Telecommunications

Sell Roku Stock, Analyst Says. Walmart’s Vizio Acquisition ‘Creates Substantial Risk.’ — Barrons.com

/ / Telecommunications /

By Emily Dattilo The competitive landscape is changing, and that presents problems for Roku, Wells Fargo says. Analysts led by Steven Cahall downgraded shares of the media-streaming company to Underweight from Equal Weight and slashed their target for the stock price to $51 from $77. They lowered their forecasts for net additions of subscribers, revenue, gross profit, and other metrics in a Tuesday report. In morning trading, Roku shares were down 1.4% to $63.46, while the S&P 500 was flat. The core of the issue is that earlier this month, when Walmart filed its fourth-quarter earnings, the retailer confirmed reports it was buying the smart TV manufacturer Vizio for about $2.3 billion, or $11.50 a share. The acquisition will help Walmart make gains with its advertising business, Walmart Connect, Barron’s reported. Owning a TV maker allows a company to snap up dollars from advertising, which is quickly becoming a profit […]

Sell Roku Stock, Analyst Says. Walmart’s Vizio Acquisition ‘Creates Substantial Risk.’ — Barrons.com Read Post »

Splunk Sees Acquisition by Cisco Closing in Late 1Q, Early 2Q

/ / Telecommunications /

Splunk has a clearer ending time period for the pending acquisition by Cisco. The analytics and security-software company says the deal, which remains subject to regulatory approvals and conditions, is now expected to close in late 1Q or early 2Q. Networking-equipment giant Cisco in September struck a $28 billion deal to buy Splunk.

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Verizon Set for Strong 2024 With MyPlan Growth and Data-Driven Strategies, Analyst Forecasts

/ / Telecommunications /

KeyBanc analyst Brandon Nispel had an Overweight rating on Verizon Communications Inc (NYSE:VZ) with a price target of $46. The analyst hosted a vNDR with Verizon’s CEO of Verizon Consumer Group (VCG), Sowmyanarayan Sampath (Sampath). Nispel noted that with operational changes implemented in 2023, Verizon will see better performance on the VCG in 2024. The analyst flagged the interesting commentary mainly centered around myPlan, where Verizon is seeing intake ARPUs increasing double digits Y/Y, myPlan lines will likely double in 2024 from 13 million as of the fourth quarter, and the attach rate on perks is up, which could help improve the margins. He noted that several changes should help enhance KPIs for VCG going forward. The analyst stated that Verizon is beginning to talk more openly about using data within its business, whereby it tracks over 1,500 data points on every customer. The data allows VZ to implement personalized offers, break down

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Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings

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Verizon Communications Inc. ((NYSE, NASDAQ:VZ) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/20/2024 -11.63% RBC Capital $35 → $36 Maintains Sector Perform 01/31/2024 8% Barclays → $44 Downgrades Overweight → Equal-Weight 01/30/2024 15.37% Citigroup $45 → $47 Maintains Buy 01/26/2024 8% Barclays $42 → $44 Maintains Overweight 01/25/2024 22.73% Tigress Financial $45 → $50 Maintains Buy 01/24/2024 5.55% UBS $37 → $43 Maintains Neutral 01/24/2024 8% Wells Fargo $40 → $44 Maintains Equal-Weight 01/24/2024 12.91% Raymond James $42 → $46 Maintains Outperform 01/24/2024 15.37% Daiwa Capital → $47 Upgrades Neutral → Outperform 01/24/2024 12.91% Keybanc $45 → $46 Maintains Overweight 01/04/2024 12.91% Wolfe Research → $46 Upgrades Peer Perform → Outperform 01/03/2024 10.46% Keybanc → $45 Upgrades Sector Weight → Overweight 12/19/2023 5.55% Oppenheimer → $43 Reiterates Outperform → Outperform 12/14/2023 3.09% Citigroup $40 → $42 Maintains Buy 12/13/2023 -1.82% Wells

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Cisco Systems Fiscal Q2 Likely to Show Pressure in Networking Segment, BofA Says

/ / Telecommunications /

Cisco Systems’ (CSCO) fiscal Q2 results are expected to highlight the weakness in the networking market amid a depleted order backlog, BofA Securities said Monday in an earnings preview. With backlog largely depleted, BofA said it is projecting a 9% and 7% product revenue decline in fiscal Q2 and fiscal 2024, respectively, led by Service Provider spending slowdown, Cloud Providers digesting previous purchases, and Enterprises responding to the economic cycle. “With backlog drawdown now offering limited support post-1Q, coupled with weak underlying spending initiatives, we believe growth will go through a steep correction in FY24 and model product revenue to decline 9%, 13% and 12% YoY in the next three quarters, respectively,” BofA said. BofA expects Cisco’s fiscal 2024 and 2025 product revenue to rebase at around $40 billion to $41 billion, compared with consensus estimates of $41 billion and $42 billion, respectively. Cisco’s reported plan to lay off “thousands”

