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June 08, 2023
Price action reveals Tesla, Home Depot, Ford Motor Co as the stocks to watch as they near pivotal price targets in the near term.
Yesterday's session summary: Markets completed a mixed session yesterday, as Nasdaq lost 1.29% and ended the session at 13,100. After dropping 0.38%, S&P 500 closed at 4,267.52.
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 consumer_cyclical stocks and their price targets.
Buyers pushing Tesla towards its price target of $229.2; currently at $224.57
After ending Tuesday at $221.31, Tesla went up to $230.82 only to drop back, yet still traded well overall and closed at $224.57 yesterday. Tesla has increased a total of $38.41 over the past 10 days, with yesterday's session contributing to the uptrend. Daily trading volume (184.30 million shares) was above the current multiday average of 133.59 million.
Elon Musk's EV company has gained 111.09% since its lowest print of $108.1 earlier this year. The company has a market cap of $711.77 billion with an average daily trading volume of 133.59 million shares. So far this year, it has performed better than the Nasdaq by 90.62%. Tesla expected revenue of $23.29 billion with an EPS of 75 cents.
Tesla's recent run now faces a major challenge as concentrated supply is likely found at $229.2 with price action currently $4.63 away.
Home Depot's Price target: $303.57 | Last close: $301.7 | Daily range: $297 – $302.19 | Off hours: $301.7
Pronounced bullish sentiment in the market helped the home improvement retailer to make a notable 1.93% gain yesterday, rising $5.7 and ultimately closing at $301.7. Yesterday's gains added to Home Depot's bullish trend that has lasted for 6 days so far, during which it increased a total of $12.55. Yesterday's trading volume was 3.47 million shares which is lower than the 21-day average of 5.49 million.
The home improvement retailer is now trading 12.89% below the significant high of $339.79 it set around 4 months ago. The DIY home improvement retailer's market cap currently stands at $303.32 billion with an average daily trading volume of 5.49 million shares. So far this year, it has been under-performing the Dow by 6.15%. Home Depot's last revenue report was $37.26 billion with an EPS of $3.82.
Home Depot's run now faces a challenge at $303.57, which is only $1.87 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Buyers pushing Ford Motors towards its price target of $13.8; currently at $13.59
Ford Motors's recent run now faces a major challenge as concentrated supply is likely found at $13.8 with price action currently 21 cents away.
Ford Motors has posted further gains as part of a 6 day trend that has already seen the stock gain 93 cents. yesterday's session pointed in the same direction — bullish sentiment helped the US automaker to hammer out a noteworthy $13 to $13.6 range yesterday, and finally closing at $13.59 to end the session. Daily trading volume (97.71 million shares) was above the current multiday average of 61.99 million.
