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July 01, 2023
Price action reveals Spotify Technology S.A., T-Mobile, Netflix as the stocks to watch as they near pivotal price targets in the near term.
Here's an update with information from the last trading session: Leading equity indices in the US rose as S&P 500 ended the session at 4,450.38 after a 1.23% gain. Nasdaq closed the day at 13,800, having gained 1.45%.
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. Let's review some communication_services stocks and their price targets.
Buyers pushing Spotify towards its price target of $161.56; currently at $160.55
Spotify Technology S.A.'s run now faces a challenge at $161.56, which is only $1 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Spotify has posted further gains as part of a 5 day trend that has already seen the stock gain $5.48. yesterday's session pointed in the same direction — pronounced bullish sentiment in the market helped the video entertainment company to make a notable 0.81% gain yesterday, rising $1.29 and ultimately closing at $160.55. Trading volume totalled 1.36 million which equates to around 87% of the stock's 21-day average yesterday.
Buyers pushing T-Mobile towards its price target of $139.72; currently at $138.9
T-Mobile's recent run now faces a major challenge as concentrated supply is likely found at $139.72 with price action currently 82 cents away.
T-Mobile has posted further gains as part of a 12 day trend that has already seen the stock gain $8.79. on-trend T-Mobile closed the session yesterday with more of the same: the wireless services company went up to $138.9, gaining 1.51%. Yesterday's trading volume was 4.83 million shares which is under the 21-day average of 8.23 million.
Buyers pushing Netflix towards its price target of $446.04; currently at $440.49
Bullish sentiment helped the streaming heavyweight to hammer out a noteworthy $431.1 to $444.12 range yesterday, and finally closing at $440.49 to end the session. Yesterday's gains added to Netflix's bullish trend that has lasted for 5 days so far, during which it increased a total of $12.3. Daily trading volume (7.34 million shares) was slightly above the current multiday average of 7 million.
The past 3 months have been positive for the streaming company as it added 31.29% compared to its 3-month low of $174.45. Netflix has a market cap of $195.82 billion with an average daily volume of 7 million shares. So far this year, it has been beating the Nasdaq by 26.46%. Netflix's last revenue report was $8.16 billion with an EPS of $3.53.
Netflix's recent run now faces a major challenge as concentrated supply is likely found at $446.04 with price action currently $5.55 away.
