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July 01, 2023
Pay attention to the following consumer_cyclical stocks approaching critical price targets: Sealed Air Corp, Pinduoduo, Hilton Worldwide Holdings Inc are the ones to watch.
A recap of yesterday's session: Leading equity indices in the US rose as S&P 500 gained 1.23% and closed at 4,450.38. Nasdaq ended the session at 13,800 after a 1.45% 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. Let's review some consumer_cyclical stocks and their price targets.
Buyers pushing Sealed Air towards its price target of $40.46; currently at $40
The Cryovac and Bubble Wrap developer ended Thursday's session at $39.35, spiked up to $40.32 and closed at $40 — gaining 1.65% yesterday. Yesterday's gains added to Sealed Air's 3 days uptrend, during which it increased a total of 70 cents. The day's trading volume totalled 1 million shares — slightly below the 21-day average of 1.48 million.
Having set a significant high of $61.53 10 months ago, the Cryovac and Bubble Wrap developer is trading 36.05% lower. The Cryovac and Bubble Wrap developer's market cap currently stands at $5.78 billion with an average daily trading volume of 1.48 million shares. So far this year, it has been doing worse than the S&P by 34.94%. Sealed Air expected revenue of $1.36 billion with an EPS of 77 cents.
Sealed Air's recent run now faces a major challenge as concentrated supply is likely found at $40.46 with price action currently 46 cents away.
Pinduoduo now at $69.14 | Forthcoming price target: $2.14 lower at $67
$67 is only $2.14 away for Pinduoduo and might put a stop to its current downtrend.
An 11 day downtrend has resulted in the asset losing $11.92. with a marginal improvement upon yesterday's session, without a clear direction, Pinduoduo closed at $69.14 while ranging between $68.07 and $70.17. Trading volume totalled 4.79 million which equates to around 52% of the stock's 21-day average yesterday.
Buyers pushing Hilton Worldwide Holdings towards its price target of $146.59; currently at $145.55
Hilton's run now faces a challenge at $146.59, which is only $1.04 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Hilton has posted further gains as part of a 6 day trend that has already seen the stock gain $6.81. on-trend Hilton closed the session yesterday with more of the same: bullish sentiment helped the global hotels chain to hammer out a noteworthy $143.96 to $146.31 range yesterday, and finally closing at $145.55 to end the session. Yesterday's trading volume was 1.72 million shares which is slightly below the 21-day average of 1.78 million.
