Investing

Earnings Previews: ConocoPhillips, Moderna, Uber

Moderna

Over the past 12 months, shares of COVID-19 vaccine maker Moderna Inc. (NASDAQ: MRNA) have slipped by about 20.6%. Over the past two years, the stock is up almost 210%, including a spike to an all-time high in early August of last year, when shares were up 950% for the two-year period. The company reports results Wednesday morning.

In recent developments, the company has applied to sell its coronavirus vaccine to treat children between the ages of 6 months and 6 years. It also got a boost from rival Pfizer’s announcement last week that the Dow company’s Paxlovid did not prove effective against COVID-19.

Of 20 brokerages covering the stock, nine rate the stock at Buy or Strong Buy and five have Hold ratings. At a share price of around $144.60, the implied upside to a median price target of $210 is 45.2%. Based on a high price target of $506, the upside potential on the stock is 250%.

Analysts expect Moderna to report first-quarter revenue of $4.43 billion, down more than 38% sequentially and 128% year over year. Adjusted EPS are forecast at $5.62, down about 50% sequentially and down more than 10% year over year. For the full 2022 fiscal year, EPS are currently expected to come in at $27.73, down 2%, on sales of $22.34 billion, up nearly 21%.

Moderna stock trades at 5.1 times expected 2022 EPS, 14.6 times estimated 2023 earnings of $9.61 and 28.9 times estimated 2024 earnings of $4.83. The stock’s 52-week range is $122.01 to $497.49. Moderna does not pay a dividend, and total shareholder return for the past year was negative 24.9%.

Uber

Over the past year, shares of Uber Technologies Inc. (NYSE: UBER) have declined by almost 46%. The stock’s 52-week high was set exactly a year ago, and the stock has bounced around a steadily downward trend since then. The company is scheduled to report results after markets close on Wednesday.

Uber said in March that demand had reached about 90% of the pre-pandemic level in February and also raised the mid-point of its first-quarter EBITDA guidance by $25 million. The company also initiated a fuel surcharge to help its drivers meet the rising cost of gasoline, but that is set to expire soon and the knock-on effect may be that drivers will begin looking elsewhere for work. Adding more incentives would be costly.

Analysts remain solidly bullish on Uber. Of 46 brokerages covering the stock, 40 give the stock a Buy or Strong Buy rating and 5 more have a Hold rating. At a share price of around $29.50, the potential upside based on a median price target of $55 is 86.4%. At the high target of $80, the upside potential is 117%.


The consensus revenue estimate for the first quarter is $6.1 billion, up 5.6% sequentially and 110% higher year over year. Uber is expected to post a loss per share of $0.11 in the quarter, compared with the prior quarter’s EPS of $0.64 and last year’s EPS of $0.45. For the full 2022 fiscal year, analysts expect a loss per share of $0.13, compared with last year’s EPS of $0.33, on revenue of $27.22 billion, up almost 56%.

Uber’s stock trades at 42.6 times estimated 2023 earnings of $0.69 and 30.7 times estimated 2024 earnings of $0.95 per share. The stock’s 52-week range is $28.28 to $56.13. Uber does not pay a dividend. Total shareholder return for the past 12 months is negative 46.7%.

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