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April 22, 2023
Price action reveals Alphabet, Telefónica, S.A., Orange S.A. as the stocks to watch as they near pivotal price targets in the near term.
Yesterday's session summary: Markets did not have a clear cut direction — Nasdaq closed at 12,072 after a flat day. Dow Jones closed 33,800 after a stable 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. Check out this rundown of communication_services stocks and their price targets.
Google is trading at $105.91, its target level is $105.38
A convincing break of this target could pave the way for deeper losses.
Having lost $3.56 over 6 days, a slight improvement can be seen from yesterday's session: a quiet day for Google as it remained range-bound within a $105.49 – $106.64 range before closing at $105.91. Trading volume totalled 21.34 million which equates to around 90% of the stock's 21-day average yesterday.
Google is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is 1.06 and the consensus revenue estimate is $68.81 billion.
Telefonica active price target: $4.39; currently at $4.42
After ending Thursday at $4.43, Telefonica dropped to $4.38 early in yesterday's session and closed at $4.42. In total, it lost 0.23%. Continuing its a 7 day bearish run (-7 cents), Telefonica showed losses yesterday. Daily trading volume (4.58 million shares) increased, making up 439% of the 21-day average (1 million).
This year has been a bright one for the Spanish telecoms giant after trading as low as $3.15 and going on to appreciate by 21.7% year to date. The company has a market cap of $25.53 billion with an average daily trading volume of 1 million shares. So far this year, it has been beating the Nasdaq by 7.72%. Telefonica expected revenue of $11.81 billion with an EPS of 7 cents.
Telefonica's downtrend might be halted by its support level at $4.39, which is only 3 cents away.
Buyers pushing Orange towards its price target of $12.69; currently at $12.66
Orange's recent run now faces a major challenge as concentrated supply is likely found at $12.69 with price action currently 3 cents away.
Orange has posted further gains as part of a 25 day trend that has already seen the stock gain $1.31. Orange stayed on track yesterday: Orange spiked to $12.7 yesterday and consolidated before initiating a fresh rally to $12.66. This comes following Thursday's session in which it closed at $12.63. Yesterday's trading volume was 303,313 shares which is slightly under the 21-day average of 351,313.
