Earnings week ahead: Salesforce, Target, Broadcom, Lowe’s, and more
Spencer Platt

As the calendar turns to March, the pace of notable corporate updates remains strong. Retailers represent a key theme, following up on recent figures from Walmart and Home Depot. The list of industry leaders set to report during the week include Target (NYSE:TGT), Loweâs (NYSE:LOW), Macyâs (M), Costco (COST), Nordstrom (JWN) and a host of apparel retailers.
Elsewhere, semiconductor companies Broadcom (NASDAQ:AVGO) and Marvell Technology (MRVL) will follow up on a well-received report from Nvidia. Meanwhile, Salesforce (NYSE:CRM) will provide a key update for the software space.
Below is a curated list of reports due in the week of February 27 through March 3:
Monday, February 27


Occidental Petroleum (OXY)


Occidental Petroleum (OXY) is due to report Q4 earnings after the bell on Monday. Shares of the Texas-based oil and gas giant have risen over 50% in the past year, bolstered by a sharp rise in energy prices in 2022. However, the stock has fallen about 20% in the past 6 months as energy prices edged lower from their fall peak.
Moving into 2023, CEO Vicki Hollub said that the company will prioritize stock buybacks, following the lead of Exxon and Chevron in delivering big shareholder return programs. Analysts are somewhat divided on the stock, with the most popular rating standing at Hold in Seeking Alpha surveys. Shortly before the print, Goldman Sachs upgraded the stock to Buy just as Evercore cut to Sell.

Consensus EPS Estimates: $1.83
Consensus Revenue Estimates: $8.21B
Earnings Insight: Occidental has beaten EPS estimates in 6 of the past 8 quarters, rising above revenue expectations in 7 of those reports.

Also reporting: Li Auto (LI), Fisker (FSR), Workday (WDAY), Viatris (VTRS), Heico Corp. (HEI), Freshpet (FRPT), and FREYR Battery (FREY)
Tuesday, February 28


Target (TGT)


Following a cautious report from Walmart in the week prior, Target (TGT) will issue its financial figures prior to the opening bell on Tuesday, providing some insight on the health of the consumer. While shares of the Minnesota-based retailer fell over 30% in 2022 amid persistent inventory issues, the stock has rebounded sharply to start 2023. 
Meanwhile, the stock also remains a consensus Buy among analysts, according to Seeking Alpha surveys. That said, Evercore ISI initiated a trading call on the stock ahead of the earnings result, suggesting another disappointment could be in store.
âWe believe Target continues to hold up share in grocery, but that its discretionary home and apparel business likely required more markdowns/promotions to generate sell-through based on softening in our Retailer Pricing Power survey and industry expert discussions,â the Evercore analysts commented. âOur concerns remain focused on actions that Target may be required to take in order to keep traffic positive, and margin pressure in excess of consensus estimates.â
Shortly before the results, the company announced plans to invest $100M in delivery capabilities. 

Consensus EPS Estimates: $1.41
Consensus Revenue Estimates: $30.74B
Earnings Insight: Target has topped EPS expectations in 5 of the past 8 quarters, rising above revenue estimates 6 times in that timeframe.

