These companies reporting earnings next week have a history of beating expectations
Several companies will report earnings next week, including some potential standouts. Earnings season is gathering pace, with 22% of S&P 500 members expected to release their quarterly results next week. According to FactSet, most of the players that have reported third-quarter earnings so far have exceeded earnings and revenue expectations. Against this backdrop, CNBC Pro sifted through Bespoke Investment Group data to find names reporting next week that tend to positively surprise investors and boast strong performance. after the income statement. The companies below exceeded Street earnings-per-share expectations by 70% and rose 2% or more on earnings day. Here are the names that meet this criteria: ServiceNow tends to have the biggest post-earnings gains on the list at about 3.3%, the data shows. The enterprise software giant also has the most reliable historical earnings performance, beating analysts’ earnings per share estimates by more than 90%. Wells Fargo analyst Michael Turrin is bullish on the stock. He recently reiterated his high rating on ServiceNow and raised his price target on the stock to $1,025 per share from $935. That new assessment shows the stock’s upside potential is more than 11.5%, up 30.3% this year. “We continue to focus on the highest quality franchises and are targeting businesses with strong fundamental positioning, balanced growth profiles and The management team has a proven track record – with NOW meeting all three criteria.” Note for customers. He added that the release of ServiceNow’s Xanadu product is a “huge step forward” in building out the company’s artificial intelligence vision. ServiceNow announced on Monday that it will invest $1.5 billion in the UK over the next five years, as it grows its UK business in the data center infrastructure and greater need for AI. Circuit maker Monolithic Power has an outstanding earnings yield of 88%. Shares of Monolithic Power are up more than 48.5% this year, outperforming the broader market. The stock tends to move around 2.6% on earnings day, according to Bespoke. Monolithic is another name set to capitalize on AI-related growth, according to Oppenheimer analyst Rick Schafer. He named Monolithic among his best-selling picks on Tuesday and said he expected leading companies with exposure to AI to deliver results and growth prospects after the year’s correction. group in 2023. Impinj also made the list, with its earnings beating expectations 88% of the time and the stock rising an average of 3.2% in a post-report session. The company, which makes radio frequency identification devices, has been a huge success this year, growing about 160.3% year to date. But analysts polled by FactSet think the stock could be bearish as their consensus price target implies a decline of about 13.6% in the near term. However, they still gave a consensus rating of buy for this stock. PI YTD mount Impinj shares.
