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BofA Securities analysts downgraded Dow (NYSE:DOW) to Underperform from Neutral and lowered their price target on the stock to $55.00 from $64.00. They stated that the anticipated demand recovery for Dow has not materialized as expected, negatively impacting prices. Consequently, the analysts lowered the EBITDA estimates for 2023-24 by 10% each, to approximately $6.0 billion and $7.1 billion, respectively.
The analysts also believe that Street estimates for the second half of 2023 and 2024 may face downside risks. Considering the challenging outlook and adjusted forecast, the current valuation of Dow appears high, with limited potential upside to the price target, according to the analysts.
Bernstein analysts upgraded Kellogg (NYSE:K) to Market Perform from Underperform, maintaining their $62 price target. The analysts find the stock’s valuation “seriously attractive,” trading at a 5-year low and 15-year low relative to its U.S. Food peers.
Since the announcement of its divestment one year ago, Kellogg’s stock has exhibited weaker performance compared to its U.S. Food peers, with a decline of 15%, and its primary competitor GIS, with a decline of 26%.
Despite underperforming peers and a spin-off (its North American cereal business) creating uncertainty, analysts believe investors have overlooked Kellogg’s improved earnings outlook.
Goldman Sachs analysts consider the recent pullback in Target (NYSE:TGT) stock as a notable buying opportunity. The firm raised its price target to $185 from $180, maintaining a Buy rating. Although the stock has lost around 22% of its market cap since April 11 and is trading at a relative multiple not seen since June 2022, analysts believe it has attracted investor interest.
However, a consumer boycott and tentative consumer sentiment pose challenges. Despite revising Q2 estimates to reflect reduced foot traffic, the analysts reiterate their Buy rating, anticipating limited impact beyond one quarter. The stock’s current approximately 25% discount already accounts for a slower top line in the uncertain consumer landscape.
Chemours (NYSE:CC) shares fell around 2% intra-day today after BofA Securities analysts downgraded the company to Neutral from Buy and reduced their price target on the stock to $37.00 from $41.00.
The analysts mentioned that titanium dioxide (TiO2) pigments have been underperforming base coatings demand since Q3/22, and the expected improvement in Q2 did not fully materialize. The lack of volumes hampers the impact of lower raw material costs.
Although a sequential pickup in pigment volumes and EBITDA is still anticipated, the analysts lowered the forecast due to ongoing destocking. Additionally, the Advanced Materials segment of the business is expected to face similar economic headwinds, leading to a downward adjustment in Advanced Performance Materials (APM) expectations.
RBC Capital analysts provided their key takeaways from Fastly (NYSE:FSLY) Analyst Day, where management provided 2026 targets implying accelerating revenue growth and a significant margin turnaround.
While outlined growth drivers seem encouraging (broadening opportunity, enhanced product innovation, packaged offerings), the analysts exercise caution given Fastly remains #3 in a low-growth market with persistent pricing pressure and potential for ongoing initiatives to take time to drive substantial change.
According to the analysts, the margin targets seem more reasonable given newfound operational discipline and clear low-hanging fruit for cost reduction. However, maintaining a 600 bps of annual margin improvement might be challenging while balancing growth acceleration aspirations.
The analysts raised their price target to $11 from $9 while keeping their Underperform rating unchanged.
Accenture (NYSE:ACN) reported its Q3 earnings results yesterday, with EPS of $3.19 coming in better than the Street estimate of $3.01. Revenue was $16.6 billion, beating the Street estimate of $16.49 billion.
Management noted continued pressure on revenue and bookings from smaller deals, especially in Strategy & Consulting, systems integration work and Communications, Media & Technology. New bookings increased 2% year-over-year on a reported basis, and increased 4% in local currency to $22.1B in Q3 for a book-to-bill ratio of 1x.
For Q4/23, the company expects revenue to be in the range of $15.75-$16.35 billion, compared to the Street estimate of $16.35 billion. For the full year, the company sees EPS in the range of $11.52-$11.63, compared to the Street estimate of $11.60.
During his first official visit to the United States, Indian Prime Minister Narendra Modi gave the United States First Lady Jill Biden a unique gift in the form of a diamond that was created in a laboratory.
According to a news statement that was released by ANI, the 7.5-carat green diamond reflects the “chemical and optical properties of earth-mined diamonds.”
In addition to this, the production of an eco-friendly diamond makes use of a variety of resources, such as solar and wind power.
According to the press release, the amazing gemstone demonstrates the 4Cs, which stand for cut, color, carat weight, and clarity. These are the characteristics of excellence in the gemstone industry.
