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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.”

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Disclosure: None. 10 Stocks Receiving Price Target Hikes After Earnings Beat is originally published on Insider Monkey.

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