Author: Priya Nigam

With industry sales decelerating at a faster pace than expected in May, CarMax Inc.‘s (NYSE:KMX) earnings estimate for the fiscal first quarter has been cut from $1.45 per share to $1.25 per share, though this is still higher than the consensus of $1.20, according to JPMorgan.

The CarMax Analyst: Analyst Rajat Gupta reiterated an Underweight rating and price target of $55.

The CarMax Thesis: The company is likely facing higher deceleration due to “acute” supply shortages of vehicles that are one to five years old, Gupta said in the note.

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He added that This trend will likely continue through the calendar year 2025 before improving.

“SS comps are likely to decelerate in F2Q based on normal seasonality” as well as tougher comps due to CDK outage benefits, the analyst wrote. CarMax also faces tougher comps in the back half of the year due to “hurricanes and post-election bump in demand,” he further stated.

There are limited catalysts in the near- to medium-term that could drive estimates higher, Gupta said.

KMX Price Action: Shares of CarMax had risen by 1.28% to $65.76 at the time of publication on Monday.

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CrowdStrike Holdings Inc. (NASDAQ:CRWD) will report its quarterly results after the market closes on Tuesday, June 3.

The company is likely to report “an inline to marginally better quarter, fueled by the persistent IT consolidation trend, according to Rosenblatt Securities.

The CrowdStrike Holdings Analyst: Analyst Catharine Trebnick reiterated a Buy rating and raised the price target from $450 to $515.

The CrowdStrike Holdings Thesis: Trebnick said in the note that the company is likely to report ARR (annual recurring revenue) and revenue growth of 21% and 20%, respectively, in line with Street expectations.

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“Despite macroeconomic pressures, cybersecurity budgets remain resilient,” with reseller checks and surveys indicating a stable security spending environment, she added.

Businesses continue to seek platform players like CrowdStrike “for integrated and efficient security solutions to simplify operations, reduce attack surface, and alleviate budget pressure,” the analyst stated.

The price target has been raised to reflect “the 31% expansion in cybersecurity sector multiples over the last two months, alongside our continued confidence in the company’s strong execution and broad platform tailored to the key IT consolidation trend,” she wrote.

CRWD Price Action: Shares of CrowdStrike Holdings had risen by 0.04% to $471.55 at the time of publication on Monday.

Read More:  CrowdStrike Stock Slips: Analyst Downgrades Before Earnings

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Intuit Inc. (NASDAQ:INTU) will report its fiscal third-quarter results on Thursday, May 22.

This is a tax-heavy quarter. That’s a “validation opportunity” for the company’s strategic initiatives, according to Goldman Sachs.

Execution “proof-points” can reinforce investor confidence in long-term growth durability, according to analyst Kash Rangan.

The Intuit Analyst: Rangan maintained a Buy rating and price target of $750.

The Intuit Thesis: The Mountain View, California-based firm, known for its financial technology platform, is likely to report revenue growth of 13% and consumer growth of 10%. These projections beat consensus estimates of 12% and +9%, respectively, Rangan said.

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These results are “supported by IRS data showing assisted tax volume’s accelerating growth (+1.7% vs. +0.6% in 2024), a category where Intuit is seeing product-market-fit and driving adoption as a price-disruptor,” he added.

“With assisted solutions now in their fifth year (~30% of Consumer), we expect solid execution driven by targeted campaigns showing healthy reception and pipeline conversion, better-integrated product portfolio, and AI-led investments enhancing platform engagement, all of which should prove conducive to Intuit’s market positioning in tax,” the analyst wrote.

DIY volume growth has been muted in the industry. However, it does not pose much risk for intuit, the analyst added. The company is gaining market share with refined promotion strategies, Rangan stated.

Beyond tax, Intuit’s broader software is witnessing citing stable demand from small and medium businesses, he added.

INTU Price Action: Shares of Intuit had risen by 0.13% to $671.18 at the time of publication on Monday.

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Waldencast PLC (NASDAQ:WALD) is scheduled to report its first-quarter results on May 13, after the market close.

The company is likely to miss margin and earnings expectations, according to Telsey Advisory Group.

The Waldencast Analyst: Analyst Dana Telsey maintained an Outperform rating and price of $5.

The Waldencast Thesis: The company could report in-line sales, but adjusted EBITDA of $8.2 million, missing current consensus of $10.3 million, due to margin of 12.0% coming in below expectations of 15.1%, Telsey said in the note.

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“Within the topline, we look for 14% YoY growth at Obagi and a 13% YoY decline at Milk,” she added.

