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February 22, 2023
Pay attention to the following industrials stocks approaching critical price targets: JetBlue Airways Corporation, 3M, Crane Co. are the ones to watch.
Yesterday's session summary: Leading equity indices in the US declined as Dow Jones lost 2.06% and ended the session at 33,130. S&P 500 slipped 2% and closed at 3,997.34.
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. Let's review some industrials stocks and their price targets.
JetBlue Airways's price target: $8.07 | Last close: $8.21 | Daily range: $8.14 – $8.5 | Off hours: $8.27
$8.07 is only 14 cents away for JetBlue Airways Corporation and might put a stop to its current downtrend.
JetBlue's bearish run has lasted 4 days so far (-15 cents). yesterday's session continued down the same path: early in yesterday's session, JetBlue dropped to $8.14 from $8.62 at the end of Friday, before closing at $8.21. During the session, it lost 4.76%. Trading volume totalled 6 million which equates to around 66% of the stock's 21-day average yesterday.
3M's price target: $108.15 | Last close: $109.25 | Daily range: $109.18 – $112.4 | Off hours: $109.4
3M's downtrend might be halted by its support level at $108.15, which is only $1.1 away.
Having fallen $2.29 in 6 days, yesterday's session continued the recent downtrend: early in yesterday's session, 3M dropped to $109.18 from $113 at the end of Friday, before closing at $109.25. During the session, it lost 3.31%. Daily trading volume (3.89 million shares) was slightly greater than the current multiday average of 3.72 million.
Crane now at $117 | Forthcoming price target: $1.13 lower at $115.86
After ending Friday at $120.39, Crane dropped to $116.9 early in yesterday's session and closed at $117. In total, it lost 2.82%. Continuing its a 4 day bearish run (-30 cents), Crane showed losses yesterday. Yesterday's trading volume was 157,692 shares which is lower than the 21-day average of 353,610.
This year has been a bright one for the leading US bathroom fixtures manufacturer after trading as low as $84.24 and going on to appreciate by 14.94% year to date. The company has a market cap of $6.57 billion with an average daily trading volume of 353,610 shares. $824.1 million was Crane's last reported revenue with $2.13 being the current EPS.
A persuasive break of this target could lead to higher losses.
Crane disclosed a quarterly dividend of 47 cents per share on Monday, September 26th that was paid on Wednesday, December 14th to all shareholders of record up until Wednesday, November 30th. Based on current prices, the company's decision thereby provides Crane investors with an annual dividend yield of 1.61%.
