CFRA Maintains Buy Opinion On Shares Of Comcast Corporation

/ / Telecommunications /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target price at $50, applying an EV/EBITDA multiple of 7.4x to our ’24 estimate, in line with its three-year historical average multiple, reflecting our positive outlook on the company. We trim our ’24 EPS estimate by $0.04 to $4.24 and lower ’25’s by $0.05 to $4.55. CMCSA reported Q1 operating EPS of $1.04 vs. $0.92, $0.05 above the consensus. Q1 revenue grew 1.2%, driven by 1.1% growth in Content and Experiences fueled by 3.6% growth in Media, and a 1.5% increase in Theme Parks, partially offset by a 7.2% decline in Studios due to lower licensing revenue. Domestic broadband customers fell 65k and video customers fell 487k, while wireless customer additions were 289k. While wireless results will likely continue to impress, we see […]

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CFRA Maintains Strong Buy Opinion On Shares Of Microsoft Corporation

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We hold our 12-month target at $475 on a P/E of 33x our CY 25 view, above historical given AI growth trajectory and visibility. We raise our FY 24 (Jun.) EPS estimate to $11.89 from $11.74, adjust FY 25 to $13.22 from $13.43, and keep FY 26 at $15.39. MSFT posts Mar-Q EPS of $2.94 vs. $2.45, ahead of our $2.84 estimate. Sales rose 17%, above our view, led by Intelligent Cloud (+21%), More Personal Computing (+18%), and Productivity and Business Processes (+12%). Elevated Azure Cloud growth (31% vs. our 29% view) is sparking investor enthusiasm, with 7 points of growth from AI (near our forecast), while adoption from Microsoft 365 Copilot remains promising with a longer tail. MSFT Jun-Q guide was near expectations with sustained Azure

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Hilton Reports First Quarter Results

/ / Consumer Discretionary /

Hilton Reports First Quarter Results MCLEAN, Va.–(BUSINESS WIRE)–April 24, 2024– Hilton Worldwide Holdings Inc. (“Hilton,” “the Company,” “we,” “us” or “our”) (NYSE: HLT) today reported its first quarter 2024 results. Highlights include: This press release features multimedia. View the full release here: — Diluted EPS was $1.04 for the first quarter, and diluted EPS, adjusted for special items, was $1.53 — Net income was $268 million for the first quarter — Adjusted EBITDA was $750 million for the first quarter — System-wide comparable RevPAR increased 2.0 percent, on a currency neutral basis, for the first quarter compared to the same period in 2023 — Approved 29,800 new rooms for development during the first quarter, bringing Hilton’s development pipeline to a record 472,300 rooms as of March 31, 2024, representing growth of 10 percent from March 31, 2023 — Added 16,800 rooms to Hilton’s system in the first quarter, resulting in

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U.S. Durable Goods Propelled by Boeing Rebound

/ / Industrials /

A resumption of orders at Boeing looks to have driven an increase in durable-goods orders last month, says Stephen Brown, North America economist at Capital Economics. Orders picked up pace in March, government figures show Wednesday, but this was down largely to a big swing in civilian aircraft orders. “The rise in headline orders was largely due to a … rebound in non-defence aircraft orders amid the resumption of orders at Boeing, following the 737 Max-related woes at the start of the year,” Brown notes, referring to safety concerns that took a heavy toll on the planemaker in the first months of the year. Stripping out this volatile component, heavy-duty goods saw only a slight increase on the month and overall investment in business equipment probably declined, Brown writes in a note.

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Visa (V) Q2 2024 Earnings Conference

/ / Industrials /

The following is a summary of the Visa Inc. (V) Q2 2024 Earnings Call Transcript: Financial Performance: Visa reported a strong Q2 with net revenue of $8.8 billion, indicating a 10% increase. Both GAAP and non-GAAP EPS recorded growth of 12% and 20% respectively. Payments volume showed an increase of 8% YoY in constant dollars, with U.S payments and international payments growing by 6% and 11%. Cross-border volume growth was recorded as 16% YoY excluding Intra-Europe transactions. The company adjusted its outlook for payment volume growth to high single digits from low double digits. Visa anticipates a continued robust growth in mid-teens for total cross-border volume excluding Intra-Europe. Q3 projections include low double-digit net revenue growth similar to Q2 and low teen growth for adjusted operating expenses. Business Progress: Visa expanded, adding over 100 million credentials YoY, and 20 million of those in Europe were converted from domestic networks to

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Tesla(TSLA) Q1 2024 Earnings Conference

