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May 18, 2023
Price action reveals Woodward, Inc., Deere & Company, nVent Electric plc as the stocks to watch as they near pivotal price targets in the near term.
Yesterday's session summary: Markets had an interesting day yesterday; Dow Jones closed the day at 33,421, having gained 1.24%. S&P 500 ended the session at 4,158.77 after a 1.19% 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 industrials stocks and their price targets.
Buyers pushing Woodward towards its price target of $111.33; currently at $110.66
Woodward, Inc.'s recent run now faces a major challenge as concentrated supply is likely found at $111.33 with price action currently 67 cents away.
Woodward has posted further gains as part of a 10 day trend that has already seen the stock gain $1.56. yesterday's session pointed in the same direction — pronounced bullish sentiment in the market helped the US control systems maker to make a notable 2.15% gain yesterday, rising $2.33 and ultimately closing at $110.66. The day's trading volume totalled 290,996 shares — slightly under the 21-day average of 421,358.
Buyers pushing Deere & Company towards its price target of $372.5; currently at $368.07
John Deere's run now faces a challenge at $372.5, which is only $4.43 away and will be interesting to follow.
John Deere is in the midst of a 7 day downtrend. a possible change of direction spotted from yesterday; after ending Tuesday at $362.68, John Deere went up to $372.71 only to drop back, yet still traded well overall and closed at $368.07 yesterday.
John Deere is scheduled to announce earnings results tomorrow. The consensus Earnings Per Share estimate is 8.54 and the consensus revenue estimate is $14.83 billion.
Buyers pushing nVent towards its price target of $41.61; currently at $41.3
Pronounced bullish sentiment in the market helped the heat-management systems company to make a notable 2.03% gain yesterday, rising 82 cents and ultimately closing at $41.3. Trading volume totalled 583,114 which equates to around 62% of the stock's 21-day average yesterday.
The heat-management systems company is now trading 12.53% below the significant high of $46.28 it set around 2 months ago. The heat-management systems company's market cap currently stands at $6.84 billion with an average daily volume of 936,379 shares. NVent Electric last reported revenue of $741.6 million with an EPS of 66 cents.
It will be interesting to follow how nVent Electric's run now faces a challenge at $41.61, which is only 31 cents away.
