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May 10, 2023
Zoom, Activision Blizzard, Charter, among others, are the communication_services stocks approaching important price targets.
A recap of yesterday's session: Leading equity indices in the US declined as Nasdaq closed at 12,180, a 0.63% change. S&P 500 shed 0.46% and closed at 4,119.17.
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.
Buyers pushing Zoom towards its price target of $64.67; currently at $63.56
Zoom's run now faces a challenge at $64.67, which is only $1.11 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Zoom has posted further gains as part of a 5 day trend that has already seen the stock gain $2.11. yesterday's session pointed in the same direction — Zoom ended Monday at $62.93. yesterday it went up to $64.55 only to drop back, yet still managed to close at $63.56. Trading volume totalled 3.61 million which equates to around 86% of the stock's 21-day average yesterday.
Blizzard (ATVI) Price target: $75.09 | Last price: $75.51 | Daily range: $74.89 – $75.55
Without a clear direction, Blizzard closed at $75.51 while ranging between $74.89 and $75.55. While mostly sideways today, Blizzard is on an 11 day bearish trend during which it lost $11.19. Trading volume totalled 4.75 million which equates to around 53% of the stock's 21-day average yesterday.
15 days ago the gaming company reached a significant high of $86.74 but has consequently lost 12.9% since then. Currently, the interactive entertainment content and services provider has a market capitalization of $59.36 billion with an average daily volume of 9 million shares. So far this year, it has been under-performing the Nasdaq by 16.4%. Blizzard expected revenue of $1.79 billion with an EPS of 51 cents.
A convincing break of this target could pave the way for deeper losses.
Charter now at $339 | Forthcoming price target: $3.85 lower at $335.15
After ending Monday at $350.5, Charter declined to $337.72 yesterday before closing at $339, thereby losing 3.28% in total. Yesterday's 3.28% loss extends an 8 day bearish run in which Charter had already lost $18.2 from its share value. Yesterday's trading volume was 1 million shares which is slightly below the 21-day average of 1 million.
The telecommunications and mass media company is now trading 13.51% below its 3-month high of $509.94. The mass media and telecommunications company's market cap currently stands at $51 billion with an average daily trading volume of 1 million shares. So far this year, it has been doing worse than the Nasdaq by 15.35%. Charter has a forecast of $13.62 billion with an EPS of $7.5.
$335.15 is only $3.85 away for Charter and might put a stop to its current downtrend.