Sector spotlight: EV Charging


Blink Charging (BLNK) is due to report on Tuesday, followed by Chargepoint Holdings (CHPT) and Wallbox NV (WBX) on Wednesday. The EV charging space has been an area of focus lately for major energy companies, automakers and governments across the globe. 
Leading up to the weekâs slate of earnings results, ChargePoint announced partnerships with both Fisker (FSR) and Mercedes-Benz. Meanwhile, Shell (SHEL) acquired Volta (VLTA) in a deal valuing the company at $169M, eyeing competition with BP, which has invested heavily in the space as well. However, the biggest headline in the space is likely the billions of dollars earmarked for EV charging under the Infrastructure Investment and Jobs Act as well as the Inflation Reduction Act. Tesla is also being forced to open a portion of its charging network in order to access the subsidies.
Also of note, European charging leader Wallbox (WBX) announced significant cost cuts to start 2023, including significant headcount reductions. The stock has rocketed about 40% higher since announcing the cuts. Blink Charging (BLNK), by contrast, has fallen sharply in February after announcing a new equity offering.
Also reporting: Sempra Energy (SRE), AutoZone (AZO), Advance Auto Parts (AAP), Aurinia Pharmaceuticals (AUPH), Rivian Automotive (RIVN), Coupang (CPNG), Zoom Video (ZM), Sarepta (SRPT), Norwegian Cruise Line Holdings (NCLH), Seritage Growth Properties (SRG), Virgin Galactic (SPCE), Monster Beverage Corp. (MNST), and Kontoor Brands (KTB)
Wednesday, March 1


Salesforce (CRM)


Salesforce (CRM) is likely to be one of the weekâs most closely followed reports when it posts its Q4 report after the bell on Wednesday. While shares have been nearly halved since their 2021 peak, the stock has nonetheless surged over 20% since the start of 2023.
The quarterly report is projected to be noisy as the December exit of co-CEO Bret Taylor, a proxy fight with Elliott Management, as well as activist campaigns by Starboard Value, Third Point, Inclusive Capital, and Value Act, and significant layoffs are slated as key topics to cover. 
While analysts remain broadly bullish on the name, 28 downward revenue revisions in the 90 days ahead of the results, per Seeking Alpha data, suggest a concern on slowing demand. In fact, Citi opened a ânegative catalyst callâ based upon that expectation ahead of the results.
"Conversations with CRM partners suggest the weak demand environment hasnât let up with calendar 2023 growth outlooks deteriorating to 8-10% (vs. ~15% in our pre-Fâ3Q23 checks),â the bankâs analysis stated.
Meanwhile, EPS estimates have been revised upward 29 times in the same span as analysts assess belt-tightening measures. Additionally, the bevy of activist campaigns are expected to enforce discipline, according to Wedbush analyst Dan Ives.
âUltimately we view [activist involvement] all as a much needed positive for the story to put pressure on under performing assets and strategically look at possible spin-offs over the next 6-12 months depending on outside strategic interests as well as further cost cuts (headcount cuts already announced in early January)," Ives wrote in a note to clients ahead of the print.

Consensus EPS Estimates: $1.36
Consensus Revenue Estimates: $7.99B
Earnings Insight: Salesforce has beaten EPS and revenue estimates in 8 consecutive quarters

Loweâs Companies (LOW)


Loweâs (LOW) is due to post its earnings results prior to the opening bell on Wednesday. Shares of the North Carolina-based home improvement retailer fell sharply in the week ahead of the earnings result, dragged down by a disappointing result from chief competitor Home Depot. The decline brings the stockâs year-to-date gain to just about 1%, underperforming the S&P. 
Nonetheless, the stock remains a top dividend pick at UBS. Likewise, Bank of America remained bullish on Loweâs despite Home Depotâs earnings miss. The bank's analysts retained Buy ratings on both Home Depot and Lowe's as âmulti-year beneficiaries of the current environment of strong renovation demand, inflation, supply chain disruption, and investorsâ search for high-quality total shareholder return.â
The company updated its guidance and buyback program in late 2022.

Consensus EPS Estimates: $2.21
Consensus Revenue Estimates: $22.73B
Earnings Insight: Loweâs has beaten EPS estimates in 8 consecutive quarters, missing revenue estimates twice in that span.

