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May 11, 2023
Price action reveals FedEx Corp, Trane Technologies PLC, Rockwell Automation Inc as the stocks to watch as they near pivotal price targets in the near term.
Here's an update with information from the last trading session: Markets closed higher yesterday, as Nasdaq gained 1.04% and closed at 12,300. S&P 500 ended the session at 4,137.64 after a 0.45% gain.
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.
FedEx's price target: $223.43 | Last close: $226.33 | Daily range: $223.94 – $229.67 | Off hours: $226.33
Early in yesterday's session, FedEx Corp dropped to $223.94 from $228.63 at the end of Tuesday, before closing at $226.33. During the session, it lost 1%. Yesterday's fall added to a 3 day bearish run, during which FedEx lost $2.1. The volume of trade was 1.48 million shares, close to the daily average of 1.48 million shares.
The globally renowned shipping services company is now trading 60% above the significant low ($142.9) it slumped to 7 months ago. The company has a market cap of $56.89 billion with an average daily volume of 1.48 million shares. So far this year, it has been beating the S&P by 19.74%. FedEx expected revenue of $22.71 billion with an EPS of $2.64.
A convincing break of this target could pave the way for deeper losses.
Buyers pushing Trane Technologies towards its price target of $180.61; currently at $178.68
Generally flat but with a slight bullish bias, Trane Technologies ranged between $176.02 and $180.25 before closing higher at $178.68. Yesterday's gains are in contrast to Trane Technologies's bearish trend (lasting 7 days) during which it lost $10.75 of its value. Yesterday's trading volume was 793,908 shares which is below the 21-day average of 1.87 million.
Having soared to a high of $194.11 approximately 2 months ago, the manufacturing company is now trading 8.4% lower. The company's market cap currently stands at $40.75 billion with an average daily trading volume of 1.87 million shares. So far this year, it has been under-performing the S&P by 3.39%. Trane Technologies last reported revenue of $3.67 billion with an EPS of $1.41.
Trane Technologies's run now faces a challenge at $180.61, which is only $1.93 away and will be interesting to follow.
Rockwell Automation (ROK) Price target: $265.85 | Last price: $270.09 | Daily range: $267.72 – $277.79
After ending Tuesday at $277.76, Rockwell Automation dropped to $267.72 early in yesterday's session and closed at $270.09. In total, it lost 2.76%. Rockwell Automation has been dropping for 4 days, losing $5.66, with yesterday's session maintaining the downtrend. Daily trading volume (1.24 million shares) was above the current multiday average of 773,759.
The US industrial specialist is now trading 9.1% below the significant high of $305.56 it set around 2 months ago. Currently, the US industrial specialist has a market capitalization of $31 billion with an average daily volume of 773,759 shares. So far this year, it has been doing worse than the S&P 500 by 4.36%. Rockwell Automation has a forecast of $2.10 billion with an EPS of $2.6.
Rockwell Automation is trending down and heading towards $265.85, which is only $4.24 away now. Hitting this support line might signal a change of direction.
