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Friday, September 13, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Verizon Communications Inc. (VZ), Prologis, Inc. (PLD) and Medtronic plc (MDT), as well as a micro-cap stock Crimson Wine Group, Ltd. (CWGL). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Shares of Verizon have gained +22.2% over the year-to-date period against the Zacks Wireless National industry’s gain of +27.7%. The company is likely to benefit from the deployment of a cloud-native, container-based, virtualized architecture for higher flexibility, scalability and cost efficiency across its network.
Customer-focused planning, disciplined engineering and steady infrastructure investments are tailwinds. Various mix-and-match pricing plans in both wireless and home broadband divisions have led to solid client additions.
However, lower wireline and wireless equipment revenues are major concerns. Huge promotional expenses and lucrative discounts to expand customer base are weighing on margins. High capital expenditure for continuous network upgrade and fiber deployment is a headwind. A muted guidance for 2024 is worrisome.
(You can read the full research report on Verizon here >>>)
Prologis’ shares have gained +7.9% over the past year period against the Zacks REIT and Equity Trust - Other industry’s gain of +25.7%. The company is well-poised to gain from its portfolio of strategically located industrial facilities in some of the world’s busiest distribution markets. Strategic buyouts and development activities appear promising.
For 2024, we project rental revenues to rise 10.4% year over year. Its scale drives efficiency and a solid balance sheet strength aids its growth endeavors. Industrial real estate market demand is healthy and this trend is expected to continue in the near term. Also, the shrink in the construction pipeline augurs well.
However, amid a volatile environment and geopolitical issues, customers remain focused on cost controls and delaying their leasing decisions. As such, net absorptions are likely to be affected. High interest rates remain a concern. Our estimate indicates a 12.2% year-over-year rise in interest expenses in 2024.t
(You can read the full research report on Prologis here >>>)
Shares of Medtronic have gained +13.6% over the past year against the Zacks Medical - Products industry’s gain of +20.2%. The company is strategically expanding its global presence to address the unmet demand for advanced medical devices. Within Cardiovascular, Medtronic is gaining market share, banking on product launches in CRM and Structural Heart.
Hypertension has brought up multibillion-dollar opportunities for MDT. In MedSurg, Medtronic is scaling the production of Hugo RAS. The Surgical and Neuroscience portfolios continues to contribute positively. Further, the company’s Pacing business continued to drive strong growth banking on strong global growth of its Micra leadless pacemaker.
Innovations and market expansion efforts are helping it offset the impact of the inflation and supply disruptions. Medtronic’s strong liquidity position should allow it to meet its near-term debt obligations. All these factors support our bullish stance on the stock.
(You can read the full research report on Medtronic here >>>)
Crimson Wine’s shares have outperformed the Zacks Beverages - Alcohol industry over the year-to-date period (+0.9% vs. -6.2%). This microcap company with market capitalization of $123.36 million presents a compelling case for investment with its strong portfolio of premium wine estates, including brands like Pine Ridge and Archery Summit, which benefit from sustained demand in the luxury segment.
Crimson Wine boasts a robust balance sheet, with $16.86 million in cash and low debt. Effective cost management, reduced inventory write-downs and a focus on high-margin direct-to-consumer sales bolster the investment thesis.
However, risks include declining sales in both wholesale and direct-to-consumer channels, which fell 5% and 4% year over year, respectively, in second-quarter 2024. Rising operating expenses, increased share repurchases amid falling cash reserves, and exposure to climate risks also weigh on the outlook. Lastly, Crimson is vulnerable to inflation, market conditions and fluctuations in consumer demand for premium wines.
(You can read the full research report on Crimson Wine here >>>)
Other noteworthy reports we are featuring today include Amazon.com, Inc. (AMZN), The Boeing Co. (BA) and Yum! Brands, Inc. (YUM).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Verizon (VZ) Rides on Solid Nationwide Connectivity Landscape
Healthy Demand to Help Prologis (PLD) Amid E-commerce Growth
Medtronic (MDT) Core Wings Expand, Cardiovascular Sales Rise
Featured Reports
Prime Momentum & Growing AWS Adoption Benefit Amazon (AMZN)
Per the Zacks analyst, Amazon is benefiting from Prime enabled fast delivery services and robust content portfolio. Further, its strengthening cloud offerings are aiding the adoption rate of AWS.