Also reporting: Snowflake (SNOW), Dollar Tree (DLTR), Veeva Systems (VEEV), Nio (NIO), Imperial Brands (OTCQX:IMBBY), Splunk (SPLK), Dine Brands (DIN), Acushnet Holdings (GOLF), and Funko (FNKO)
Thursday, March 2


Broadcom (AVGO)


Broadcom (AVGO) is due to post its earnings results after the market close on Thursday. Shares of the semiconductor company have surged over 30% from their October nadir, bouncing alongside much of the chip sector. The gain includes a modest bounce in the days ahead of the results, driven by an earnings beat and bullish commentary from Nvidia on Feb. 23. 
The consensus rating on the stock remains a Buy, according to Seeking Alpha surveys, though that is down from a Strong Buy rating in December. Analysts have revised EPS estimates downward a net of 4 times in the 90 days ahead of the results while raising revenue expectations a net of 6 times.
The stock was also selected as a top dividend pick by UBSâ machine learning model. Steve Cohenâs Point72 also picked the stock, increasing his stake in the company in Q4, according to regulatory filings.

Consensus EPS Estimates: $10.17
Consensus Revenue Estimates: $8.89B
Earnings Insight: Broadcom has beaten EPS and revenue expectations in 8 consecutive quarters.

Sector Spotlight: Retail


Macyâs (M), Kohlâs (KSS), Burlington Stores (BURL), The Gap (GPS), Abercrombie & Fitch (ANF), Ross Stores (ROST), Nordstrom (JWN), Urban Outfitters (URBN) and Victoriaâs Secret (VSCO) populate a busy earnings schedule for department stores and apparel retailers.
Ahead of the results, an inauspicious quarterly update from Dillardâs (DDS) on Feb. 21 hit the department stores particularly hard. While Dillardâs stock marked a sharp 20% drop on earnings day, that decline dragged on Kohlâs (KSS), Macyâs (M), Nordstrom (JWN), and more.
Meanwhile, JP Morgan analyst Matthew Boss warned that inventory issues are likely persist across the department store sector. Kohlâs also foreshadowed this impact in a pre-announcement alongside the naming of a new permanent CEO. Nordstrom likewise slashed its profit outlook in a January pre-announcement, providing notice that the holiday season remained highly promotional. Finally, Macyâs tempered expectations into the quarter with a January earnings update, but noted slowing traffic to stores rather than margin pressures.
On the off-price front, a better than expected print from TJX Companies (TJX) provided a boost to Ross Stores and Burlington ahead of their own respective reports. Of particular note, TJX posted comparable sales that were far stronger than expected, but reported below-consensus margins amid the aforementioned inventory issues that still loom over retailers broadly.
Adding to the barrage of industry information leading into this round of retail announcements, a bearish result from Capri Holdings weighed on the higher end of apparel retail into February, while an inventory warning from Under Armour weighed on more casual and footwear focused retailers. 
By contrast, a bolstered buyback program from Victoria Secret (VSCO) to start the year helped lift its stock and those of its peers, while analysts appeared to warm to the likes of The Gap and Urban Outfitters. In fact, Seeking Alphaâs Quant ratings system recently shifted to a Buy rating on both stocks at the close of 2022 and into early 2023. Since that point, shares of both retailers have shot up double-digits. According to Baird, short sellers have increased bets against The Gap (GPS) as of late, while pulling back on bets against Urban Outfitters.
Also reporting: JD.com (JD), Costco Wholesale Corporation (COST), Wendyâs Corporation (WEN), VMWare (VMW), Kroger (KR), Flutter Entertainment (OTCPK:PDYPY), Best Buy (BBY), C3.ai (AI), Okta (OKTA), Polestar Automotive (PSNY), Zscaler (ZS), ChargePoint Holdings (CHPT), Marvell Technology (MRVL), and AB InBev (BUD)
Friday, March 3


Deutsche Lufthansa (OTCQX:DLAKY)


Lufthansa (OTCQX:DLAKY) is set to post earnings on Friday. The German airline stock has ripped higher since September, rising over 80% from the end of the calendar third quarter. Shares of the airline have risen particularly sharply since its October earnings result, in which management indicated pandemic pressure on travel demand was truly behind the carrier. 
An update in mid-December added to bullishness as management said it saw strong demand through October and November. However, technical issues and union strikes have hit the company ahead of the results, sparking thousands of flight cancellations.