. (NASDAQ:NFLX)
Number of Hedge Fund Holders: 95
Macquarie increased its price target for Netflix, Inc. (NASDAQ:NFLX) from $230 per share to $285 per share on Wednesday, October 19. The research firm pointed towards the company’s latest earnings and impressive subscriber growth for the third quarter.
Netflix, Inc. (NASDAQ:NFLX) recently announced better-than-expected financial results for the third quarter. The video-streaming giant reported earnings of $3.10 per share, down from $3.19 per share in the year-ago period but well above analysts’ average estimate of $2.13 per share. The quarterly revenue of $7.93 billion also exceeded the consensus of $7.837 billion.
Among other updates, Netflix, Inc. (NASDAQ:NFLX) reported that it added 2.41 million new subscribers in the latest quarter, significantly higher than its own outlook of 1 million additions. Looking forward, the company expects to add around 4.5 million subscribers in the current quarter.
1. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 258
Piper Sandler reduced its price target for Microsoft Corporation (NASDAQ:MSFT) from $312 per share to $275 per share on Thursday, October 20. The research firm believes factors like foreign exchange headwinds and declining IT spending could negatively impact the company’s sales and free cash flow projections for 2023.
Earlier this week, several reports suggested that Microsoft Corporation (NASDAQ:MSFT) recently cut about 1,000 jobs. Industry experts are linking the reported layoffs to the company’s decelerating sales growth.
Like Microsoft Corporation (NASDAQ:MSFT), many notable firms, such as Meta Platforms and Twitter also reduced their global workforce amid an uncertain macro environment.
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