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June 28, 2023
Change of direction? Interpublic Group of Companies Inc, Telefónica, S.A., News Corp, among others, are approaching price targets.
A quick recap of where the last trading session ended: Markets were up yesterday; Nasdaq gained 1.65% and closed at 13,556. S&P 500 ended the session at 4,378.41 after a 1.15% 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. Let's review some communication_services stocks and their price targets.
Buyers pushing IPG towards its price target of $39.72; currently at $39.25
After ending Monday at $38.96, Interpublic Group of Companies Inc went up to $39.8 only to drop back, yet still traded well overall and closed at $39.25 yesterday. Yesterday's gains added to IPG's bullish trend that has lasted for 3 days so far, during which it increased a total of 48 cents. Trading volume totalled 3.54 million which equates to around 68% of the stock's 21-day average yesterday.
The prominent advertising company has fallen back around 4% from the significant high of $40.59 set 13 days ago. The US advertising company's market cap currently stands at $15.15 billion with an average daily trading volume of 5.22 million shares. So far this year, it has been outperforming the S&P 500 by 3.5%. Interpublic Group has a forecast of $2.20 billion with an EPS of 34 cents.
IPG's recent run now faces a major challenge as concentrated supply is likely found at $39.72 with price action currently 47 cents away.
Interpublic Group disclosed a quarterly dividend of 31 cents per share on Thursday, May 25th that was paid on Tuesday, June 20th to all shareholders of record up until Tuesday, June 6th. Based on current prices, the company's decision thereby provides Interpublic Group investors with an annual dividend yield of 3.16%.
Telefonica's Price target: $3.98 | Last close: $3.96 | Daily range: $3.92 – $3.97 | Off hours: $3.96
Telefonica's run now faces a challenge at $3.98, which is only 2 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Telefonica has posted further gains as part of a 7 day trend that has already seen the stock gain 3 cents. yesterday continued on the same track for Telefonica — the Spanish telecoms giant rose as high as $3.97 before giving up its gains and dropping back to $3.96 before the close on yesterday. Trading volume totalled 626,882 which equates to around 45% of the stock's 21-day average yesterday.
Buyers pushing News Corp towards its price target of $19.44; currently at $19.23
Ending Monday at $18.94, the mass media and publishing company rallied 1.53% yesterday and stayed at the $19.23 level. News Corp has increased a total of 18 cents over the past 3 days, with yesterday's session contributing to the uptrend. Yesterday's trading volume was 1.26 million shares which is lower than the 21-day average of 2.35 million.
The media giant now trading 16.91% above its 3-month low of $14.95. The company is currently trading with a market cap of $11 billion with an average daily volume of 2.35 million shares. So far this year, it has been doing worse than the S&P by 7.64%. News Corp is forecasted to generate revenues of $2.37 billion and EPS of 1.8 cents.
News Corp's run now faces a challenge at $19.44, which is only 21 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
