Watch These Elastic Stock Price Levels After Post-Earnings Surge

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.

• Piper Sandler boosted the price target for Elastic N.V. from $100 to $130. Piper Sandler analyst Rob Owens maintained an Overweight rating. Elastic shares closed at $109.21 on Thursday. See how other analysts view this stock.
• RBC Capital cut the price target for Atkore Inc. from $99 to $93. RBC Capital analyst Deane Dray maintained a Sector Perform rating. Atkore shares closed at $85.14 on Thursday. See how other analysts view this stock.
• JP Morgan cut Warner Music Group Corp. price target from $41 to $40. JP Morgan analyst David Karnovsky maintained an Overweight rating. Warner Music shares settled at $31.18 on Thursday. See how other analysts view this stock.
• Keybanc boosted Procore Technologies, Inc. price target from $68 to $85. Keybanc analyst Jason Celino maintained an Overweight rating. Procore Technologies shares closed at $75.23 on Thursday. See how other analysts view this stock.
• Stifel cut DiamondRock Hospitality Company price target from $10.75 to $10.25. Stifel analyst Simon Yarmak downgraded the stock from Buy to Hold. DiamondRock Hospitality shares closed at $9.14 on Thursday. See how other analysts view this stock.
• Benchmark cut PDD Holdings Inc. price target from $185 to $160. Benchmark analyst Fawne Jiang maintained a Buy rating. PDD shares closed at $104.09 on Thursday. See how other analysts view this stock.
• Truist Securities raised the price target for AECOM from $119 to $129. Truist Securities analyst Jamie Cook maintained a Buy rating. AECOM shares settled at $112.56 on Thursday. See how other analysts view this stock.
• Oppenheimer boosted Intuit Inc. price target from $712 to $722. Oppenheimer analyst Scott Schneeberger maintained an Outperform rating. Intuit shares closed at $678.70 on Thursday. See how other analysts view this stock.
• Barclay increased the price target for The Gap, Inc. from $31 to $32. Barclays analyst Adrienne Yih maintained an Overweight rating. Gap shares closed at $22.04 on Thursday. See how other analysts view this stock.
• Stifel cut Spire Inc. price target from $70 to $69. Stifel analyst Selman Akyol maintained a Hold rating. Spire shares closed at $70.66 on Thursday. See how other analysts view this stock.

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• This HCA Healthcare Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Friday

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The S&P 500 Index today is up +0.26%, the Dow Jones Industrials Index is up +0.57%, and the Nasdaq 100 Index is up +0.04%.

Stocks today are moderately higher, with the S&P 500 and Dow Jones Industrials posting 1-week highs. Positive corporate news today is boosting stocks. Super Micro Computer is up more than +11% to lead gainers in the S&P 500 and Nasdaq 100 after it said it believes it can file its delayed 10-K and 10-Q reports in the period available under Nasdaq rules. Also, Ross Stores is up more than +2% after reporting stronger-than-expected Q3 EPS and raising its 2025 EPS forecast. However, the weakness today in Nvidia and Alphabet is weighing on technology stocks and limiting gains in the Nasdaq 100 Stock Index.

US economic news today was mixed for stocks after the Nov S&P manufacturing and service PMIs increased, but the University of Michigan US Nov consumer sentiment index unexpectedly declined.

The US Nov S&P manufacturing PMI rose +0.3 to a 4-month high of 48.8, slightly weaker than expectations of 48.9. The Nov S&P services PMI rose +2.0 to a 2-1/2 year high of 57.0, better than expectations of no change at 55.0.

The University of Michigan US Nov consumer sentiment index unexpectedly fell -1.2 to 71.8, weaker than expectations of an increase to 73.9.

Today’s rally in global government bond prices supported equity markets after 10-year German bunds climbed to a 1-month high, providing carryover support to T-note prices. T-notes are also climbing after the Wall Street Journal reported that President-elect Trump supports Kevin Warsh as the next Treasury Secretary, who is seen as a bond-friendly pick as Warsh has previously spoken out against high deficits.

Concern about weakness in the Eurozone economy is limiting gains in stocks after the Eurozone Nov S&P PMI unexpectedly contracted and Germany’s Q3 GDP was revised lower. Also, the recent escalation of the Ukraine-Russia conflict is weighing on stocks.

Of the 90% of companies in the S&P 500 that have released Q3 earnings so far, 75% surpassed the estimates, slightly below the 3-year average. According to Bloomberg Intelligence, companies in the S&P 500 have reported an average +8.5% y/y increase in quarterly earnings in Q3, more than double the preseason forecast.