Rising Air Traffic Aids Boeing (BA), Labor Shortage Woes
Per the Zacks analyst, improving air passenger traffic as well as increasing fiscal defense budget are expected to boost Boeing's growth. Yet shortage of skilled labor remains a concern.
Strategic Plans Aid Yum! Brands (YUM), High Expenses Hurt
Per the Zacks analyst, Yum! Brands is benefiting from its focus on digitalization, increased unit growth, menu innovation and loyalty program. However, increased expenses mar prospects.
Pricing Actions Aid Avery Dennison (AVY) Amid High Costs
Per the Zacks analyst, pricing actions, productivity initiatives and cost-saving actions bode well for Avery Dennison despite elevated raw material costs.
Southwestern's (SWN) Focus on Appalachia & Haynesville Aids
Southwestern's merger with Chesapeake should boost its production by combining large, high-quality acreage in Appalachia and Haynesville. However, its high debt exposure concerns the Zacks analyst.
Rezdiffra Sales Boosts Madrigal (MDGL), Narrow Pipeline a Woe
Per the Zacks Analyst, the approval of Rezdiffra for NASH is a huge boost for Madrigal ensuring a regular revenue stream. However, the lack of a deep pipeline is a woe.
Motive Power Segment Drives EnerSys (ENS) Amid Forex Woes
Per the Zacks analyst, EnerSys is benefiting from strength in Motive Power unit, driven by robust demand in automation and electrification markets. Forex woes remain concerning for the company.
New Upgrades
Energizer (ENR) Project Momentum Initiative Seems Promising
Per the Zacks analyst, Energizer's Project Momentum has significantly contributed to operational efficiencies, delivering substantial cost savings and margin improvements in third-quarter fiscal 2024.
Abercrombie's (ANF) Brands & Other Efforts Look Robust
Per the Zacks analyst, continued momentum across Abercrombie's both brands bolstered sales in second-quarter fiscal 2024. Sales improved 26% year over year at Abercrombie brand and 17% at Hollister.
AXIS Capital (AXS) Set to Grow on Improved Portfolio Mix
Per the Zacks analyst, AXIS Capital continues to build on Specialty Insurance, Reinsurance plus Accident and Health. Improved portfolio mix and effective capital deployment should pave way for growth.
New Downgrades
Competition and Operational Weakness Hurt Robert Half (RHI)
Per the Zacks analyst, Robert Half faces tough competition in terms of price and reliability of service. Weak operational performance is an overhang.
Stiff Regulatory Rules for CONMED (CNMD) Products Worrying
Per the Zacks analyst, substantially all of CONMED's products are classified as class II medical devices subject to strict regulations, which can lead to sudden restrictions thereby hampering sales.
Werner (WERN) Continues to Grapple With Weak Freight Market
The Zacks Analyst believes that as a result of the weakness in the freight market, management gave a bearish 2024 guidance regarding the Truckload Transportation Services segment.
Zacks Investment Research
With inflation cooling to its lowest level in more than three years, the U.S. economy is signaling a shift toward stability. August saw inflation rise by just 2.5% year over year, down from 2.9% in July. This steady decline, coupled with the expectation of an interest rate cut from the Federal Reserve, is setting the stage for improved consumer confidence. For investors, this marks an opportune moment to consider sectors poised to benefit from these positive trends.
One of the beneficiaries of this cooling inflationary environment is the Consumer Discretionary sector. Whether it’s spending on apparel, electronics or home improvements, the demand for discretionary products typically rises when inflation is under control. These trends are paving the way for a rebound in consumer spending, creating favorable conditions for companies such as G-III Apparel Group, Ltd. GIII, Victoria's Secret & Co. VSCO, Wolverine World Wide, Inc. WWW and Crocs, Inc. CROX.
Reduced inflationary pressures lower the costs of raw materials and production for companies. This means that businesses can either pass on savings to customers through lower prices, stimulating demand, or improving their profit margins. The dual benefit of lower input costs and increased consumer spending could lead to stronger earnings growth in the coming quarters, making this a promising sector for investors.
