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May 01, 2023
GFL Environmental Inc., Raytheon Technologies, ZTO Express (Cayman) Inc., among others, are the industrials stocks approaching important price targets.
A recap of Friday's session: Leading equity indices in the US rose as Dow Jones gained 0.8% and closed at 34,100. S&P 500 closed the day at 4,169.48, having gained 0.83%.
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.
Buyers pushing GFL Environmental towards its price target of $37; currently at $36.3
After closing Friday at $36.3, the waste management giant peaked at $36.52 before giving up early gains and closing at $36.3. Friday's gains added to GFL Environmental's 3 days uptrend, during which it increased a total of 26 cents. Daily trading volume (3.33 million shares) was above the current multiday average of 1.15 million.
Approximately 3 days ago, the waste management giant reached a significant high of $36.3 but has struggled to hold onto its gains and declined 7.19% since then. The waste management company's market cap currently stands at $13.40 billion with an average daily trading volume of 1.15 million shares. The Nasdaq has been doing worse in 2022, it has been passing it by 10.79%.
GFL Environmental's recent run now faces a major challenge as concentrated supply is likely found at $37 with price action currently 71 cents away.
Buyers pushing Raytheon Technologies towards its price target of $100.28; currently at $99.9
After closing at $99.39 on Thursday, Raytheon Technologies maintained a strong bullish bias that helped the stock close higher at $99.9 Friday. However, market bears ensured the the US defence contractor topped out at $99.91 and that by the end of the session, the market had marked out a distinct $98.79 to $99.91 range. Friday's gains added to Raytheon Technologies's bullish trend that has lasted for 3 days so far, during which it increased a total of $1.71. Friday's trading volume was 2.87 million shares which is slightly below the 21-day average of 4 million.
Over the past 13 days, the US aerospace and defense company has retreated 5.04% from a noteworthy peak of $104.66. Currently, the US defence contractor has a market capitalization of $145.97 billion with an average daily volume of 4 million shares. So far this year, it has been under-performing the Dow by 3.75%.
Raytheon Technologies's run now faces a challenge at $100.28, which is only 38 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Raytheon Technologies disclosed a quarterly dividend of 55 cents per share on Friday, February 3rd that was paid on Thursday, March 23rd to all shareholders of record up until Friday, February 24th. Based on current prices, the company's decision thereby provides Raytheon Technologies investors with an annual dividend yield of 2.2%.
ZTO Express's Price target: $28 | Last close: $27.68 | Daily range: $27.17 – $27.89 | Off hours: $27.68
ZTO Express's run now faces a challenge at $28, which is only 31 cents away and will be interesting to follow.
During a 7 day fall, dropping a total of 4.65%, ($1.64), a possible reversal detected from Friday; the Chinese express delivery company closed Thursday at $27.39. Friday, it gained 1.06% and remained around $27.68. Trading volume totalled 1.80 million which equates to around 89% of the stock's 21-day average Friday.
