Bearish sentiment among stocks brings 3 price targets into view

Price action reveals Vodafone Group Plc, Verizon, T-Mobile as the stocks to watch as they near pivotal price targets in the near term.

A short overview of the current market situation: The leading indices are falling — Dow Jones drawing back 0.38% to 33,472. S&P 500 slipping 0.27% and closing at 4,113.43.

What is a Price Target?

A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of communication_services stocks and their price targets.

Vodafone Group active price target: $10.98; currently at $10.91

Bearish run for Vodafone Group Plc is facing a possible turning point at $10.98, which is only 6 cents away. If this support line fails to hold, the next target will be at $10.86.

Tough session sees the iconic telecoms provider shedding 1.84% in early trade

Buyers pushing Verizon towards its price target of $39.53; currently at $39.35

Verizon's run now faces a challenge at $39.53, which is only 17 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

Verizon has posted further gains as part of a 9 day trend that has already seen the stock gain $1.91. as the session continues, it seems to maintain one direction — Verizon goes up to $39.35 after dipping down to $39.21 earlier.

T-Mobile (TMUS) Price target: $143.73 | Last price: $144.4 | Daily range: $142.77 – $145.71

The wireless services company is trading close to the $144.4 level today, after ending yesterday at $146.76 and dropping 1.61%. Today's slip comes after 8 days of trading still.

The wireless services company now trading 5.55% above its 3-month low of $121.73. T-Mobile's market cap is currently $176 billion with an average daily trading volume of 5.63 million shares. So far this year, it has been under-performing the Nasdaq by 9.24%. T-Mobile has a forecast of $20.60 billion with an EPS of $1.1.

Bearish run for T-Mobile is facing a possible turning point at $143.73, which is only 67 cents away. If this support line fails to hold, the next target will be at $141.44.