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RBC Capital analyst Ashish Sabadra raised the firm's price target on Moody's to $350 from $329 and keeps an Outperform rating on the shares after its Q4 earnings beat. The company's FY23 guidance will likely prove "overly conservative" given the expectations for a robust recovery in issuance, the analyst tells investors in a research note. The firm also believes that Moody's 2023 buyback guidance appears low, resulting in only roughly half of free cash flows returned to shareholders.
The strategic partnership includes a joint research facility in Germany thatwill focus on real world e-mobility and renewable energy system levelchallenges. The goal of the collaboration is to develop breakthrough innovations for Silicon Carbide systems, products, and applications, covering the full value chain from chip to complete systems. Additional collaboration partners will be invited to participate in the innovation process, establishing an end-to-end, European Silicon Carbide innovation network. The R&D center will focus on innovation for Silicon Carbide systems and devices to meet specific requirements in all mobility segments including consumer, commercial, agricultural, and industrial vehicles as well as inthe industrial and renewable energy markets. The collaboration will drive improvements such as higher efficiency, increased power density and higher performances for electrification solutions.
Wolfspeed and ZF, a global technology company enabling next generation mobility announced a strategic partnership that includes the creation of a joint innovation lab to drive advances in Silicon Carbide systems and devices for mobility, industrial and energy applications. The partnership also includes a significant investment by ZF to support the planned construction of the world's most advanced and largest 200mm Silicon Carbide device fab in Ensdorf, Germany. Both the joint innovation lab and the Wolfspeed device fab are planned as part of the Important Project of Common European Interest for Microelectronics and Communication Technologies framework, and are dependent upon state aid approval from the European Commission. "These initiatives are a significant step towards a successful industrial transformation. They strengthen European supply resilience and, at the same time, support the European Green Deal and the strategic goals for Europe's Digital Decade," said Dr. Holger Klein, CEO of ZF.
Equifax announced the acquisition of The Food Industry Credit Bureau, a provider of credit information for the food industry in Canada, from Profile Credit. The company said, "This acquisition expands the breadth of commercial credit insights available to Equifax customers in Canada and worldwide, making differentiated data insights on over 90 percent of the Canadian food industry available...Based in Montreal, The Food Industry Credit Bureau from Profile Credit works in partnership with over 1,000 companies, such as food and beverage service providers, meat and poultry processing, and distribution to provide up-to-date credit data on over 200,000 businesses. The bureau has one of the most comprehensive platforms for bringing together members of the agri-food industry to solve collectively for the challenges and specific dynamics of the sector." The Profile Credit credit bureau business is now part of Equifax Canada. The acquisition is not anticipated to have a material impact on 2023 Equifax financial results.
Equifax announced the acquisition of The Food Industry Credit Bureau, a provider of credit information for the food industry in Canada, from Profile Credit. This acquisition expands the breadth of commercial credit insights available to Equifax customers in Canada and worldwide, making differentiated data insights on over 90% of the Canadian food industry available. The Profile Credit credit bureau business is now part of Equifax Canada. The acquisition is not anticipated to have a material impact on 2023 Equifax financial results.
Baird analyst Jeffrey Meuler raised the firm's price target on Moody's to $350 from $289 and keeps an Outperform rating on the shares. The analyst thinks management's medium-term MIS growth target embeds conservative assumptions, but believes upside to its targets are likely required for meaningful stock outperformance
Barclays analyst Manav Patnaik raised the firm's price target on Moody's to $300 from $275 and keeps an Equal Weight rating on the shares. The shares remain resilient as investor bullishness appears undeterred despite Moody's reset medium-term outlook that implies a large issuance bounce back is unlikely, the analyst tells investors in a research note. The firm sees a balanced risk/reward at current share levels.
Raymond James analyst Patrick O'Shaughnessy downgraded Moody's to Market Perform from Outperform without a price target following the Q4 results. While the quarter was modestly better than expected, and the firm is reasonably confident that better days are ahead for Moody's ratings business, the ratings rebound is already priced in, the analyst tells investors in a research note. The company's modest $250M in planned share repurchases during 2023 is evidence of constrained capital allocation ability in the near-term, Raymond James says.
In a regulatory filing, on January 31, NetApp announced a plan to restructure and reduce the company's workforce as a part of its planned efforts to realign resources to prioritize investments against its biggest opportunities in light of the macroeconomic challenges and reduced spending environment that continue to impact the company. In connection with these actions, the company expects to reduce its worldwide headcount by approximately 8%. The reduction in workforce is expected to be substantially implemented through the end of the fourth quarter of fiscal 2023. The company expects to incur aggregate charges of approximately $85M-$95M consisting primarily of employee severance and benefit costs associated with the restructuring. The company expects that most of these charges will be cash expenditures and that it will recognize the majority of these charges in the third quarter of fiscal 2023. The estimated charges that the company expects to incur are subject to a number of assumptions, and actual results may differ materially from these estimates. The company may also incur additional costs not currently contemplated due to unanticipated events that may occur as a result of, or that are associated with, its workforce reduction.