/ / Consumer Discretionary /

The following is a summary of the Tesla, Inc. (TSLA) Q1 2024 Earnings Call Transcript: Financial Performance: Tesla experienced a seasonal decline in auto revenues with auto margins dipping from 18.9% to 18.5%. Negative free cash flow of $2.5 billion in Q1 2024 was seen due to an increased inventory and CapEx for AI compute. The Energy business set a new record with margins reaching 24.6% with forecasts of energy storage deployments growing at least 75% higher from 2023. Business Progress: Despite global pressures on the EV market, Tesla is investing in energy storage deployments and expects record profitability in the coming years. The production of new vehicle models has been expedited with production starting in 2025. Tesla’s AI-driven Full Self Driving (FSD) Version 12 is now on 1.8 million vehicles, with its subscription price reduced to $99 a month. The company’s core AI infrastructure is set to expand from

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CFRA Keeps Hold Opinion On Shares Of United Parcel Service (UPS)

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $149, raised $1, reflects a 15x multiple of projected ’25 EPS, in line with UPS’s historical forward average. We cut our ’24 EPS estimate by $0.14 to $8.22, but raise ’25’s by $0.07 to $9.96. Q1 EPS of $1.43, vs. $2.20, beat consensus by $0.08. In UPS’s U.S. Domestic segment, average daily volumes fell 3.2% Y/Y, and revenues fell 5.0%, indicative in our view of ongoing (albeit modest) pricing pressure. We see a similar situation in the International segment, where average daily volumes dropped 5.8% Y/Y and revenues fell 6.3%. UPS maintains its ’24 revenue guidance of a range of $92.0B-$94.5B, which would suggest revenue growth in ’24 of 1%-4%, likely with an acceleration in 2H ’24. We think cost efforts will

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CFRA Reiterates Buy Opinion On Shares Of Visa Inc.

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $345, up $20, values shares at 29.8x our FY 25 (Sep.) EPS, discounted to V’s 5-year historical average of 31.9x, given the higher rate environment and moderately slower growth expectations. We increase our FY 24 EPS estimate to $10.17 from $10.13 and FY 25’s to $11.56 from $11.49. Visa reported Mar-Q results, with net revenues of $8.78B (+10% Y/Y) and adj-EPS of $2.51, surpassing consensus estimates of $8.62B and adj-EPS of $2.43. As we expected, payment volume (+8% Y/Y) picked up from January’s bad weather scare, with international growth (+11%) once again outpacing the U.S. (+6%). Looking forward, we continue to see opportunity for international outperformance as Asia Pacific (+3% in the quarter) turns from a relative headwind to a tailwind. Cross-border

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Hilton Logs Higher 1Q Results, Lifts Adjusted Earnings Outlook

/ / Consumer Discretionary /

Hilton Worldwide recorded a higher profit and sales in the first quarter of the year and raised its adjusted earnings guidance for the rest of the year. The hotel operator posted a profit of $265 million, or $1.04 a share, compared with $206 million, or 77 cents a share, in the same quarter a year ago. Stripping out one-time items, adjusted earnings were $1.53 a share. Analysts polled by FactSet had been expecting $1.41 a share. Quarterly revenue rose to $2.57 billion from $2.29 billion last year, clearing analyst projections for $2.51 billion, according to FactSet. The strong results came despite renovations, inclement weather and unfavorable holiday shifts weighing on the company’s performance more heavily than anticipated, Chief Executive Christopher Nassetta said. Hilton shifted its earnings outlook for the year, saying it now expects a smaller profit but higher adjusted earnings per share. For 2024, the company is forecasting a

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Stifel Reports First Quarter 2024 Results

/ / Financials /

Stifel Reports First Quarter 2024 Results ST. LOUIS, April 24, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended March 31, 2024, compared with $1.1 billion a year ago. Net income available to common shareholders was $154.3 million, or $1.40 per diluted common share, compared with $148.2 million, or $1.28 per diluted common share for the first quarter of 2023. Non-GAAP net income available to common shareholders was $163.3 million, or $1.49 per diluted common share for the first quarter of 2024. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Total net revenue of more than $1.16 billion was our second highest quarterly net revenue ever, as the momentum we highlighted at the end of 2023 carried into the first quarter. Record Global Wealth Management revenue and improving market conditions for our Institutional Group drove our top

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AT&T Q1 Adjusted Earnings, Revenue Fall; Reiterates Full-Year Guidance

/ / Telecommunications /

AT&T (T) reported Q1 adjusted earnings Wednesday of $0.55 per diluted share, down from $0.60 a year earlier. Analysts polled by Capital IQ expected $0.53. Revenue for the quarter ended March 31 was $30.03 billion, down from $30.14 billion a year earlier. Analysts polled by Capital IQ expected $30.53 billion. For the full-year 2024, the telecoms provider said it continues to expect adjusted EPS of $2.15 to $2.25. Analysts surveyed by Capital IQ are expecting $2.20.

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