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May 23, 2023
Change of direction? MSC Industrial Direct Co., Inc., 3M, Cummins Inc, among others, are approaching price targets.
Yesterday's session summary: Markets completed a mixed session yesterday, as after dropping 0.42%, Dow Jones closed at 33,300. Nasdaq closed the day at 12,721, having gained 0.5%.
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 MSC towards its price target of $94.53; currently at $93.97
MSC Industrial Direct Co., Inc.'s run now faces a challenge at $94.53, which is only 56 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
MSC has posted further gains as part of a 13 day trend that has already seen the stock gain $3.53. yesterday continued on the same track for MSC — pronounced bullish sentiment in the market helped the industrial equipment distributor to make a notable 0.91% gain yesterday, rising 85 cents and ultimately closing at $93.97. Daily trading volume (401,215 shares) increased, making up 133% of the 21-day average (300,555).
Buyers pushing 3M towards its price target of $103.06; currently at $101.71
3M's recent run now faces a major challenge as concentrated supply is likely found at $103.06 with price action currently $1.35 away.
3M has posted further gains as part of a 5 day trend that has already seen the stock gain $1. 3M stayed on track yesterday: the industry, worker safety, health care, and consumer goods conglomerate ended Friday's session at $99.03, spiked up to $102.04 and closed at $101.71 — gaining 2.71% yesterday. Daily trading volume (4.17 million shares) was higher than the current multiday average of 3 million.
Buyers pushing Cummins towards its price target of $220.16; currently at $218.03
Cummins's run now faces a challenge at $220.16, which is only $2.13 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Cummins has posted further gains as part of a 5 day trend that has already seen the stock gain $4.05. yesterday's session pointed in the same direction — an influx of buyers helped engines, filtration and power generation specialist, Cummins, to end the session higher around $218.03, while establishing a $215.29 to $219.83 session range yesterday. Trading volume totalled 742,670 which equates to around 80% of the stock's 21-day average yesterday.
