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March 14, 2023
Pay attention to the following industrials stocks approaching critical price targets: Emerson Electric Co, Caterpillar, Builders FirstSource, Inc. are the ones to watch.
Here's an update with information from the last trading session: Markets completed a mixed session yesterday, as Nasdaq gained 0.45% and closed at 11,200. Dow Jones was down 0.28% before closing the session at 31,819.
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.
Emerson's price target: $79.8 | Last close: $81.9 | Daily range: $80.7 – $82.63 | Off hours: $81.9
Emerson Electric Co's bearish trend is facing a possible turning point at $79.8, which is only $2.1 away. Will be interesting to follow.
Emerson has lost 6.02% over the last 6 days. more of the same from yesterday's session: the industrial and commerical services provider has recovered almost all of its session losses after dipping down to $80.7 yesterday. Yesterday's trading volume was 3.23 million shares which is slightly under the 21-day average of 3.33 million.
Caterpillar's price target: $221.38 | Last close: $224.7 | Daily range: $221.54 – $228.33 | Off hours: $224.7
$221.38 is only $3.32 away for Caterpillar and might put a stop to its current downtrend.
Having fallen $28.3 in 7 days, yesterday's session continued down the same path: the construction and mining equipment manufacturer has recovered almost all of its session losses after dipping down to $221.54 yesterday. Daily trading volume (4.86 million shares) increased, making up 164% of the 21-day average (2.96 million).
Builders FirstSource's price target: $78.85 | Last close: $79.84 | Daily range: $79.17 – $81.46 | Off hours: $79.84
A convincing break of this target could pave the way for deeper losses.
Having fallen $7.54 in 7 days, yesterday's session continued the recent downtrend: an influx of sellers pushed the building materials supplier to session lows around $79.17 while establishing a $79.17 to $81.46 session range yesterday. Daily trading volume (2.79 million shares) increased, making up 148% of the 21-day average (1.89 million).
