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Home»Stock»Earnings momentum is strong for these three companies that will soon report their quarterly results.
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Earnings momentum is strong for these three companies that will soon report their quarterly results.

The Elite Times TeamBy The Elite Times TeamFebruary 20, 2024No Comments3 Mins Read
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The average of the three major companies started the holiday-shortened week lower, but the three companies preparing to report earnings could shake up the market. Markets fell on Tuesday, driven by declines in tech stocks. Stocks fell after major average stock prices had a negative week as concerns about the Federal Reserve’s interest rate cuts reignited. About 80% of S&P 500 companies have already reported earnings, with more than three-quarters of them beating earnings estimates, according to FactSet. David Kostin, chief U.S. equity strategist at Goldman Sachs, said Friday that companies are on track to grow revenue by 7% annually, compared with analysts’ expectations for 3% growth at the start of earnings season. He pointed out that it was well above that. CNBC Pro used FactSet data to screen stocks that report quarterly earnings through next week and meet the following criteria: Over the past three months, the stock has experienced at least five upward revisions to his earnings per share. EPS estimates have increased by more than 1% over the past three and six months. Popular artificial intelligence company Nvidia’s average earnings per share estimate has risen nearly 22% over the past three months, by far the biggest upward revision on the list. Nvidia is scheduled to release quarterly results after the closing bell on Wednesday. Nvidia has soared about 39% so far in 2024 after soaring nearly 240% a year ago. The company has been one of the main beneficiaries of the explosion in interest and demand for artificial intelligence. More than 90% of analysts surveyed by LSEG rate the stock a “buy” or “strong buy,” and the average price target of $712.49 suggests it has about 4% upside potential. The semiconductor giant’s stock fell more than 5% on Tuesday, but analysts at Raymond James said “any short-term pullback is likely to be short-lived.” Analyst Srini Pajuri said on Tuesday that she expects another strong quarter for Nvidia, called for an 8% to 10% sales boost and raised her price target for the company from $700 to $850. He said he would raise it to US dollars. Analysts also raised their estimates for semiconductor design firm Synopsys ahead of the company’s first-quarter results on Wednesday. Average EPS estimates have increased nearly 13% over the past three months, according to FactSet. Synopsys stock rose about 6% in 2024. According to LSEG, the 14 analysts covering the stock rate it as either a buy or a strong buy, with an average price target of $613.86, implying about 12% upside potential. Suggests. The company made headlines last month when it announced plans to acquire engineering and software design firm Ansys for $35 billion, with the deal expected to close in the first half of next year. Constellation Energy also made the list. The company’s average earnings estimate has increased about 8% over the past three months, and the stock has increased about 12% in 2024. Analyst opinions are also mixed on Constellation Energy compared to its Momentum List peers. Seven of the 13 analysts covering the stock rate it a buy or strong buy, according to LSEG, while the average price target of $124.64 suggests a downside of nearly 5%. Mizuho Securities is neutral on the stock and recently raised its price target from $116 to $132. “Constellation remains the only star in the world. [independent power producers] Analyst Anthony Claudel projects EPS of $5.99 in 2024, with compound annual growth of about 7.6% through 2028. Constellation will announce its quarterly results on February 27th.

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