Another factor supporting consumer discretionary stocks is the anticipated interest rate cut by the Federal Reserve in the upcoming meeting as inflation eases. Consumers may be more inclined to finance big-ticket purchases as borrowing costs decrease. At the same time, companies within this sector can benefit from lower borrowing costs for expansion, increasing their ability to invest in new products or markets.
Below, we have highlighted four companies in this sector that are well-positioned to capitalize on the combination of cooling inflation and a more accommodative monetary environment.
Past-Year Stock Price Performance for Our Picks
4 Strong Consumer Discretionary Stocks
G-III Apparel Capitalizes on Strategic Brand Expansions
G-III Apparel Group stands out as a strong investment prospect, driven by its strategic global expansion and brand portfolio enhancement. The company’s licensing agreements, such as the highly anticipated Converse apparel launch in Fall 2025, along with partnerships with leading brands like Halston, Nautica and Champion Outwear, are poised to unlock new revenue streams. G-III’s increased stake in All We Wear Group will boost its European presence, with expected sales growth exceeding $200 million in the next three to five years. The robust performance of its owned brands, Donna Karan, DKNY and Karl Lagerfeld, continues to drive market share gains, further solidifying the company’s promising outlook.
The Zacks Consensus Estimate for G-III Apparel’s current and next financial-year earnings per share has increased by 10.5% and 10.2% to $4.01 and $4.11, respectively, over the past seven days. This Zacks Rank #1 (Strong Buy) company has a trailing four-quarter earnings surprise of 118.2%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Victoria’s Secret New Product Lines Popular With Buyers
Victoria’s Secret is a compelling investment opportunity, thanks to its focus on product innovation and strategic marketing. The launch of new collections, including the Dream bra and Featherweight Max sports bra, has resonated well with consumers, bolstering sales both online and in-store. The brand’s strong performance in international markets and increased digital market share support revenue expansion. Coupled with disciplined expense management and a robust loyalty program, Victoria’s Secret is well-positioned to capitalize on these trends.
The Zacks Consensus Estimate for Victoria’s Secret’s current and next financial-year earnings per share has risen by 14.5% and 13.2% to $1.98 and $2.14, respectively, over the past 30 days. This Zacks Rank #1 company has a trailing four-quarter earnings surprise of 2.9%, on average.
Wolverine’s Turnaround Plan Spurs Operational Gains
Investors can have confidence in Wolverine World Wide due to its successful execution of a strategic turnaround plan. This plan has not only stabilized the business but also enhanced operational efficiency. Key achievements include a reduction in inventory and debt, which has improved financial flexibility and investment capacity. The company’s introduction of new, trend-right products, such as those from Saucony, has resonated well with consumers. Wolverine’s efforts to enhance brand positioning, optimize distribution and invest in demand-creation initiatives have bolstered market traction.
The Zacks Consensus Estimate for Wolverine’s current and next financial-year earnings per share has increased by 3.7% and 0.8% to 85 cents and $1.28, respectively, over the past 60 days. This Zacks Rank #1 company has a trailing four-quarter earnings surprise of 7.5%, on average.
Crocs Has Record Q2 on Back of Global Expansion
Crocs presents a solid investment play, thanks to its strategic investments in brand awareness, product innovation and global market expansion. The company’s record-setting second quarter, driven by strong sales of popular items like the SpongeBob clog and the Salehe Juniper sneaker, highlights its successful product innovation. Coupled with impressive international market performance, particularly in China and Australia, and increasing demand for its signature Classic Clog and Jibbitz, Crocs is effectively capturing a larger share of the global market. Ongoing investments in marketing and digital channels bolster its ability to attract and retain customers.
The Zacks Consensus Estimate for Crocs’ current and next financial-year earnings per share has advanced by 1.2% and 1.5% to $12.85 and $13.99, respectively, over the past 60 days. This Zacks Rank #1 company has a trailing four-quarter earnings surprise of 14.9%, on average.
Zacks Investment Research
An antitrust probe in India alleges that e-commerce giant Amazon.com, Inc. and Flipkart, which is owned by Walmart Inc. , violated local competition laws by favoring specific sellers on their platforms.
Amazon and Flipkart are major players in India’s e-retail sector, which was valued between $57 billion and $60 billion in 2023, per Reuters.
According to consultancy firm Bain, this market is projected to exceed $160 billion by 2028.
