As Wall Street banks cut stock price targets across the board this earnings season, only a handful of companies bucked the trend, analysis from CNBC Pro reveals. Of the nearly 300 S&P 500 companies that reported results this earnings season, more than two-thirds — 72% — had their median price targets cut or left unchanged by analysts from a year ago. month. Around 20 stocks emerged with a significantly higher price target of 5% or more from the previous month. Of these, only 13 still offer upside potential of at least 5% from their current price . United Airlines executives were upbeat in their latest earnings report on Oct. 18, saying appetite for travel was not slowing despite high airfares and worries about the economy. JPMorgan stock analysts appear to be equally positive on the stock as they have maintained their buy rating with a December 2023 price target of $81. share of $42.66. “Our overweight rating reflects the efforts of UAL’s Next strategy which is beginning to take hold as well as the early stages of a recovery in business and international travel demand which should benefit UAL comparatively more than other leisure-oriented airlines,” said Wall Street Bank airline analyst Jamie. Baker said in a note to clients after the company’s results. “Economic and fuel considerations can obviously interfere, and we prefer to model conservatively…particularly if the outcome continues to support the upside potential for equities,” he added. While United’s market value remains at half its pre-pandemic size, the stock has outperformed the wider market and is down just 3.6% this year. Schlumberger Schlumberger, the world’s largest oilfield services provider, beat Wall Street’s earnings expectations for the prior quarter, perhaps unsurprisingly, as energy was the only buoyant sector this year in the S &P 500. Shares of the company, which changes its name to “SLB”, are up 72% this year and analysts expect the stock to continue its rally. The median price target for SLB represents 13.5% upside potential, according to data from FactSet. “The company exceeded our estimates for revenue, EBITDA margins and met its deleveraging targets ahead of schedule,” RBC Capital Markets analysts led by Keith Mackey said in a Nov. 1 note to clients. “The strong operating performance increases our comfort in the next stage of growth, which we believe will be driven first by the international bull cycle and extended by oil and gas (and industrial) decarbonization and new energy opportunities. .” CoStar Group The provider of data and analytics for the commercial real estate industry reported 11.6% revenue growth, a 36.5% increase in net profit for the last quarter compared to last quarter. ‘last year. CoStar beat expectations, with analysts at Truist and RBC further raising their price target. The company’s shares have outperformed the broader market with a positive return of 2.73% this year. On the other hand, the Internet and data services sub-sector and the real estate sector fell by 45.1% and 23.27% respectively this year. “We continue to like CoStar for several reasons,” said JMP equity analysts. “It is well led, in our view, by founder and CEO Andrew Florance, who has a proven track record of entering and conquering new markets.” Losers this season About 65% of companies that reported earnings in the past month had their median price target cut by stock analysts. Wall Street expects steep cuts to future growth potential from SVB Financial, a Silicon Valley-based lender, Meta Platforms, Facebook’s parent company, and home appliance maker Whirlpool, among others. Loews Corp was excluded from the analysis as price targets or estimates were not available during the analysis. — CNBC’s Michael Bloom contributed to this report.
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