The markets are discounting the chances at 59% for a -25 bp rate cut at the December 17-18 FOMC meeting.

Overseas stock markets today are mixed. The Euro Stoxx 50 is up +0.57%. China's Shanghai Composite Index fell to a 2-1/2 week low and closed down sharply by -3.06%. Japan's Nikkei Stock 225 closed up +0.68%.

Interest Rates

December 10-year T-notes (ZNZ24) today are up +2 ticks. The 10-year T-note yield is down -0.6 bp to 4.416%. Dec T-notes today are slightly higher on carryover support from a rally in European government bonds. T-notes also gained support from a Wall Street Journal report that said President-elect Trump is seen as supporting Kevin Warsh as the next Treasury Secretary. The appointment of Warsh, a former Fed governor known as a hawk who has warned about surging debt burdens, would be seen as a sign of stability and someone who would push back against some of the most extreme policy scenarios Trump has discussed. However, T-notes fell back from their best levels after the US Nov S&P manufacturing and service PMIs increased, signaling economic strength that is hawkish for Fed policy.

European government bond yields today are moving lower. The 10-year German bund yield fell to a 1-month low of 2.235% and is down -4.3 bp to 2.275%. The 10-year UK gilt yield dropped to a 3-week low of 4.363% and is down -3.1 bp to 4.412%.

The Eurozone Nov S&P manufacturing PMI fell -0.8 to 45.2, weaker than expectations of no change at 46.0. Also, the Eurozone Nov S&P composite PMI fell -1.9 to 48.1, weaker than expectations of no change at 50.0 and the steepest pace of contraction in 10 months.

German Q3 GDP was revised downward to +0.1% q/q and -0.3% y/y from the previously reported +0.2% q/q and -0.2% y/y.

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 43% for a -50 bp rate cut at the same meeting.

US Stock Movers

Super Micro Computer is up more than +11% to lead gainers in the S&P 500 and Nasdaq 100 after it said it believes it can file its delayed 10-K and 10-Q reports in the period available under Nasdaq rules.

Copart is up more than +8% after reporting Q1 revenue of $1.15 billion, stronger than the consensus for $1.10 billion.

The Gap is up more than +6% after reporting a Q3 operating margin of 9.13%, better than the consensus of 8.17%, and raising its 2025 gross margin estimate to about +220 bps from a previous estimate of about +200 bps.

Elastic NV is up more than +17% after reporting Q2 adjusted EPS of 59 cents, well above the consensus of 38 cents, and raising its 2025 adjusted EPS forecast to $1.68-$1.72 from a previous estimate of $152.$1.56, stronger than the consensus of $1.53.

Deckers Outdoor is up more than +4% after Needham & Co. initiated coverage on the stock with a buy recommendation and a price target of $218.

Ross Stores is up more than +2% after reporting Q3 EPS of $1.48, stronger than the consensus of $1.40, and raising its 2025 EPS forecast to $6.10-$6.17 from a previous forecast of $6.00-$6.13, the midpoint above the consensus of $6.13.

Nike is up more than +2% after Needham & Co. initiated coverage on the stock with a buy recommendation and a price target of $84.

Viking Therapeutics is up more than +1% after B Riley Securities initiated coverage of the stock with a recommendation of buy and a price target of $109.

Pala Alto Networks is down more than -4% to lead losers in the Nasdaq 100 after HSBC downgraded the stock to reduce from hold with a price target of $291.

Intuit is down more than -4% after forecasting Q2 adjusted EPS of $2.55-$2.61, well below the consensus of $3.23.

Nvidia is down more than -2% to lead losers in the Dow Jones Industrials after the company’s forecast for Q4 revenue exceeded estimates by only $400 million, the second consecutive quarter that revenue didn’t exceed estimates by $1 billion or more, suggesting the recent hyper-growth of the stock is fading.

Alphabet is down more than -1%, adding to Thursday’s -4% loss after the US Justice Department proposed major changes to Google, including a forced sale of its Chrome web browser, saying the browser “fortified” the company’s dominance.

Reddit is down more than -7% after Downdetector reported that users are having problems connecting to Reddit’s website.

Tenet Healthcare is down more than -3% after Raymond James downgraded the stock to outperform from a strong buy.

HCA Healthcare is down more than -1% after Raymond James downgraded the stock to market perform from outperform.

Earnings Reports (11/22/2024)

AMMO Inc (POWW), B Riley Financial Inc (RILY), Buckle Inc/The (BKE), Destination XL Group Inc (DXLG), Evolv Technologies Holdings Inc (EVLV), IES Holdings Inc (IESC), Spire Global Inc (SPIR).

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

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