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10 Stocks Receiving Price Target Hikes After Earnings Beat

In this article, we will discuss the 10 stocks receiving price target hikes after earnings beat. If you want to see more such stocks on the list, you can directly visit 5 Stocks Receiving Price Target Hikes After Earnings Beat.

The fourth-quarter earnings season is underway, with Tesla, Inc. (NASDAQ:TSLA), Mastercard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V) among the notable stocks recently posting their results.

Meanwhile, analysts continue to update their price targets for stocks following earnings. Tesla, Inc. (NASDAQ:TSLA), Mastercard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V) also received price target hikes from analysts after beating profit expectations for Q4.

Moreover, industrials stocks, including General Electric Company (NYSE:GE) and Lockheed Martin Corporation (NYSE:LMT), also made it to the list of 10 stocks receiving price target hikes after earnings beat. Check out the remaining article to find the details of these price actions.

10. Halliburton Company (NYSE:HAL)

Number of Hedge Fund Holders: 48

Susquehanna lifted its price target for Halliburton Company (NYSE:HAL) from $51 per share to $57 per share on Wednesday, January 25, following its Q4 results. Analyst Charles Minervino praised a 33 percent surge in dividend announced in the latest quarterly report. Besides, he predicted a double-digit sales growth for the company’s North American segment.

Halliburton Company (NYSE:HAL) recently reported adjusted earnings of 72 cents per share for the quarter ended December 31. Analysts, on average, were looking for earnings of 67 per share.

In addition, Halliburton Company (NYSE:HAL) posted revenue of $5.582 billion, up 30.5 percent on a year-over-year basis and above analysts’ average estimate of $5.580 billion. Moreover, the oil field service giant announced a dividend of 16 cents per share for Q1, up from 12 cents per share in the prior quarter.

9. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 53

JPMorgan raised its price target for General Electric Company (NYSE:GE) from $45.50 per share to $50 per share on Friday, January 27. The price-target hike came a couple of days after the Massachusetts-based industrial conglomerate exceeded Q4 estimates on solid demand for its power equipment and aircraft engines.

General Electric Company (NYSE:GE) earned $1.24 per share on an adjusted basis, up from 82 cents per share in the year-ago period and above the consensus of $1.13 per share. In addition, adjusted sales for the quarter rose 11 percent versus last year to $21 billion.

On the downside, General Electric Company (NYSE:GE) offered a weak sales outlook for the full year amid persistent challenges in its renewable energy segment. GE projected adjusted earnings in the range of $1.60 to $2 per share, against the consensus of $2.36 per share.

8. Lockheed Martin Corporation (NYSE:LMT)

Number of Hedge Fund Holders: 53

Lockheed Martin Corporation (NYSE:LMT) is next on the list of 10 stocks receiving price target hikes after earnings beat. The security and aerospace giant reported adjusted earnings of $7.79 per share for the fourth quarter, up from $7.22 per share in the year-ago period.

In addition, Lockheed Martin Corporation (NYSE:LMT) posted revenue of $19 billion, up from $17.7 billion in the corresponding quarter of 2021. The results exceeded the consensus of $7.39 per share for earnings and $18.27 billion for revenue.

Subsequently, research firm Susquehanna raised its price target for Lockheed Martin Corporation (NYSE:LMT) from $510 per share to $512 per share on January 25 after the latest earnings beat.

7. Raytheon Technologies Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 55

Raytheon Technologies Corporation (NYSE:RTX) recently announced its fourth-quarter profit above expectations. As a result, Citi increased its price target for the aerospace and defense conglomerate from $104 per share to $106 per share on Thursday, January 26.

The company reported adjusted earnings of $1.27 per share, compared to $1.08 per share in the same period of the prior year. Revenue came in at $18.1 billion, up 6 percent over the comparable period of 2021.

Analysts expected Raytheon Technologies Corporation (NYSE:RTX) to earn $1.24 per share on revenue of $18.15 billion. Among other updates, Raytheon announced that it repurchased $408 million worth of its common stock during Q4.

Like Raytheon Technologies Corporation (NYSE:RTX), analysts also updated their price targets for Tesla, Inc. (NASDAQ:TSLA), Mastercard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V).

6. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders: 57

RBC Capital raised its price target for Freeport-McMoRan Inc. (NYSE:FCX) from $40 per share to $47 per share on Thursday, January 26. Analyst Sam Crittenden was primarily moved by the company’s Q4 earnings beat. Crittenden believes the mining company is well set to capitalize on the higher copper and gold prices this year.

Freeport-McMoRan Inc. (NYSE:FCX) reported adjusted earnings of 52 cents per share for the three months ended December 31, crushing the expectations of 43 cents per share. Revenue came in at $5.76 billion, against the consensus of $5.42 billion.

