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Top Stock Reports for Broadcom, Merck & Airbnb

Wednesday, May 15, 2024

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Broadcom Inc. (AVGO), Merck & Co., Inc. (MRK) and Airbnb, Inc. (ABNB). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Broadcom shares have outperformed the Zacks Electronics - Semiconductors industry over the year-to-date period (+24.2% vs. +13.0%) on the back of the company's AI leverage. In the first quarter of 2024, under its semiconductor segment, AI revenues quadrupled year over year to $2.3 billion despite sluggish enterprise and telcos end markets.

Broadcom now expects fiscal 2024 AI revenues of roughly $10 billion. Networking revenues are expected to rally 35% year over year, driven by the accelerating deployment of networking connectivity and the expansion of AI accelerators within hyperscalers.

It expects continued strong bookings at VMware will accelerate revenue growth through the rest of fiscal 2024. VMware revenues are expected to grow double-digit percentage sequentially through the rest of the fiscal year. However, it expects flat growth in wireless segment.

(You can read the full research report on Broadcom here >>>)

Shares of Merck have outperformed the Zacks Large Cap Pharmaceuticals industry over the year-to-date period (+18.8% vs. +15.7%). The company beat Q1 estimates for earnings and sales. Products like Keytruda and Gardasil have been driving sales.

With continued label expansion into new indications, particularly earlier-stage launches, Keytruda is expected to see continued growth. Animal health and vaccine products are core growth drivers. Merck boasts a strong cancer pipeline, including Keytruda, which should drive long-term growth. Merck is investing in M&A activity to strengthen its pipeline.

However, generic competition for several drugs and rising competitive pressure, mainly on the diabetes franchise, will continue to be overhangs on the top line. There are concerns about Merck’s ability to grow its non-oncology business ahead of Keytruda’s loss of exclusivity later in the decade.

(You can read the full research report on Merck here >>>)

Airbnb shares have gained +7.7% over the year-to-date period against the Zacks Internet - Content industry’s gain of +9.8%. The company’s first-quarter 2024 results benefited from continuous improvements in Nights and Experiences Booked, owing to growing travel demand and the timing of the Easter holiday.

This, in turn, enabled Airbnb to witness a positive trend in its Gross Booking Value. Growing gross nights booked, owing to the solid momentum across non-urban areas and increased demand for urban and cross-border travel, remained positive. A modest increase in Average Daily Rate was a plus. Strong momentum in Airbnb app downloads is a tailwind.

However, greater volatility in travel demand due to macroeconomic uncertainties and rising competition in the online travel space is a headwind. The impacts of foreign exchange fluctuations are expected to hurt revenue growth in the near term.

(You can read the full research report on Airbnb here >>>)

Other noteworthy reports we are featuring today include Enbridge Inc. (ENB), ONEOK, Inc. (OKE) and PG&E Corporation (PCG).

Director of Research

Sheraz Mian

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Strong Demand for Networking Products Aids Broadcom (AVGO)

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Keytruda to Remain Merck's (MRK) Key Top-Line Driver

Airbnb (ABNB) Banks on Strong Nights & Experiences Bookings

Featured Reports

Enbridge (ENB) Gains From Long-term Transportation Contracts
Enbridge generates stable fee-based revenues from its long-term oil and gas transportation contracts. Yet, its significant debt exposure concerns the Zacks analyst.

Investments & Higher Fee-Based Earnings Aid ONEOK (OKE)
Per the Zacks analyst, ONEOK is set to benefit from fee-based earnings and midstream assets located in productive regions. Investments made to expand pipelines will further drive its performance.

Solid Investments Aid PG&E Corp (PCG), Poor Financials Woe
Per the Zacks analyst, consistent investments boost PG&E Corp's infrastructure and customer reliability. Yet, the company's poor financial position remains a concern

Sun Life Financial (SLF) Set to Grow on Solid Asia Business
Per the Zacks analyst, Sun Life is set for grow on the strength of its Asia business that are expected to provide higher return and growth as well as expanding global asset management business.

Expansion Plans Aid Raymond James (RJF), High Expenses Ail
Per the Zacks analyst, Raymond James' expansion initiatives, strong balance sheet and global reach will aid revenues. However, volatile nature of the IB business and mounting expenses are major woes.

Kohl's (KSS) Gains From Home Category, Prudent Partnerships
Per the Zacks analyst, Kohl's Home category remains a driver owing to the company's efforts to boost assortments. The company gains from alliances like Sephora, which is likely to fuel comps in 2024.

A Broad Array of Services Continue to Aid AMN Healthcare (AMN)
The Zacks analyst is upbeat about AMN Healthcare's expanded portfolio serving a diverse and growing set of healthcare talent-related needs despite its operation in a highly competitive market.

New Upgrades

HubSpot (HUBS) Rides on Solid Multi hub adoption, AI Focus
Per the Zacks analyst, steady multi-hub adoption from enterprise customers and integration of advanced AI tools across its product suites and customer platform will likely boost HubSpot's top line.

Acquisitions, Strong End-market Demand to Aid Reliance (RS)
According to the Zacks analyst, the company will gain from strong demand in the majority of its end markets and its strategy to drive operating results by acquiring high-quality businesses.

Pacira (PCRX) Rides on Exparel Sales, Overdependence a Woe
Per the Zacks Analyst, Exparel will continue to drive revenues for the company. However, the heavy reliance on the drug for revenue generation is a matter for concern.

New Downgrades

Landstar (LSTR) Continues to Grapple With Weak Freight Market
Per the Zacks analyst, weakness in overall volumes due to headwinds like weak freight demand, supply-chain woes and slower network velocity are hurting the top line.

Decreased Paper-Related Product Demand Hurts Xerox (XRX)
According to the Zacks analyst, Xerox is grappling with decreased demand for paper-related systems and products. Cyber threats have been concerning.

Low Discretionary Spend Amid Macro Turmoil Ails Sonos (SONO)
Per the Zacks analyst, Sonos' performance affected by soft sales as product categories remain under pressure. Heightened promotional activity amid wider macroeconomic challenges remains concern.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report

Merck & Co., Inc. (MRK) : Free Stock Analysis Report

ONEOK, Inc. (OKE) : Free Stock Analysis Report

Enbridge Inc (ENB) : Free Stock Analysis Report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

Airbnb, Inc. (ABNB) : Free Stock Analysis Report

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Zacks Investment Research