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Arista Shares Slide Despite Fourth Quarter Earnings Beat — Barrons.com

/ / Telecommunications /

By Eric J. Savitz Arista Networks stock gave ground in late trading Monday, after the networking equipment company posted fourth-quarter results that edged Street estimates. Apparently, investors wanted more than Arista delivered. For the December quarter, Arista posted revenue of $1.54 billion, up 21% from a year earlier. That was toward the top end of the company’s guidance range of $1.5 billion to $1.55 billion, and just ahead of the Street consensus forecast as tracked by FactSet of $1.53 billion. The company posted a non-GAAP gross margin of 64.9%, above the company’s forecast of 63%. Adjusted profit was $2.08 a share, ahead of the Street consensus at $1.70. For the March quarter, Arista expects revenue of between $1.52 billion to $1.56 billion, with non-GAAP gross margin of 62%, and non-GAAP operating margin of 42%. Street consensus estimates for the quarter had called for $1.53 billion in revenue and profit of

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Ocean Power Technologies Receives Funding for AT&T 5G-Enabled PowerBuoy(R) Deployment in Monterey Bay

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Ocean Power Technologies Receives Funding for AT&T 5G-Enabled PowerBuoy(R) Deployment in Monterey Bay 5G at Sea: Innovative Partnership with Naval Postgraduate School Ushers in New Era of Maritime Technology and Connectivity MONROE TOWNSHIP, N.J., Feb. 14, 2024 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced that it has received funding from the Naval Postgraduate School (NPS) in Monterey, California, for the year-long deployment of a PowerBuoy(R) in Monterey Bay. The PowerBuoy(R) , integrating OPT’s Maritime Domain Awareness System (MDAS) along with cutting-edge Satellite communication and AT&T 5G technology, will demonstrate its persistent surveillance and communications capacities in a maritime environment. This deployment marks a significant milestone in maritime technology, showcasing the potential of standalone at-sea infrastructure nodes to support the Joint Force’s diverse operational needs. This project will be

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Heard on the Street: Cisco Systems Is Having a Rough Hangover After a Big Year — WSJ

/ / Telecommunications /

By Dan Gallagher How good was Cisco Systems’s most-recent fiscal year? Too good, as it turns out. The maker of networking and telecommunications equipment said late Wednesday that revenue fell nearly 6% year over year to $12.8 billion in its fiscal second quarter ( ended January. That was in line with the company’s prior forecast, but also the most significant revenue decline Cisco has seen in more than three years. The company projected an even steeper drop of 16% for the current quarter, ending April. The recent declines mark a rapid change of fortune for Cisco. The company saw a boom in sales ( in the fiscal year that ended in July, as customers snapped up equipment that had been hard to come by during the pandemic’s supply shortages. Cisco’s revenue rose 10.6% for the year, its best annual performance in more than a decade. But many of the customers

Heard on the Street: Cisco Systems Is Having a Rough Hangover After a Big Year — WSJ Read Post »

Roku Hits Major Milestones, Surpassing 80 Million Active Accounts and More Than 100 Billion Streaming Hours in 2023

/ / Telecommunications /

TV streaming pioneer sees continued growth in scale and engagement as a top choice for viewers’ TV experience SAN JOSE, Calif. – Feb. 15, 2024 – Roku, Inc. (NASDAQ: ROKU) has more than 80 million active accounts and counting, a major marker of the company’s growth and scale as consumers continue to move to TV streaming. Viewer engagement on Roku is also at a record high—for the first time, more than 100 billion hours were streamed on the platform in 2023, averaging a record of 4.1 hours per day per account in Q4. Additionally, in the U.S., Roku’s active account base is now bigger than the subscribers of the six largest traditional pay-TV providers* combined. “As the leading TV streaming platform, Roku aims to make television better for everyone,” said Anthony Wood, Founder and CEO, Roku. “In a world where one day all TV will be streamed, we’re immensely proud to be the

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CFRA Keeps Hold Rating On Shares Of Roku, Inc. (NASDAQ: ROKU)

/ / Telecommunications /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: With ongoing worries on advertising spending, we lower our target price by $4 to $85 using a forward price to sales of 3.1x, in line with direct peers. We narrow our LPS by $0.50 to -$1.90 and start our 2025 LPS at -$1.10 per share. Roku, Inc. (NASDAQ: ROKU) posted Q4 2023 LPS of -$0.58, a $0.03 consensus miss. Our revenue forecast is $3.89B for 2024 and $4.42B for 2025 versus $3.48B in 2023, driven by subscriber growth and advertising revenue. ROKU’s Q4 net subscriber adds were +4.2M, or +14% Y/Y to 80.0M at year end, and ARPU declined 4% Y/Y to $39.92 per user. In Q4, the Platform segment realized 13% Y/Y revenue growth (84% of total revenue) and gross margins 55.3%, flat Y/Y. Devices was

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