As the official gifts, the Prime Minister gave a handcrafted sandalwood box to President Joe Biden.
A state visit is viewed as the greatest form of demonstration of cordial ties and is reserved solely for the closest allies. Prime Minister Modi is the third Indian leader to be called for a state visit. An invitation to the official residence of the Head of State is required in order to participate in a state visit.
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Bed Bath & Beyond (BBBY) will live beyond its bankruptcy filing, as its popular brand might become a digital asset. During a bankruptcy auction on Thursday, the site Overstock (OSTK) was the highest bidder for the intellectual property and digital assets of the retailer. The retailer’s brick and mortar stores will continue to be liquidated as the stores are not part of the auction.
As reported by us earlier, Bed Bath & Beyond will be selling its jewel in the crown Buy Buy Baby separately. This might help the retailer find a bidder who is willing to keep these stores open. This auction is scheduled to take place next week, on Wednesday.
Buy Buy Baby is a popular brand and has been eyed by some potential companies even before Bed Bath & Beyond filed for bankruptcy. A separate sale could entail a better price as well as the possibility of keeping the brick-and-mortar stores of this brand open.
OSTK
Online retailer Overstock placed a $21.5 million bid for the retailer’s digital assets and IP. It is expected to revive the brand online. The online site saw a jump in premarket trading by about 8 percent after the news was reported.
According to CNBC Bed Bath & Beyond’s private sheets and towels label Wamsutta brand got Jowa Brands as its backup bidder. The outlet also reported Ten Twenty-Four was another backup bidder and it could win domain rights if the deal with Overstock fell through for any reason.
Before the Wednesday auction, the retailer was looking to get a better price if possible but the bid from Overstock remained the highest and was accepted.
Many legacy stores have filed for bankruptcy in the past few months. They include David’s Bridal Serra Simmons Bedding Tuesday Morning Boxed Party City and others.
Earlier in April, Bed Bath & Beyond filed for bankruptcy. It had shuttered some stores but had kept others open after it secured a $240 million loan, to run operations during its Chapter 11 filing.
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Hail caused multiple injuries at an amphitheater near Denver. 7 taken to hospital- 80 people injured. After hail pummeled Colorado’s outdoor Red Rocks Amphitheatre, the Louis Tomlinson concert was postponed, according to officials.
Before a Louis Tomlinson concert, several individuals were hurt and pelted by hail at Red Rocks Amphitheatre. West Metro Fire tweeted about the incident at 10 p.m. on Wednesday.
Seven people, according to firefighters, were brought to the hospital but are expected to recover. 80–90 additional patients received on-site care. Cuts and shattered bones were among the injuries.
UPDATE: Red Rocks hail storm- 7 people transported to area hospitals with non-life-threatening injuries. A total of 80 to 90 people treated on scene. Injuries include cuts and broken bones. Sporadic hail still coming down in Morrison area. @StadiumMedicalpic.twitter.com/gM7KKNqocW
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Celebrity Kevin Costner’s wife is asking for a huge monthly amount of $248,000 as child support. Celebrity handbag designer Christine Baumgartner wants Costner to pay this amount to raise the three children they have. The Yellowstone actor has offered a substantial but smaller settlement. His celebrity wife had filed for divorce after 18 years of marriage, reportedly because he was busy with his career and spent insufficient time with her and their family.
The 49-year-old designer is asking for $248,000 per month to raise the three children they have together: Cayden Wyatt who is sixteen, Hayes Logan who is fourteen and Grace Avery who is 13-years old. People reported that they had seen documents submitted by Christine Baumgartner’s lawyer.
The documents mention the above amount as child support as well as ask for 100 percent financial support for private tuition and extracurricular activities as well as sports and health care. The celebrity designer says in the filing that the amount requested is “less” than the amount required to maintain the current lifestyle of their children.
The Friday filing in the Superior Court of California, Santa Barbara County, doesn’t ask for spousal support. Christine Baumgartner had signed a prenup and Kevin Costner had fulfilled its terms and paid her one million dollars.
Credit Ovidiu Hrubaru
According to the outlet, the filing also lists the Field of Dreams star’s 2022 income as 19,517,0641 and the expenses of the family was $6,645,285, not including taxes. Kevin Costner had fought hard not to make his income public as he said that it would attract fraudsters, burglars, and global media attention.
The outlet also reported that celebrity actor Kevin Costner had agreed to pay $38,000 a month as child support as well as 100 percent of costs such as private tuition, books, school trips and more as well as agreed upon extra-curricular activities and health care.
Celebrity actor Kevin Costner, who is 68-years old, also has four older children from previous relationships. His first divorce reportedly cost him $80 million.
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