In this article, we will take a look at the 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 are Revising Prices Targets of 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 was apparently driven by positive GDP data for the third quarter. The data showed that U.S. GDP improved 2.6 percent in the September quarter, above analysts’ average estimate calling for a gain of 2.4 percent. On the other hand, the 10-year Treasury yield dropped below 4 percent, adding to the gains of these indices.
However, the tech-dominated Nasdaq Composite once again fell on Thursday morning following disappointing financial results of Meta Platforms, Inc. (NASDAQ:META). The social network giant missed earnings expectations for Q3 and issued a weak sales outlook for the current quarter.
The latest earnings sent Meta Platforms, Inc. (NASDAQ:META) shares down to a nearly seven-year low. Meanwhile, several analysts trimmed 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) were 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 revised their price targets for these stocks.
10. IDEX Corporation (NYSE:IEX)
Number of Hedge Fund Holders: 25
Mizuho lifted its price target 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-than-expected Q3 results.
IDEX Corporation (NYSE:IEX) recently reported adjusted earnings of $2.14 per share, topping the consensus of $2 per share. The third-quarter revenue also jumped 16 percent versus the year-ago period to $824 million, smashing the expectations of $780.88 million.
In addition, IDEX Corporation (NYSE:IEX) also improved its full-year adjusted earnings outlook to a range of $8.04 – $8.09 per share.
9. V.F. Corporation (NYSE:VFC)
Number of Hedge Fund Holders: 29
JPMorgan slashed its price target for V.F. Corporation (NYSE:VFC) from $35 per share to $29 per share on Thursday, October 27. Analyst Tom Nikic was primarily moved by the apparel and footwear company’s revised profit outlook for the full year.
V.F. Corporation (NYSE:VFC) recently decreased its fiscal 2023 adjusted profit outlook to a range of $2.40 – $2.50 per share, from its previous projection between $2.60 – $2.70 per share. The company blamed currency headwinds and elevated inventory levels for the weakness.
The Denver-based company updated the outlook along with its fiscal second quarter results. V.F. Corporation (NYSE:VFC) reported adjusted earnings of 73 cents per share, below the consensus of 75 cents. Revenue for the quarter declined about 4 percent on a year-over-year basis to $3.1 billion, nearly matching expectations.
8. Teladoc Health, Inc. (NYSE:TDOC)
Number of Hedge Fund Holders: 32
Barclays trimmed 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 apparently came after Teladoc reduced the upper end of its 2022 adjusted EBITDA outlook from $265 million to $250 million.
Nevertheless, Teladoc Health, Inc. (NYSE:TDOC) shares climbed over 10 percent on Thursday morning following its impressive financial results for the third quarter. The virtual healthcare company reported a loss of 45 cents per share, narrower than a loss of 53 cents per share in the year-ago period.
In addition, Teladoc Health, Inc. (NYSE:TDOC) posted revenue of $611.4 million, representing a surge 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
Shares of Align Technology, Inc. (NASDAQ:ALGN) plunged 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 trimmed 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. (NASDAQ:ALGN) attributed the weak performance to macroeconomic uncertainty, unfavorable foreign exchange rates and fading consumer confidence.
Overall, Align Technology, Inc. (NASDAQ:ALGN) reported adjusted earnings of $1.36 per share for the third quarter, well below $2.87 per share in the corresponding period of 2021. Sales also dropped 12.4 percent versus last year to $890.3 million. The results missed analysts’ average estimate 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 compelled 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 in the year-ago period. Revenue for the quarter also advanced 9 percent versus last year 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, CEO of O’Reilly Automotive, Inc. (NASDAQ:ORLY), Greg Johnson, said in a statement:
“We are pleased to report very strong performance in the third quarter, highlighted by a 7.6% increase in comparable store sales and an incredible three-year stacked comparable store sales increase of 31.2%.”
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Disclosure: None. Analysts are Revising Prices Targets of These 10 Stocks After Earnings is originally published on Insider Monkey.
