| 
May 16, 2023
Read up on Starbucks, Tractor Supply Co, AutoNation, Inc. as they approach key price targets in the near term.
Yesterday's session summary: Markets closed higher yesterday, as Nasdaq gained 0.66% and closed at 12,365. S&P 500 ended the session at 4,136.28 after a 0.3% 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 consumer_cyclical stocks and their price targets.
Buyers pushing Starbucks towards its price target of $107.06; currently at $106.64
Generally flat but with a slight bullish bias, Starbucks ranged between $105.61 and $106.75 before closing higher at $106.64. Yesterday's gains added to Starbucks's bullish trend that has lasted for 9 days so far, during which it increased a total of $2.16. The day's trading volume totalled 4 million shares — under the 21-day average of 6.93 million.
Over the past 15 days, the coffee roaster and retailer has retreated 7.37% from a noteworthy peak of $114.56. The company's market cap currently stands at $122.25 billion with an average daily volume of 6.93 million shares. So far this year, it has been doing worse than the Nasdaq by 10.31%. Starbucks is forecasted to generate revenues of $8.40 billion and EPS of 74 cents.
Starbucks's recent run now faces a major challenge as concentrated supply is likely found at $107.06 with price action currently 42 cents away.
Tractor Supply now at $231.53 | Forthcoming price target: $3.16 lower at $228.37
Early in yesterday's session, Tractor Supply dropped to $230.84 from $239.92 at the end of Friday, before closing at $231.53. During the session, it lost 3.5%. Yesterday's 3.5% loss extends a 4 day bearish run in which Tractor Supply had already lost $3.95 from its share value. Daily trading volume (1.29 million shares) increased, making up 121% of the 21-day average (1 million).
Having set a significant high of $249.97 22 days ago, the US home improvement merchants is trading 4% lower. Tractor Supply's market cap is currently $25.37 billion with an average daily trading volume of 1 million shares. So far this year, it has been under-performing the S&P by 3.96%. Tractor Supply expected revenue of $3.32 billion with an EPS of $1.71.
Tractor Supply is trending down and heading towards $228.37, which is only $3.16 away now. Hitting this support line might signal a change of direction.
Buyers pushing AutoNation towards its price target of $134.75; currently at $133.2
It will be interesting to follow how AutoNation's run now faces a challenge at $134.75, which is only $1.55 away.
AutoNation is in the midst of a 5 day downtrend. yesterday may indicate a change of direction; the US automotive retailer went up to $133.2, gaining 1.02%. Trading volume totalled 349,329 which equates to around 55% of the stock's 21-day average yesterday.
