Shares of New Oriental Education & Technology (NYSE:EDU) are surging today, as the stock is up almost 30%. This can be attributed to its earnings report for its first quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.48, which beat analysts’ consensus estimate of $0.33 per share.
However, sales decreased 43.1% year-over-year, with revenue hitting $744.82 million. Nonetheless, this also exceeded expectations. Looking forward, management expects revenue to decline between 6% to 9% in the next quarter, equating to a range of $601.4 million to $619.2 million.
Is EDU Stock a Buy?
EDU has a Strong Buy consensus rating based on three Buys assigned in the past three months. The average EDU stock price target of $34.30 implies 28% upside potential.
