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Analysts' screen on PATH, NTAP, TWTR, CHEY and more

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Analysts Notebookwrote a column06/02/2022 23:09
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BARCLAYS
$Hewlett Packard Enterprise(HPE.US)$ Barclays analyst Tim Long lowered the firm's price target on HP Enterprise to $19 from $20 and keeps an Overweight rating on the shares. The company missed Q2 revenue and earnings estimates, mainly on delayed HPC revenue acceptance, Long tells investors in a research note. It also lowered full year earnings expectations to account for Russia and currency headwinds. Despite continued strong 20% order growth and demand trends. HP Enterprise's inability to convert to revenue from backlog is concerning, says the analyst.
$MongoDB(MDB.US)$ Barclays analyst Raimo Lenschow raised the firm's price target on MongoDB to $338 from $330 and keeps an Overweight rating on the shares following last night s results. The analyst believes the new guidance clarity should be rewarded and says MongoDB deserves a premium valuation.
$nCino(NCNO.US)$ Barclays analyst Saket Kalia raised the firm s price target on nCino to $39 from $38 and keeps an Equal Weight rating on the shares. The company beat revenue estimates and flowed through upside with a narrower operating loss, Kalia tells investors in a research note.
$NetApp(NTAP.US)$Barclays analyst Tim Long lowered the firm s price target on NetApp to $88 from $102 and keeps an Overweight rating on the shares. The company's fiscal Q4 results showed positive momentum for the underlying business with stronger margins after price changes were enacted recently. Long tells investors in a research note. However, cloud annual recurring revenue missed on higher churn, lower expansion rates and salesforce turnover, adds the analyst.
$Twilio(TWLO.US)$Barclays analyst Ryan MacWilliams downgraded Twilio to Equal Weight from Overweight with a price target of $110, down from $175. He thinks the core API business potentially will face challenges due to a slowing digital economy and had hoped to see better progress with Segment/Engage at this point, MacWilliams tells investors in a research note. He thinks the macro backdrop may make Twilio decide between maintaining top-line performance with lower margins or pivot to improved profitability with lower revenue growth, the analyst added.
BOFA
$Americold Realty Trust(COLD.US)$ BofA analyst Joshua Dennerlein upgraded Americold Realty Trust to Neutral from Underperform with a price target of $30, up from $28. The latest USDA report points to stabilizing inventory levels and given the nature of the cold storage business, a slowing economy is unlikely to impact demand, Dennerlein tells investors in a research note. The analyst says the risks are more balanced at current share levels.
$Agree Realty Corp(ADC.US)$ BofA analyst Joshua Dennerlein upgraded Agree Realty to Buy from Neutral with a price target of $78, up from $76. The analyst believes 'more defensive' net lease real estate investment trusts will outperform given the market's focus on tightening monetary conditions and rising recession risks. In addition. Agree Realty's recent 'proactive, equity raise reduces its capital market risk, Dennerlein as previously reported.
GOLDMAN SACHS
$Starry Group(STRY.US)$ Goldman Sachs analyst Brett Feldman downgraded Starry to Neutral from Buy with an unchanged price target of $9, representing negative 9% total return potential. The analyst cites valuation for the downgrade following the recent outperformance, saying the stock is now trading above high growth consumer-focused subscription peers on a multiple to growth basis. He sees limited opportunity over the near-term for multiple expansion. In addition. Starry will need to access additional capital by Q1 of 2023 in order to fund fts business, which could further limit multiple expansion, Feldman tells investors in a research note.
JPMORGAN
$NetApp(NTAP.US)$JPMorgan analyst Samik Chatterjee reiterates an Overweight rating on NetApp with a $100 price target citing the company's "solid" Q4 results and "better than feared" guidance. A solid performance in hybrid cloud underscored the continued demand strength for enterprise storage despite a challenging supply/macro environment, Chatterjee tells investors in a research note. The analyst remains positive on NetApp's long-term opportunity in relation to its leadership in hybrid cloud and public cloud storage. He says the company offers a high growth opportunity within traditional enterprise IT hardware.
