Research Reports on Toll Brothers, Dick’s Sporting Goods, Avery Dennison, Prudential Financial, and Ulta Beauty
These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.
Our price target is 10 times our estimated earnings per share for the next 12 months, compared with the post-2015 average of eight times.We are downgrading Dick’s Sporting Goods to Neutral from Buy. Post-second-quarter results, we see increased risks to the company’s sales and margin outlook due to:2) years of high grocery inflation crowding out spending on discretionary purchases; and
Our price objective is lowered to $125 from $180, based on 10 times our estimated EPS for fiscal 2025. Our 10-times multiple is reasonable, given that it’s the low end of its historical multiple of 10 to 15 times.We upgrade Avery Dennison to Buy, lifting our long-term estimates and raising our price target to $222.
Prudential’s 65% free cash flow ratio implies $1.2 billion to $1.3 billion of repurchases in 2024, and incrementally more by drawing down $1.3 billion of interest maintenance reserve relief. Prudential typically announces its capital plans for the coming year in the November to December time frame.Ulta Beauty remains our top beauty idea as we continue to see the resilience of the category and Ulta’s mass and prestige offering resonating with 42 million loyalty members.
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