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March 05, 2023
Change of direction? Dolby Laboratories, Inc., CenturyLink, Inc. d/b/a Lumen T, Rogers Communications Inc., among others, are approaching price targets.
A recap of Friday's session: Leading equity indices in the US rose as S&P 500 gained 1.61% and closed at 4,045.64. Nasdaq ended the session at 11,700 after a 1.97% 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. Let's review some communication_services stocks and their price targets.
Dolby Laboratories's Price target: $83.79 | Last close: $83.47 | Daily range: $82.81 – $83.62 | Off hours: $83.47
Dolby Laboratories, Inc.'s recent run now faces a major challenge as concentrated supply is likely found at $83.79 with price action currently 32 cents away.
Dolby Laboratories has posted further gains as part of a 6 day trend that has already seen the stock gain 99 cents. on-trend Dolby Laboratories closed the session Friday with more of the same: after ending Thursday at $82.95, Dolby Laboratories went up to $83.62 only to drop back, yet still traded well overall and closed at $83.47 Friday. Friday's trading volume was 235,653 shares which is lower than the 21-day average of 396,203.
Lumen's price target: $3.12 | Last close: $3.17 | Daily range: $3.14 – $3.25 | Off hours: $3.18
A convincing break of this target could pave the way for deeper losses.
Over the last 10 days, Lumen Technologies has fallen 19.34%. Friday's session continued the recent downtrend: the integrated communications company has recovered almost all of its session losses after dipping down to $3.14 Friday. Friday's trading volume was 24.54 million shares which is under the 21-day average of 40.50 million.
Rogers Communication's Price target: $47.66 | Last close: $47.41 | Daily range: $46.87 – $47.52 | Off hours: $47.41
Rogers Communication's run now faces a challenge at $47.66, which is only 25 cents away and will be interesting to follow.
During a 13 day fall, dropping a total of 3.44%, ($2.07), a possible reversal detected from Friday; pronounced bullish sentiment in the market helped the Canadian telecoms provider to make a notable 0.81% gain Friday, rising 38 cents and ultimately closing at $47.41. Trading volume totalled 184,354 which equates to around 80% of the stock's 21-day average Friday.
