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Federal Reserve

Fed's Powell Says A 50 BPS Point Cut Is Not Being Considered Right Now

TD Cowen analyst Bryan Bergin maintains PayPal Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) with a Hold and raises the price target from $68 to $70.

Price Target

Analyst Ratings

PYPL

TD Cowen Maintains Hold on PayPal Holdings, Raises Price Target to $70

Barclays analyst Terry Ma maintains NMI Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NMIH#NASDAQ">NMIH</a>) with a Overweight and raises the price target from $41 to $43.

NMIH

Barclays Maintains Overweight on NMI Holdings, Raises Price Target to $43

Carvana Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) shares are in the spotlight Wednesday ahead of earnings after the bell. Here&#8217;s what you need to know <a href="https://www.benzinga.com/news/earnings/24/07/40065233/wall-street-remains-on-track-for-amd-led-rebound-ahead-of-fed-decision-meta-earnings-analyst-says-t">before the report</a>.
What To Know: Carvana will report financial results for the second quarter after the market close on Wednesday. The company is expected to report a quarterly loss of 7 cents per share and revenue of $3.244 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Last quarter, Carvana shares <a href="https://www.benzinga.com/news/earnings/24/05/38566697/carvana-stock-jumps-on-q1-earnings-revenue-beat-vehicles-sold-up-16-strong-guidance-and-more#">soared more than 30%</a> after the used car retailer reported a surprise profit of 23 cents per share, beating analyst estimates for a loss of 77 cents per share. Revenue also jumped 16% on a year-over-year basis. 
"With these strong results, significant fundamental margin opportunities ahead, and a nationwide infrastructure that can support multiples of our current scale, we have never been more confident in our opportunity to become the largest and most profitable automotive retailer and to buy and sell millions of cars,&#8221; CEO Ernie Garcia said at the time.
Carvana said it expected a sequential increase in its year-over-year growth rate in retail units in the second quarter, as well as a sequential increase in adjusted EBITDA. Carvana also said it expects to "comfortably deliver" on its outlook of year-over-year growth in retail units sold and adjusted EBITDA for full-year 2024.
Check This Out: <a href="https://www.benzinga.com/general/politics/24/07/40074372/nancy-pelosi-loads-up-on-more-nvidia-shares-sells-part-of-microsoft-stake-before-q4-earnings">Nancy Pelosi Loads Up On More Nvidia Shares, Sells Part Of Microsoft Stake Before Q4 Earnings</a>
Here&#8217;s a look at recent analyst changes leading up to earnings:
<ul>
<li>Wedbush analyst Seth Basham reiterated Carvana with a Neutral and maintained a price target of $120.</li>
</ul>
<ul>
<li>JPMorgan analyst Rajat Gupta maintained Carvana with an <a href="https://www.benzinga.com/analyst-stock-ratings">Overweight</a> and raised the price target from $150 to $155.</li>
</ul>
<ul>
<li>Evercore ISI Group analyst Michael Montani maintained Carvana with an In-Line rating and raised the price target from $135 to $140.</li>
</ul>
<ul>
<li>BTIG analyst Marvin Fong initiated coverage on Carvana with a Buy rating and set a price target of $155.</li>
</ul>
<ul>
<li>JMP Securities analyst Nicholas Jones reiterated Carvana with a Market Outperform and maintained a price target of $150.</li>
</ul>
CVNA Price Action: <a href="http://benzinga.com/quote/cvna">Carvana shares</a> are up more than 155% year-to-date heading into the print. The stock was up 7.34% at $136.09 at the time of publication Wednesday, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

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CVNA

What's Going On With Carvana Stock Wednesday?

Fed's Powell Says We Are A Non-Political Agency; Would Never Make Policy Decisions Based On The Outcome Of An Election That Hasn't Happened Yet

Barclays analyst Carter Gould maintains Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) with a Overweight and lowers the price target from $145 to $142.

