U.S. stock markets saw mixed results as trading concluded before the Good Friday holiday. The S&P 500 index edged up by 0.1%, buoyed by robust performances in Consumer Staples and Utilities sectors. However, growth sectors such as Technology and Communications Services lagged behind. The Nasdaq Composite fell slightly by 0.1%, while the Dow Jones Industrial Average experienced a significant drop of 1.3%, primarily due to a 22% plunge in UnitedHealth (UNH) shares, one of its major constituents.
Market volatility was relatively low, with the VIX index settling below 30. Meanwhile, the yield on the 10-year U.S. Treasury note rose to 4.33%, breaking a four-day decline streak.
In corporate earnings news, Netflix (NFLX) was among the first major companies to report results for the first quarter. The streaming giant exceeded earnings expectations, although its revenue merely met forecasts. Netflix noted that the earnings beat was largely due to the timing of expenditures and projected an increase in spending during the latter half of the year. Initially, NFLX shares surged over 5% to surpass $1,020, marking their highest level since February; however, concerns over future spending led the stock to settle below $1,000, up 3% post-earnings.
Elsewhere on Wall Street, Independent Bank (INDB) and First Financial Bankshares (FFIN, Financial) experienced declines of 2% and 1.9%, respectively, following their earnings reports. Meanwhile, Minerals Technologies (MTX) fell by 1.8% after revising its first-quarter guidance downward.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 4 analysts, the average target price for First Financial Bankshares Inc (FFIN, Financial) is $39.00 with a high estimate of $40.00 and a low estimate of $38.00. The average target implies an upside of 19.34% from the current price of $32.68. More detailed estimate data can be found on the First Financial Bankshares Inc (FFIN) Forecast page.
Based on the consensus recommendation from 4 brokerage firms, First Financial Bankshares Inc's (FFIN, Financial) average brokerage recommendation is currently 3.0, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for First Financial Bankshares Inc (FFIN, Financial) in one year is $42.84, suggesting a upside of 31.09% from the current price of $32.68. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the First Financial Bankshares Inc (FFIN) Summary page.
