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June 10, 2023Read up on Paychex Inc, Ryder System, Inc., Caterpillar as they approach key price targets in the near term.
A recap of yesterday's session: Leading equity indices in the US rose as Dow Jones ended the session at 33,877 after a 0.13% gain. Nasdaq closed the day at 13,259, having gained 0.16%.
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 Paychex towards its price target of $112.47; currently at $111.69
Paychex Inc's run now faces a challenge at $112.47, which is only 78 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Paychex has posted further gains as part of an 8 day trend that has already seen the stock gain $6.03. yesterday continued on the same track for Paychex — after closing at $110.96 on Thursday, Paychex rallied as high as $112.23 but ended the day at $111.69. The day's trading volume totalled 1.50 million shares — lower than the 21-day average of 2.58 million.
Ryder System now at $81.33 | Forthcoming price target: $1.03 lower at $80.3
Ryder is trending down and heading towards $80.3, which is only $1.03 away now. Hitting this support line might signal a change of direction.
Having fallen 90 cents in 3 days, more of the same from yesterday's session: after ending Thursday at $83.18, Ryder dropped to $80.77 early in yesterday's session and closed at $81.33. In total, it lost 2.22%. Yesterday's trading volume was 174,154 shares which is lower than the 21-day average of 267,617.
Ryder System now at $81.33 | Forthcoming price target: $1.03 lower at $80.3
Ryder is trending down and heading towards $80.3, which is only $1.03 away now. Hitting this support line might signal a change of direction.
Having fallen 90 cents in 3 days, more of the same from yesterday's session: after ending Thursday at $83.18, Ryder dropped to $80.77 early in yesterday's session and closed at $81.33. In total, it lost 2.22%. Yesterday's trading volume was 174,154 shares which is lower than the 21-day average of 267,617.
