UBS analysts lowered their price target on Macy (NYSE:M) to $12.00 from $12.75 while maintaining their Sell rating. The analysts expect broader economic factors to lead to a slowdown in consumer spending, which will have a negative impact on Macy’s profits.
Due to this, analysts predict that Macy’s will experience weaker sales growth and a decrease in margins, causing it to fall short of Street EPS estimates and putting pressure on its stock price. Their estimate for Macy’s EPS in fiscal 2023 is significantly lower, around 36%, compared to the Street’s forecast.
Looking ahead to 2024, the analysts believe the market is not fully acknowledging the challenges Macy’s will face in terms of losing market share to online retailers, as well as brands with their own stores and websites. The analysts project a (12%) compound annual growth rate (CAGR) for the company’s EPS over the next five years.

Piper Sandler raised the price target for Amazon (NASDAQ:AMZN) to $150 per share, up from the previous $130, citing a positive outlook for the company’s rapidly growing cloud business AWS.
The analysts noted that the trough in AWS revenue growth appears to be approaching. Additionally, they point to a strong interest in AWS AI offerings, as evidenced by Google searches and Reddit data.
The analysts highlighted the positive impact of Nvidia’s recent financial results. Both AWS and Nvidia’s Data Center revenues have shown a strong correlation of approximately 98% since 2017, suggesting a historic shift in demand towards AI compute, which is expected to have a significant growth runway.
On the other hand, the analyst also emphasized the ongoing optimizations observed in Snowflake’s recent earnings report. According to the analyst, these optimizations are being carried out across various cloud providers, and Snowflake, in particular, shares a close alignment with AWS. The analyst suggests that customer vertical exposure might be a factor influencing these optimizations. Furthermore, the analyst points out that in a competitive market, the pricing data for GPUs in AWS appears relatively unappealing.

Oppenheimer analysts provided their key takeaways from NICE Ltd. (NASDAQ:NICE) 2023 Investor Day, which articulated a clear strategy to deliver continued profitable growth as the Cloud, Digital, and AI megatrends converge.
Since 2014, the company’s TAM (Total Addressable Market) has grown at a 10% CAGR to $8 billion. However, it expects this to accelerate to a 22% CAGR for $22 billion in 2027, as (1) Cloud adoption reaches the steepest part of the s-curve, (2) enterprises demand holistic customer service platforms, and most importantly, (3) AI technology replaces human labor.
Despite investor jitters, Oppenheimer analysts believe the company is shaping up as one of the best AI pure plays, with its 20-plus years of labeled customer data, proprietary transformer models, and now ChatGPT. The analysts reiterated their Outperform rating and $279 price target on the stock.

Casey’s General Stores (NASDAQ:CASY) shares fell around 5% today after the company reported its Q4 results, with EPS coming in at $1.49, missing the Street estimate of $1.56. Revenue was $3.33 billion, below the Street estimate of $3.38 billion.
Although Q4 adjusted EBITDA of $167 million was below expectations, contributions from the two key inside store categories (Grocery and Prep Food) were close to forecast, two-thirds of the gap to forecast was gas margins, which are highly volatile, the balance was “Other” category.
For the full 2024 year, the company expects inside same-store sales to grow in the range of 3%- 5% and inside margin to improve in the range of 40%-41%.

RBC Capital analysts shared their outlook on Adobe Inc. (NASDAQ:ADBE) ahead of the Q2/23 earnings announcement, scheduled on June 15, expecting the company to deliver positive results, continuing the momentum seen at the start of the year.
Particularly, the analysts expect upside from digital media, while the experience cloud is worth monitoring given mixed enterprise results from peers which Adobe has to this point stayed resilient to.
According to the analysts, investor focus remains on two themes, generative AI and the pending close of Figma. The analysts raised their price target to $460 from $415 while reiterating their Outperform rating.

Campbell Soup (NYSE:CPB) reported its Q3 earnings results, with EPS of $0.68 coming in better than the Street estimate of $0.65. Revenue was $2.23 billion, compared to the Street estimate of $2.24 billion.
The company reaffirmed its full 2023-year guidance, expecting EPS in the range of $2.95-$3.00, compared to the Street estimate of $3.02.
Shares fell nearly 9% yesterday. The stock was met with a cold reception from investors, as most packaged food names have been beating and raising guidance over the last few weeks.