In 2020, the Competition Commission of India (CCI) initiated an investigation into Amazon and Flipkart. The two companies favored specific sellers with whom they had business arrangements and prioritized certain listings on their platforms, the CCI alleges.
Last month, India's commerce minister criticized Amazon, claiming the company's investments were frequently used to offset its business losses, reported CNBC.
Also Read: Wall Street Eyes Strong Finish To The Week Despite Futures Suggesting Moderation In Tech Buying
The CCI reports span 1,027 pages for Amazon and 1,696 pages for Flipkart. The investigators concluded that the companies had developed systems that elevated preferred sellers in search results. As a result, other sellers were pushed out of visibility.
The reports are not public, Reuters added.
Amazon and Flipkart previously denied any misconduct and asserted that their practices comply with Indian regulations.
They will now examine the report and submit any objections before the CCI decides on possible fines.
The CCI initiated the probe following a complaint from the Delhi Vyapar Mahasangh, an affiliate of the Confederation of All India Traders (CAIT). Reuters reports that CAIT represents 80 million retailers across the country.
In the U.S., the Federal Trade Commission (FTC) has filed a lawsuit against Amazon, accusing the company of employing anticompetitive and unfair practices to unlawfully sustain its monopoly power.
Seattle-based Amazon countered that the FTC’s lawsuit could harm consumers by resulting in higher prices and slower delivery times.
Price Action: AMZN shares are trading marginally higher by 0.4% to $187.74 premarket at last check Friday.
Read Next:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Adds analyst comment in paragraphs 3 and 4, updates shares
By Jaspreet Singh
Sept 13 (Reuters) - Oracle ORCL.N shares pared most of their gains on Friday after spiking nearly 8%, with some analysts expressing reservations about the company's forecast of crossing $100 billion in revenue in fiscal 2029, driven by AI-led demand for cloud services.
The company, which counts AT&T T.N, Lyft LYFT.O and Cognizant CTSH.O among clients, forecast fiscal 2029 revenue of $104 billion at an annual briefing for financial analysts on Thursday.
Businesses are heavily reliant on cloud services provided by companies such as Oracle, Microsoft and Amazon to harness AI capabilities and run day-to-day operations.
However, some analysts said the forecast was ambitious.
Oracle will need to make "significant acquisitions" to achieve these targets, said D.A. Davidson & Co analyst Gil Luria, calling it "highly aspirational".
"The company is extrapolating the rapid rise in demand for renting out GPU (graphics processing unit) capacity well into the future."
Oracle also raised its fiscal 2026 revenue to $66 billion, from $65 billion earlier.
This implies an annual growth rate of 11.7% for the first two years followed by an even higher 16.1% growth rate for the remaining three years, said Michael Ashley Schulman, chief investment officer at Running Point Capital.
Its shares were still up 1.9%. At least nine brokerages raised their target prices on the company.
Brokerage Bernstein said Oracle was "surprisingly well positioned" to capture cloud services market share.
"Even assuming this is aspirational, it sends yet another signal of increasing optimism from a veteran and proven leadership team," brokerage Piper Sandler said in a note.
Its shares have risen more than 50% this year as of Thursday's close, far outpacing those of larger rival cloud providers Microsoft MSFT.O and Amazon.com AMZN.O, which are up about 14% and 23%, respectively.
Oracle trades at a forward price-to-earnings ratio of 24.65, while Microsoft trades at 31.52 and Amazon at 33.73.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Pooja Desai)
(( Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass; ))
Keywords: ORACLE-STOCKS/ (UPDATE 1, PIX)
To gain an edge, this is what you need to know today.
Running On 50 bps Rumor
Please click here for an enlarged chart of SPDR Gold Trust .
Note the following:
Magnificent Seven Money Flows
In the early trade, money flows are positive in Apple Inc and Alphabet Inc Class C .
In the early trade, money flows are neutral in Amazon.com, Inc. and NVIDIA Corp .
In the early trade, money flows are negative in Microsoft Corp , Meta Platforms Inc , and Tesla Inc .
In the early trade, money flows are positive in SPDR S&P 500 ETF Trust and negative in Invesco QQQ Trust Series 1 .
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is GLD. The most popular ETF for silver is SLV. The most popular ETF for oil is United States Oil ETF .
Bitcoin
Bitcoin is range bound.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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