Revenue growth was projected to be flat year-on-year due to “challenging prior year compare and retail partner inventory adjustments,” the analyst stated.

Waldencast expects revenue growth to gain momentum as the year progresses, “driven by its innovation pipeline and continued distribution expansion, including the launch of Milk Makeup in Ulta Beauty stores in 1Q25,” she wrote.

Waldencast is likely to have relatively less exposure to tariffs than its peers, Telsey further stated.

WALD Price Action: Shares of Waldencast had tanked by 2.55% to $2.65 at the time of publication on Tuesday.

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Celsius Holdings Inc (NASDAQ:CELH) is scheduled to report its first-quarter results on Tuesday, May 6, before market open.

According to JPMorgan, material negative earnings revisions seem to be in the company’s rearview.

The Celsius Holdings Thesis: Analyst Andrea Teixeira maintained an Overweight rating, while raising the price target from $39 to $44.

The Celsius Holdings Thesis: The company is likely to report sales and earnings at $338 million and 19 cents per share, short of consensus of $343 million and 20 cents per share, Teixeira said in the note.

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Celsius Holdings’ sales trends are recovering, “inflecting back to positive growth in some recent periods,” she added.

The company is witnessing energy category acceleration, while most staples categories are seeing softening consumption trends, the analyst stated.

The acquisition of Alani Nu, which closed on April 1, 2025, is expected to become accretive from the second quarter, Teixeira said. “With that, our 2025E revenue/EPS/EBITDA move to $2.2B (+64% YOY), $0.95 (+37.7% YOY), and $453M (+77.2% YOY) and our 2026E revenue/EPS/EBITDA move to $2.8B (+27.7% YOY), $1.29 (+35.7% YOY), and $600M (+32.5% YOY),” she further wrote.

CELH Price Action: Shares of Celsius Holdings had risen by 1.72% to $35.47 at the time of publication on Friday.

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Eli Lilly And Co (NYSE:LLY) is scheduled to report its quarterly results on Thursday.

The company is likely to report its first-quarter results in line with peers, with some tariff and policy-related commentary during the earnings call, according to Goldman Sachs.

The Eli Lilly Analyst: Analyst Asad Haider maintained a Buy rating and price target of $888.

The Eli Lilly Thesis: “We expect a decent showing from the tirizepatide franchise (Mounjaro/Zepbound) following the uneven performance featuring misses in the last two quarters,” Haider wrote in the note.

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Investors are likely to focus on Eli Lilly’s obesity franchise, where the company has “continued to solidify its leadership position and frontrunner status in both the GLP-1 injectible market,” he added.

Investor focus should also be on the oral obesity pill market, “on the heels of the recent positive ACHIEVE-1 readout for orforglipron int T2D patients,” the analyst stated.  

The ATTAIN-1 trial is expected in the third quarter and will be “orforglipron’s first readout in obesity and hence represents a significant event in the oral obesity space,” he wrote.

LLY Price Action: Shares of Eli Lilly had risen by 1.61% to $891.25 at the time of publication on Tuesday.

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Security software companies Tenable Holdings Inc (NASDAQ:TENB), Varonis Systems Inc (NASDAQ:VRNS) and Qualys Inc (NASDAQ:QLYS) are gearing up to report their quarterly earnings on May 6.

While security continues to be a top priority for Chief Information Officers, industry checks reveal that tariffs and currency headwinds have limited impact on security spending, according to JPMorgan.

The Security Software Analyst: Analyst Brian Essex maintained ratings, while cutting price targets.

• Tenable Holdings: Overweight, price target reduced from $53 to $43
• Varonis Systems: Overweight, price target cut from $55 to $45
• Qualys: Underweight, price target trimmed from $122 to $117

The Security Software Thesis: Although tariffs pose less of a threat on security spending,there is limited visibility into the performance of security software companies due to enterprises facing macro uncertainty, Essex said in the note.

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Tenable Holdings

The company is likely to report solid results, despite core VM (virtual machine) featuring lower in the list of enterprises’ spending priorities, the analyst stated.

If Tenable Holdings beats expectations but does not pass through the outperformance to the guidance, preferring to play it safe, this would be seen as a positive, he added.

Varonis Systems

“We see potential for VRNS to beat SaaS expectations this quarter as the company moves to accelerate its transition this year,” Essex wrote.

Management’s full-year guidance is already conservative, which Varonis Systems could outperform due to its healthy fundamentals, he said.

