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The busiest part of earnings season is over, but there are still plenty of companies left that are scheduled to report next week. About 88% of S & P 500 companies have already reported third quarter earnings. Of those, data from FactSet shows that 80% exceeded earnings expectations, while only 14% missed analyst estimates. On the other hand, slowing demand meant that only 62% of companies have topped revenue expectations. CNBC Pro screened for the S & P 500 companies still reporting next week that analysts have expressed the most caution on — by cutting their earnings estimates ahead of the reports. Here are the criteria followed for the search: S & P 500 stock reporting earnings next week. Analyst consensus earnings estimates are down at least 5% over the past three months. Analyst consensus earnings estimates are down at least 5% over the past six months. Earnings per share estimates are down 609% and 144% in the past three and six months, respectively, for pharmaceutical firm Catalent . Most analysts currently have the stock at a hold rating, yet the consensus price target (which has fallen about 20% in six months) implies potential upside of more than 48%. Shares of Catalent have slumped 24% since the start of the year. The company is slated to report earnings before the market opens on November 15. CTLT YTD mountain Catalent YTD chart “Catalent (CTLT) became a very noticeable laggard in the life science space about fifteen months ago. And unlike some of those who are getting dragged down right now by stiff macro headwinds, its problems were mostly of its own making ,” wrote Gordon Haskett analyst Don Bilson in a note on October 31. Bilson said Catalent faces more challenges ahead. Biotechnology firm Sarepta Therapeutics announced that a key phase 3 trial of a gene therapy to treat Duchenne Muscular Dystrophy missed its primary endpoint, “and CTLT would benefit from the widespread use of Elevidys because it is the one who will manufacture the drug for SRPT,” the analyst noted. Target ‘s earnings per share estimates have fallen 26% and 29% respectively in the last three and six months. The consensus analyst price target currently corresponds to an upside of 33% for the department store chain. Shares of Target are down more than 26% in 2023. The company is also due to release third-quarter earnings before the opening bell on November 15. TGT YTD mountain TGT YTD chart In an earnings preview, UBS analyst Michael Lasser said he was standing by his buy rating. “By now, we think it’s well understood that Target’s sales remain pressured in 3Q. The company’s CEO has been vocal about the consumer pulling back, not only on discretionary items, but also on consumables. Still, we think Target managed its margin well in the quarter,” the analyst wrote. Lasser added that too much negativity seems to be priced into the stock at current levels, and any signs of improvement will boost the shares. The list also included Bath & Body Works , which has seen its earnings per share estimates drop about 6% in both the past three and six months. Almost half of analysts covering the retailer currently rate it a buy, with a consensus upside of 43%, but the average price target has fallen about 4% in the past three months. The stock has tumbled 25% so far this year. BBWI YTD mountain BBWI YTD chart Headquartered in a Columbus, Ohio suburb, Bath & Body Works is slated to report third-quarter earnings before the market opens on November 16. Ahead of the release, Morgan Stanley said Bath & Body Works may eventually surprise investors and top expectations. “Sentiment feels overly bearish for a stock with an incredibly attractive financial profile, but may stay that way until BBWI returns to sales growth & consistent 20%+ [operating margins] … which may not be until which may not be until 24e at the soonest,” analyst Alex Straton wrote. “We continue to see a path to positive EPS revisions & valuation re-rating, which keeps us Overweight rated w/ a $61 price target.” Meat producer Tyson Foods , which is due to report earnings premarket on November 13, was also among the stocks with negative earnings momentum. — CNBC’s Michael Bloom contributed reporting.
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