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March 09, 2023
Pay attention to the following industrials stocks approaching critical price targets: TopBuild Corp., Axon Enterprise, Inc., General Electric are the ones to watch.
Yesterday's session summary: Markets completed a mixed session yesterday, as Nasdaq closed the day at 11,576, having gained 0.4%. Dow Jones lost 0.18% and ended the session at 32,800.
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 TopBuild towards its price target of $205; currently at $203.08
Generally flat but with a slight bullish bias, TopBuild Corp. ranged between $198.52 and $203.7 before closing higher at $203.08. Yesterday's gains are in contrast to TopBuild's bearish trend (lasting 4 days) during which it lost $9.1 of its value. Yesterday's trading volume was 183,252 shares which is slightly below the 21-day average of 225,404.
The residential insulation specialist has gained 28.93% since its lowest print of $141.82 earlier this year. TopBuild's market cap is currently $6.43 billion with an average daily volume of 225,404 shares. TopBuild last reported revenue of $1.26 billion with an EPS of $4.4.
TopBuild's run now faces a challenge at $205, which is only $1.93 away and will be interesting to follow.
Axon Enterprise's price target: $219.58 | Last close: $221.8 | Daily range: $220.57 – $225.82 | Off hours: $221.8
Axon Enterprise is eyeing the $219.58 support line.
On a 13 day uptrend, yesterday's session put the brakes on the ongoing uptrend — a mostly flat day so far for the electroshock weapon manufacturer, range-bound between $220.57 and $225.82 and currently at $221.8. Yesterday's trading volume was 818,694 shares which is slightly under the 21-day average of 1 million.
Buyers pushing GE towards its price target of $87.57; currently at $87
GE's recent run now faces a major challenge as concentrated supply is likely found at $87.57 with price action currently 59 cents away.
GE has posted further gains as part of a 12 day trend that has already seen the stock gain $4.13. yesterday's session pointed in the same direction — after closing at $86.39 on Tuesday, GE maintained a strong bullish bias that helped the stock close higher at $87 yesterday. However, market bears ensured the the industrial giant topped out at $87.41 and that by the end of the session, the market had marked out a distinct $86.07 to $87.41 range. Daily trading volume (5.99 million shares) was slightly greater than the current multiday average of 5.80 million.