PIPER SANDLER
$Pinterest(PINS.US)$ Piper Sandler analyst Thomas Champion downgraded Pinterest to Neutral from Overweight with a price target of $23. down from $35. After a strong two-year stretch, digital advertising spend looks to be normalizing. Champion tells investors in a research note. Group multiples have declined and are 40% off recent highs, but history suggests multiples may not re-rate until after ad spend growth bottoms, says the analyst. Chanel checks on Pinterest "remain mixed" due to "challenged" audience growth and a lack of new ad formats, writes Champion. He believes engagement concerns may persist as the company competes with more established video-first platforms.
$Snap Inc(SNAP.US)$ Piper Sandler analyst Thomas Champion downgraded Snap to Neutral from Overweight with a price target of $18, down from $30, After a strong two-year stretch, digital advertising spend looks to be normalizing. Champion tells investors in a research note. Group multiples have declined and are 40% off recent highs, but history suggests multiples may not re-rate until after ad spend growth bottoms, says the analyst. Champion is concerned about Snap in a worsening market. Last week's pre-announcement was indicative of deteriorating conditions and channel checks suggest slowing spend in the company's two largest verticals, entertainment and apparel, the analyst tells investors in a research note.
$Twitter (Delisted)(TWTR.US)$ Piper Sandler analyst Thomas Champion raised the firm's price target on Twitter to $54.20 from $51.50 and keeps a Neutral rating on the shares. After a strong two-year stretch, digital advertising spend looks to be normalizing, Champion tells investors in a research note. Group multiples have declined and are 40% off recent highs, but history suggests multiples may not re-rate until after ad spend growth bottoms, says the analyst. Champion lowered estimates "across-the-board" in the internet sector. However, he raised Twitter's price target to reflect the pending buyout by Elon Musk. It is "difficult to say whether the Musk saga is impacting advertiser spend on the platform, although we’d lean toward that being a slight negative," writes Champion.
$C3.ai(AI.US)$ Piper Sandler analyst Arvind Ramnani downgraded C3.ai to Neutral from Overweight with a price target of $15, down from $28, following the company's Q4 results. The analyst sees “signs of cracks” in enterprise spend. Weakness in enterprise spend, slower customer growth and a “dampened demand environment” drove led to “lackluster" guidance, Ramnani tells investors in research note. The analyst views the fiscal 2023 revenue growth.
OPPENHEIMER
$UiPath(PATH.US)$ Oppenheimer analyst Brian Schwartz lowered the firm's price target on UiPath to $23 from $35 on group multiples compression, while keeping an Outperform rating on the shares. The analyst notes UiPath had a good Q1, but guidance is still mixed and the company is continuing to face headwinds from the macro and internal leadership/sales org changes. The business delivered a solid beat against Q1 guidance and raised the guidance for 2023 across the board. Schwartz adds. Negatively, the top-line raise is below the Q1 beat and cash flow margins continue to be depressed amid internal and external challenges, he points out. While the analyst recognizes that competitive threats remain elevated and execution risk further overhangs the stock, he believes that UiPath's RPA technology is market leading and still seeing strong demand as evidenced by the fast growth and strong net retention trends in recent quarters.
RBC CAPITAL
$Chewy(CHWY.US)$ RBC Capital analyst Steven Shemesh lowered the firm's price target on Chewy to $59 from $73 to reflect peer group multiple compression but keeps an Outperform rating on the shares after its Q1 earnings beat. Pass through pricing drove significant gross margin over-delivery, and he continues to expect a sales acceleration in the second half, which should result in share upside even if modest cost pressure persists, the analyst tells investors in a research note.
$S&P Global(SPGI.US)$ RBC Capital analyst Ashish Sabadra lowered the firm's price target on S&P Global to$434 from $540 but keeps an Outperform rating on the shares. The company's lowered ratings revenue expectations should reset estimates lower but will likely be the last cut to FY22 guidance, the analyst tells investors in a research note. Sabadra adds that while issuance has likely troughed in May. it should improve given strong issuer pipeline and normalizing high-yield spreads.
$UiPath(PATH.US)$ RBC Capital analyst Matthew Hedberg lowered the firm's price target on UiPath to $22 from $27 and keeps a Sector Perform rating on the shares. The company's Q1 results were 'choppy as expected", but while the debate over growth deceleration will likely continue, the quarter also answered some of the questions around large deal uncertainty, the analyst tells investors in a research note. Hedberg adds that he remains positive on the long-term opportunity for UiPath.
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