Discussing the results, CEO of Freeport-McMoRan Inc. (NYSE:FCX), Richard C. Adkerson, said in a statement:

“The Freeport team’s performance in 2022 was solid. We achieved another year of growth in production volumes and enhanced our position as a leading producer of copper. I am particularly proud of the notable successful execution of our long-term projects in Indonesia and the significant accomplishments of our entire global team to address challenges faced by the global mining industry.”

5. Texas Instruments Incorporated (NASDAQ:TXN)

Number of Hedge Fund Holders: 59

Several market research firms raised their price targets for Texas Instruments Incorporated (NASDAQ:TXN) on Wednesday, January 25, after the Q4 earnings beat. BMO Capital lifted its price target from $195 to $215, UBS raised its price target from $165 to $190, and Benchmark increased its price target from $189 to $203.

If we look at the results, Texas Instruments Incorporated (NASDAQ:TXN) reported earnings of $2.13 per share for the fourth quarter, beating estimates of $1.98 per share. The quarterly sales of $4.67 billion also topped the consensus of $4.62 billion.

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4. AT&T Inc. (NYSE:T)

Number of Hedge Fund Holders: 61

Cowen raised its price target for AT&T Inc. (NYSE:T) from $24 per share to $25 per share on Thursday, January 26, citing the company’s good quarterly performance. The telecommunications giant posted adjusted earnings of 61 cents per share for Q4, up from 56 cents per share in the year-ago period.

Revenue came in at $31.3 billion, representing a surge of less than one percent on a year-over-year basis. Analysts expected AT&T Inc. (NYSE:T) to earn 57 cents per share on revenue of $31.4 billion.

Speaking on the results, CEO of AT&T Inc. (NYSE:T), John Stankey, said in a statement:

“We met or surpassed all of our profitability targets for the year, all while investing at record levels to bring the benefits of our 5G and fiber technologies to even more people. As we enter 2023, I’m confident in the trajectory of our business and in our team’s ability to deliver profitable and durable growth for our shareholders.”

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3. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 88

Tesla, Inc. (NASDAQ:TSLA) is next on the list of 5 stocks receiving price target hikes after earnings beat. The electric vehicle giant earned $1.19 per share on revenue of $24.32 billion in Q4. This compares to the consensus of $1.13 per share for earnings and $24.16 billion for revenue.

Looking forward, Tesla, Inc. (NASDAQ:TSLA) expects to produce 1.8 million vehicles in 2023. However, CEO Elon Musk said the company could potentially produce 2 million vehicles if everything goes smoothly and there is no major disruption (in terms of the supply chain, war, pandemic etc.)

A number of research firms raised their price targets for Tesla, Inc. (NASDAQ:TSLA) on Thursday, January 26, after recent earnings. Wedbush increased its price target from $175 to $200, Wells Fargo lifted its price target from $130 to $150 and BofA raised its price target from $130 to $155.

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2. Mastercard Incorporated (NYSE:MA)

Number of Hedge Fund Holders: 146

Mastercard Incorporated (NYSE:MA) received a price target hike from Deutsche Bank after delivering better-than-expected results for Q4. The research firm increased its price target for the payment-processing giant from $375 per share to $430 per share on Friday, January 27.

For the fourth quarter, Mastercard Incorporated (NYSE:MA) reported adjusted earnings of $2.65 per share, beating the consensus of $2.57 per share. The quarterly revenue of $5.82 billion also exceeded the consensus of $5.81 billion.

Separately, investment management firm L1 Capital also talked about Mastercard Incorporated (NYSE:MA) in its December 2022 quarterly report. Here’s what the firm said:

“During the December 2022 Quarter over 50% of the Fund’s holdings’ share prices increased by more than 10% in local currency with a number of them increasing by more than 20%. Five companies positively contributed over 0.5% (in AUD) to the Fund’s returns for the quarter which includes Mastercard Incorporated (NYSE:MA). Mastercard’s share price also increased over 20% in the December 2022 Quarter. These companies span a range of industries and size by market capitalization and include both ‘Growth’ and cyclical ‘Value’ businesses. All meet the L1 Capital International unique definition of Quality.”

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1. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 165

Visa Inc. (NYSE:V) recently posted impressive financial results for its fiscal first quarter. The digital payment services provider reported adjusted earnings of $2.18 per share, up 21 percent over the year-ago period.

Revenue for the quarter also rose 12 percent versus last year to $7.9 billion. Analysts expected Visa Inc. (NYSE:V) to earn $2.01 per share on revenue of $7.7 billion.

Subsequently, Raymond James analyst John Davis lifted his price target for Visa Inc. (NYSE:V) from $261 per share to $281 per share on Friday, January 27, citing the company’s solid quarterly performance.

Speaking on the results, CEO Alfred F. Kelly, Jr., said in a statement:

“In our fiscal first quarter of 2023, Visa grew net revenues 12% year over year as we saw stable payments volume and processed transaction growth and continued cross-border travel recovery. We had 8% growth in GAAP EPS, 21% growth in non-GAAP EPS and returned $4 billion to shareholders.”

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Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

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