In this article, we discuss the 5 stocks that received updated price-targets from analysts after their recent earnings. If you want to see some more stocks on the list, go directly to Analysts are Revising Prices Targets of These 10 Stocks After Earnings.
5. General Dynamics Corporation (NYSE:GD)
Number of Hedge Fund Holders: 42
RBC Capital lifted its price target for General Dynamics Corporation (NYSE:GD) from $270 per share to $275 per on Thursday, October 27. The research firm was moved by the aerospace company’s Q3 results, particularly by the solid performance of its aerospace segment.
The price-target hike came a day after General Dynamics Corporation (NYSE:GD) posted better-than-expected results for the third quarter. The Virginia-based company reported earnings of $3.26 per share, up from $3.07 per share in the year-ago period and above expectations of $3.15 per share.
Revenue for the quarter rose 4.3 percent versus last year to $10 billion, beating the consensus of $9.92 billion. General Dynamics Corporation (NYSE:GD) also released its segment-wise sales results.
Revenue from its aerospace unit climbed 13.6 percent to $2.35 billion, while revenue from the marine systems unit increased 5 percent to $2.77 billion in the quarter.
4. Canadian Pacific Railway Limited (NYSE:CP)
Number of Hedge Fund Holders: 42
Barclays improved its price target for Canadian Pacific Railway Limited (NYSE:CP) from $77 per share to $81 per share on Thursday, October 27, following the company’s third-quarter results.
Canadian Pacific Railway Limited (NYSE:CP) reported adjusted earnings of C$1.01 per share on revenue of C$2.31 billion. The results were slightly higher than the consensus forecast. Speaking on the results, CEO of Canadian Pacific Railway Limited (NYSE:CP), Keith Creel, said:
“CP’s unique growth initiatives coupled with a robust Canadian grain harvest provide a strong volume backdrop as we finish the year. We are well-positioned to carry the momentum we gained in the third quarter through the rest of the year and beyond.”
3. Roper Technologies, Inc. (NYSE:ROP)
Number of Hedge Fund Holders: 48
Roper Technologies, Inc. (NYSE:ROP) recently delivered impressive financial results for the third quarter and raised its outlook for the full year. Referring to its recent earnings, Wells Fargo improved its price target for the diversified industrial company from $500 per share to $540 per share on Thursday, October 27.
The Florida-based company earned $3.67 per share on an adjusted basis, topping the expectations of $3.46 per share. Revenue for the quarter rose 10 percent versus last year to $1.35 billion, while analysts expected Roper Technologies, Inc. (NYSE:ROP) to generate revenue of $1.32 billion.
For fiscal 2022, Roper Technologies, Inc. (NYSE:ROP) increased its adjusted earnings outlook to a range of $14.09 – $14.13 per share, from its previous projection between $13.46 – $13.62 per share. The updated outlook is significantly higher than the consensus of $13.61 per share.
2. ServiceNow, Inc. (NYSE:NOW)
Number of Hedge Fund Holders: 99
Truist cut its price target for ServiceNow, Inc. (NYSE:NOW) from $550 per share to $525 per share on Thursday, October 27. The research firm pointed towards currency headwinds that continue to impact the top-line results of ServiceNow.
The price-target cut follows the software company’s mixed results for Q3. ServiceNow, Inc. (NYSE:NOW) posted sales of $1.831 billion for the quarter, marginally below the consensus of $1.85 billion.
On the bright side, ServiceNow, Inc. (NYSE:NOW) reported adjusted earnings of $1.96 per share, easily beating the estimates of $1.84 per share. ServiceNow stock jumped over 12 percent on Thursday morning following the results.
Separately, ServiceNow, Inc. (NYSE:NOW) also appeared in the third-quarter 2022 investor letter of investment management firm Ensemble Capital Management. Here’s what the firm said:
“ServiceNow, Inc. (NYSE:NOW) (-20.6%): While ServiceNow’s mission critical software is an area we expect to remain very resilient even in the face of a difficult macro-economic environment, the company has seen a slow down in new deals closing particularly in Europe. ServiceNow’s software helps large enterprises shift workflows onto a cloud-based software platform and is a key tool to enable digital transformation. This transformation is something that all large companies will need to grapple with as they seek to drive revenue and lower costs by making their business processes more efficient.”
1. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 184
Meta Platforms, Inc. (NASDAQ:META) is in deep trouble after posting financial results for the third quarter. Meta stock plunged to its lowest price in nearly seven years after the opening bell on Thursday, October 27.
The social network giant reported adjusted earnings of $1.64 per share, well below $3.22 per share in the comparable period of 2021. The numbers also missed analysts’ average estimate of $1.86 per share.
In addition, Meta Platforms, Inc. (NASDAQ:META) posted revenue of $27.7 billion, representing a drop of 4 percent over the corresponding period of 2021. However, it was nearly in line with the consensus forecast.
Investors were also disappointed with its fourth-quarter sales guidance. Meta Platforms, Inc. (NASDAQ:META) projected revenue of $30 – $32.5 billion for the December quarter. The midpoint of the outlook fell short of $32.4 billion estimated by analysts.
Meanwhile, several research firms cut their price targets for Meta Platforms, Inc. (NASDAQ:META) on Thursday, October 27, following its weak quarterly report. Canaccord lowered its price target for the stock from $250 to $200, JPMorgan slashed its price target from $180 to $115 and Deutsche Bank trimmed its price target from $170 to $125.
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