Barclays Maintains Overweight on Merck & Co, Lowers Price Target to $142

TKO Group Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TKO#NYSE">TKO</a>) shares are on watch Wednesday after a judge rejected an initial settlement agreement in the UFC <a href="https://www.benzinga.com/news/24/03/37857335/conor-mcgregor-returns-to-ufc-lawsuits-settled-why-tko-stock-is-punching-higher">class-action lawsuits</a>.
The Details:
According to a Wrestling Observer <a href="https://www.f4wonline.com/news/ufc/ufc-antitrust-lawsuit-gets-trial-date-after-judge-denies-approval-for-initial-settlement-agreement/">report</a>, Judge Richard Boulware denied approval of the $335 million settlement from March 20 and set a trial date of October 28 for the Cung Le vs. Zuffa case.&nbsp;
Plaintiffs in the case initially sought $1.6 billion. According to MMA legal expert Erik Magraken, the judge is looking for a higher settlement amount and "major contractual changes" in the Johnson case. 
Read Next: <a href="https://www.benzinga.com/news/earnings/24/07/40051107/first-solar-reports-strong-q2-results-eps-beat-sales-up-24">First Solar Reports Strong Q2 Results: EPS Beat, Sales Up 24%</a>
Both sides are reportedly trying to avoid a trial. UFC-parent TKO Group could face the risk of a much larger financial payout if the case goes to trial which could effect the stock's price.
TKO Group is set to report its second-quarter results on Aug. 8 before the opening bell. According to estimates from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, analysts expect the company to report earnings of 87 cents per share and quarterly revenue of $771.313 million.&nbsp;
<h2 class="wp-block-heading">Will TKO Stock Go Up?</h2>
When trying to assess whether or not TKO Group Holdings will trade higher from current levels, it's a good idea to take a look at analyst forecasts. 
Wall Street analysts have an average 12-month price target of $124.67 on TKO Group Holdings. The Street high target is currently at $130 and the Street low target is $115. Of all the analysts covering TKO Group Holdings, 5 have positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes <a href="https://www.benzinga.com/quote/TKO/analyst-ratings">[Analyst Ratings]</a>. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering TKO Group Holdings have performed in recent history. 
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. TKO Group Holdings is 34.04% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about TKO Group Holdings, visit <a href="https://www.benzinga.com/quote/TKO">here</a>. If you want to go above and beyond, there's no better tool to help you do just that than <a href="https://pro.benzinga.com/">Benzinga Pro</a>. Start your free trial today.
TKO Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, TKO Group Holdings shares are flat at $109.29 at the time of publication Wednesday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/40051630/match-group-stock-climbs-on-strong-q2-results-hinge-revenue-up-48">Match Group Stock Climbs On Strong Q2 Results, Hinge Revenue Up 48%</a></li>
</ul>
Image generated using artificial intelligence via MidJourney.&nbsp;

Judge Rejects UFC Settlement: What's Going On With TKO Group Stock?

Fed's Powell Says No Change In Approach According To Political Calendars; Tools Never Used To Support Or Oppose A Politician Or Party; Sticking To Our Part Benefits All Americans; That's Our Belief And How We Always Operate; Any Actions Before, During, Or After Elections Will Be Based On Data And Risk Balance

TD Cowen analyst Matthew Ramsay maintains Qorvo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) with a Hold and raises the price target from $110 to $125.

QRVO

TD Cowen Maintains Hold on Qorvo, Raises Price Target to $125

Barclays analyst Julian Mitchell maintains Illinois Tool Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) with a Underweight and lowers the price target from $217 to $215.

Barclays Maintains Underweight on Illinois Tool Works, Lowers Price Target to $215

TD Cowen analyst Matthew Ramsay maintains Skyworks Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>) with a Hold and raises the price target from $90 to $110.

SWKS

TD Cowen Maintains Hold on Skyworks Solutions, Raises Price Target to $110

Barclays analyst Julian Mitchell maintains Hubbell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBB#NYSE">HUBB</a>) with a Equal-Weight and lowers the price target from $384 to $368.

HUBB

Barclays Maintains Equal-Weight on Hubbell, Lowers Price Target to $368

Fed's Powell Says Economy Not Extremely Bad, Just Pockets of Weakness; No Decision Made About Future Meetings

Barclays analyst Raimo Lenschow maintains Freshworks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>) with a Equal-Weight and lowers the price target from $15 to $14.

FRSH

Barclays Maintains Equal-Weight on Freshworks, Lowers Price Target to $14

TD Cowen analyst Dan Brennan maintains GeneDx Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WGS#NASDAQ">WGS</a>) with a Buy and raises the price target from $46 to $50.

