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April 17, 2023
Read up on Flowserve Corporation, Icahn Enterprises L.P., Waste Connections, Inc. as they approach key price targets in the near term.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as after dropping 0.42%, Dow Jones closed at 33,900. Nasdaq lost 0.35% and ended the session at 12,123.
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 industrials stocks and their price targets.
Flowserve's price target: $32.95 | Last close: $33.24 | Daily range: $33.04 – $33.72 | Off hours: $33.24
Without a clear direction, Flowserve Corporation closed at $33.24 while ranging between $33.04 and $33.72. While flat Friday, Flowserve is on a 6 day bullish trend, gaining a total of $1.18 throughout. Friday's trading volume was 451,796 shares which is under the 21-day average of 846,478.
After hitting an important low of $24.3 approximately 6 months ago, the machinery industry company has bounced back 36.58% since. Flowserve has a market cap of $4.36 billion with an average daily volume of 846,478 shares. Flowserve has a forecast of $993.66 million with an EPS of 61 cents.
Flowserve's run now faces a challenge at $32.95, which is only 29 cents away and will be interesting to follow.
Buyers pushing Icahn Enterprises towards its price target of $52.91; currently at $52.72
Bullish sentiment helped the Florida-based conglomerate to hammer out a noteworthy $52.38 to $52.84 range Friday, and finally closing at $52.72 to end the session. Icahn Enterprises has increased a total of $1.88 over the past 15 days, with Friday's session contributing to the uptrend. Friday's trading volume was 235,135 shares which is below the 21-day average of 404,074.
Icahn Enterprises hit a significant low of $47.9 around 9 months ago, but has since recovered 9.23%. Icahn Enterprises's market cap is currently $18.64 billion with an average daily trading volume of 404,074 shares. So far this year, it has been under-performing the Nasdaq by 12.16%. Icahn Enterprises expected revenue of $2.77 billion with an EPS of 15 cents.
Icahn Enterprises's run now faces a challenge at $52.91, which is only 19 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Waste Connections's price target: $142.59 | Last close: $143.1 | Daily range: $142.85 – $144.13 | Off hours: $143.1
Waste Connections could begin to recover as it approaches significant support, now 51 cents away from $142.59. Dipping below could be an indication that further losses are ahead.
Though in the midst of a 7 day uptrend, gaining a total of 4.38%, ($6.86), the prevailing bullish trend is beginning to fade following Friday's downbeat session. An influx of sellers pushed the waste services company to session lows around $142.85 while establishing a $142.85 to $144.13 session range Friday. Waste Connections's recent uptrend could be petering out after the company eclipsed its average daily volume of 760,983 by 100% today.