Qualys

The company may deliver “another quarter of billings deceleration,” given tougher comps, the analyst stated.

Management needs to remain conservative in their guidance due to Qualys’recent sales execution issues, he further said.

Price Target Reductions:

The price target for the three companies has been reduced “to reflect lower peer multiples,” Essex wrote in the note.

At the time of publication on Monday, shares of:

• Tenable Holdings had risen by 0.39% to $33.11
• Varonis Systems had risen by 0.05% to $42.30
• Qualyshad risen by 0.21% to $127.02

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Five9 Inc (NASDAQ:FIVN) is gearing up to report its quarterly results on May 1.

The 2025 and 2026 revenue estimates have been lowered to reflect macro uncertainty arising from tariffs, according to Rosenblatt Securities.

The Five9 Analyst: Analyst Catharine Trebnick reiterated a Buy rating while slashing the price target from $58 to $36.

The Five9 Thesis: The recently announced plans to cut its workforce by 4% will have a positive impact on the company’s operating margins in 2025, Trebnick said in the note.

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The analyst raised the 2025 pro forma earnings to reflect improved margins, from $2.58 per share to $2.60 per share. The 2026 estimate was kept unchanged at $3.00 per share, which is slightly higher than the Street’s expectations of $2.98 per share.

Trebnick cut the 2025 revenue projection from $1,142.5 million $1,136 million, reflecting 9% growth, below the lower end of the current guidance range and Street expectations of $1,139 million to reflect macro uncertainty. He trimmed the 2026 revenue estimate from $1,261 million to $1,249 million, below the consensus estimate of $1,255 million.

“We see the company as a significant beneficiary of AI adoption in CCaaS and believe the company has a more open system, which aligns with organizations evaluating new CCaaS solutions based on platform flexibility,” Trebnick wrote.

FIVN Price Action: Shares of Five9 had risen by 2.93% to $23.87 at the time of publication on Thursday.

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Coinbase Global Inc (NASDAQ:COIN) published on Tuesday a report warning investors of a “crypto winter” being underway. The company is scheduled to report its first-quarter earnings on May 8.

Although the company began 2025 with significant momentum due to pro-crypto comments by the Trump administration, sentiment has reversed against “sharply rising macro concerns,” according to Rosenblatt Securities. 

The Coinbase Global Analyst: Analyst Chris Brendler reiterated a Buy rating, while reducing the price target from $305 to $290.

The Coinbase Global Thesis: The first-quarter estimates for the company have been lowered to reflect continued decline in trading volumes in March and “much lower blockchain revenue due to considerably lower asset levels, partially offset by continued strength in stablecoins,” Brendler said in the note.

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He trimmed his revenue estimates from $2.19 billion to $2.10 billion and EBITDA estimates from $1,075.8 million to $1,005.1 million.

The full year estimates for Coinbase Global reflects a rebound in activity in the back half of the year, the analyst stated. “In our view, legislative clarity will accelerate blockchain technology adoption and COIN will be a primary beneficiary,” he added.

Non-trading revenue streams growing beyond trading fees and the company’s profitability becoming more predictable could lend upside to the stock, Brendler further said.

COIN Price Action: Shares of Coinbase Global had risen by 2.12% to $175.76 at the time of publication on Thursday.

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Liberty Energy Inc (NYSE:LBRT) has been in focus amid US President Donald Trump’s oil production push.

A meeting with the company’s CEO Ron Gusek and CFO Michael Stock highlighted management’s conviction in building the mobile power generation business “leveraging its partnerships and core competencies from its pressure pumping business,” according to JPMorgan.

The Liberty Energy Analyst: Analyst Arun Jayaram reaffirmed a Neutral rating and price target of $18.

The Liberty Energy Thesis: The company expects to take delivery of 150MW of power generation capacity by the end of 2025 and 250MW by the end of 2026, Jayaram said in a note.

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“Management remains optimistic about the US shale industry’s long-term prospects, especially when considering rising demand from AI and data centers,” he wrote.

The analyst stated that Pricing pressures will likely continue to impact Liberty Energy’s margins in the first quarter. He lowered the EBITDA estimate from $167 million to $160 million, which is still higher than the Street’s expectations of $155 million.

“On a full-year basis, we expect overall EBITDA per fleet to decline to $19.5mm from $24.6mm in 2024 given frac pricing pressures,” Jayaram said. He added that EBITDA margins are likely to contract by 390 basis points to 17.5%.

LBRT Price Action: Shares of Liberty Energy had risen by 0.13% to $15.82 at the time of publication on Monday.

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