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April 10, 2023
Price action reveals Hasbro Inc, Ferrari N.V., Autozone Inc as the stocks to watch as they near pivotal price targets in the near term.
A quick recap of where the last trading session ended: Markets did not have a clear cut direction — Dow Jones ended the session at 33,600 after a 0.3% gain. S&P 500 closed at 4,109 after a flat day.
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 consumer_cyclical stocks and their price targets.
Buyers pushing Hasbro towards its price target of $52.26; currently at $52.21
Hasbro Inc's run now faces a challenge at $52.26, which is only 5 cents away and will be interesting to follow.
While Hasbro was in the midst of a 5 day downtrend— in which it lost a total of 2.76%— a possible reversal detected from today; pronounced bullish sentiment in the market helped the billion-dollar conglomerate to make a notable 0.54% gain today, rising 28 cents and ultimately closing at $52.21. The day's trading volume totalled 986,585 shares — under the 21-day average of 2.17 million.
Buyers pushing Ferrari towards its price target of $273.94; currently at $273
Ferrari ended Thursday at $271.94. today it went up to $273.3 only to drop back, yet still managed to close at $273. Ferrari has increased a total of $12.74 over the past 15 days, with today's session contributing to the uptrend. Trading volume totalled 200,880 which equates to around 66% of the stock's 21-day average today.
This year has been a bright one for the illustrious car manufacturer after trading as low as $168.75 and going on to appreciate by 26.27% year to date. The company's market cap currently stands at $49.58 billion with an average daily volume of 302,393 shares. So far this year, it has performed better than the Nasdaq by 12.2%. Ferrari has a forecast of $1.40 billion with an EPS of $1.17.
Ferrari's recent run now faces a major challenge as concentrated supply is likely found at $273.94 with price action currently 95 cents away.
Buyers pushing Autozone towards its price target of $2,544.34; currently at $2,554.44
The auto parts distributor rose as high as $2,562.54 before giving up its gains and dropping back to $2,554.44 before the close on today. Today's gains added to Autozone's 11 days uptrend, during which it increased a total of $222.86. Daily trading volume (164,108 shares) was slightly above the current multiday average of 153,934.
Having set a significant low of $1,771.68 10 months ago, the auto parts distributor is trading 42.84% higher. Autozone's market cap is currently $47.00 billion with an average daily volume of 153,934 shares. So far this year, it has been doing worse than the S&P by 2.74%. Autozone is forecasted to generate revenues of $3.55 billion and EPS of $21.33.
Autozone's recent run now faces a major challenge as concentrated supply is likely found at $2,544.34 with price action currently $10.1 away.