TD Cowen Maintains Buy on GeneDx Hldgs, Raises Price Target to $50

Goldman Sachs analyst Michael Ng reiterated a Neutral rating on Sofi Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) with a <a href="https://www.benzinga.com/quote/SOFI/analyst-ratings">price target of $7.50</a>.
Ng noted Sofi Technologies upgraded its full-year <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b40032979/sofi-technologies-reports-net-revenue-of-599-million-and-net-income-of-17-million-for-q2-2024-mark" rel="noreferrer noopener">net income outlook</a> to $175 million—$185 million (versus $165 million—$175 million prior).
The analyst writes that adjusted EBITDA margins should continue to ramp throughout the year to 25% for the full year 2024 as the company optimizes its capital structure towards using lower-cost deposits as a funding source and improves unit economics on Credit Card and Investment products within the Financial Services segment.
Ng flagged that Financial Services growth was primarily due to improved monetization driven by higher deposits and spending levels within SoFi Money, more significant AUM within SoFi Invest, and an increase in Credit Card spending.
Sofi Technologies&#8217; deposits totaled $23.0 billion at quarter-end (versus $21.6 billion at fiscal 2024 first-quarter). Ng noted continued growth in deposits to reduce reliance on warehouse funding.
In the second quarter, lending revenue of $339 million beat Goldman Sachs&#8217; estimate and consensus of $284 million and $300 million, driven by a ~$1 billion beat in personal loan originations ($4.2 billion versus Goldman Sachs&#8217; estimate and consensus of $3.2 billion).
According to Sofi Technologies, it was able to drive origination growth while maintaining stringent underwriting standards.
In addition, the company&#8217;s second-quarter 90-day personal loan delinquency rate decreased to 64 bps (versus 72 bps in the first quarter).
Loan performance will remain in focus given that Sofi Technologies&#8217; personal loan annualized net charge-off rate of 3.84% (up versus 3.45% in the first quarter) was flattered by a $69 million delinquent loan asset sale in the quarter (~5.4% adjusted for this), the analyst said.
He said that personal loan origination volumes of $4.2 billion were well above Goldman Sachs and Visible Alpha&#8217;s consensus of $3.2 billion despite increasing concerns about consumer health. However, Sofi Technologies&#8217; customer base skews prime.
Separately, Sofi Technologies lowered its outlook for Tech Platform segment growth for 2024 to mid-to-high teens percentage (versus 20% yoy growth prior) as large deals take longer to ramp than expected, particularly in Latin America.
That said, other elements of Sofi Technologies&#8217; outlook were encouraging, including a raised outlook for Financial Services segment growth and deposits growth and Sofi Technologies&#8217; third consecutive quarter of positive GAAP net income.
Ng increased his fiscal 2024, 2025, and 2026 revenue estimates by 5% on average to reflect Sofi Technologies&#8217; latest outlook for personal lending &amp; financial services.
Ng projected fiscal 2024 revenue and EPS of $2.52 billion (prior $2.50 billion) and $0.11 (prior $0.08). The analyst expects fiscal 2025 revenue and EPS of $3.02 billion (prior $2.87 billion) and $0.25 (prior $0.12). He estimates fiscal 2026 revenue and EPS of $3.81 billion (prior $3.49 billion) and $0.56 (prior $0.35).
Price Action: SOFI shares are trading higher by 4.04% to $7.725 at last check Wednesday. 
Photo via Shutterstock

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Fintech news covering the emerging Financial Technology services sector

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SOFI

Sofi Tech's Lending And Financial Services Momentum Well Above Estimates: Goldman Sachs Raises Forecast

Barclays analyst David Anderson maintains Oceaneering International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OII#NYSE">OII</a>) with a Underweight and raises the price target from $21 to $24.

Barclays Maintains Underweight on Oceaneering International, Raises Price Target to $24

Fed's Powell Says Many Perceived Pieces of Wisdom Haven't Worked, Situation Has Been Unique; Can't Look to History as a Guide to Future

Barclays analyst David Anderson maintains Expro Gr Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPRO#NYSE">XPRO</a>) with a Overweight and raises the price target from $27 to $28.

XPRO

Barclays Maintains Overweight on Expro Gr Hldgs, Raises Price Target to $28

TD Cowen analyst Gary Taylor maintains Centene (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>) with a Buy and raises the price target from $80 to $89.

TD Cowen Maintains Buy on Centene, Raises Price Target to $89

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