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June 27, 2023
Read up on MercadoLibre, Yum! Brands Inc, Starbucks as they approach key price targets in the near term.
A short overview of the current market situation: The leading indices are pointing up — Nasdaq goes up 1.34%, trading at 13,500. S&P 500 up to 4,368.36, gaining 0.91%.
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 MercadoLibre towards its price target of $1,211.53; currently at $1,170.24
Following yesterday's session which closed at $1,155.51, MercadoLibre went up to $1,183 today only to drop back and trade at $1,170.24. In contrast to today's gains, MercadoLibre has been on a 3 day bearish trend during which it lost $86 of its value.
Having soared to a high of $1,339.62 approximately a month ago, the e-commerce marketplaces operator is now trading 13.74% lower. The company's market cap currently stands at $58.75 billion with an average daily volume of 474,347 shares. So far this year, it has performed better than the Nasdaq by 17.76%. MercadoLibre is forecasted to generate revenues of $2.85 billion and EPS of $3.08.
It will be interesting to follow how MercadoLibre's run now faces a challenge at $1,211.53, which is only $41.29 away.
Yum! Brands now at $133.44 | Forthcoming price target: 12 cents lower at $133.32
Bearish run for Yum! Brands is facing a possible turning point at $133.32, which is only 12 cents away. If this support line fails to hold, the next target will be at $132.42.
Yum! Brands has been losing ground for 7 days, shedding a total of 4.14% of its value. similar trend today: Yum, a fast food corporation operating the KFC, Pizza Hut and Taco Bell brands, slides down from $134.23 to $133.44, losing 79 cents (0.59%).
Starbucks (SBUX) Price target: $97.55 | Last price: $98.34 | Daily range: $97.72 – $98.83
A mostly flat day so far for the coffee roaster and retailer, range-bound between $97.72 and $98.83 and currently at $98.34. While flat so far today, Starbucks is on a 6 day bearish trend during which it lost $3.64 of its value.
Approximately a month ago, the coffee roaster and retailer reached a significant high of $114.56 but has struggled to hold onto its gains and declined 14.25% since then. The company has a market cap of $112.74 billion with an average daily trading volume of 7.63 million shares. So far this year, it has been under-performing the Nasdaq by 24.69%. Starbucks expected revenue of $8.40 billion with an EPS of 74 cents.
Starbucks's bearish trend is facing a possible turning point at $97.55, which is only 79 cents away. Will be interesting to follow.
