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March 02, 2023
Change of direction? Rogers Communications Inc., Omnicom Group Inc, Verizon, among others, are approaching price targets.
Yesterday's session summary: Leading equity indices in the US declined as Nasdaq shed 0.66% and closed at 11,379. S&P 500 closed at 3,951.39, a 0.47% change.
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 communication_services stocks and their price targets.
Rogers Communication's price target: $47.32 | Last close: $47.6 | Daily range: $47.51 – $48.21 | Off hours: $47.6
Despite the risk-off mood, Rogers Communications Inc. was range-bound between $47.51 to $48.21 and settled at $47.6. Yesterday's 0.38% loss extends an 11 day bearish run in which Rogers Communication had already lost $1.32 from its share value. The day's trading volume totalled 228,340 shares — slightly under the 21-day average of 247,343.
Rogers Communication hit a significant low of $37.05 around 4 months ago, but has since recovered 28.96%. The company's market cap currently stands at $24 billion with an average daily trading volume of 247,343 shares. So far this year, it has been doing worse than the Nasdaq by 7.09%. Rogers Communication has a forecast of $3 billion with an EPS of 99 cents.
A persuasive break of this target could lead to higher losses.
Also, the firm paid out a quarterly dividend of 36.7 cents per share on Tuesday, January 3rd to all active shareholders as of Friday, December 9th. Eligible investors secured a quarterly dividend yield of 3.08% for this year.
Buyers pushing Omnicom Group towards its price target of $92.02; currently at $91.47
Omnicom Group's run now faces a challenge at $92.02, which is only 55 cents away and will be interesting to follow.
While in the midst of an 8 day downtrend, losing a total of 2.4% ($3.15), yesterday may indicate a change of direction; bullish sentiment helped the global media company to hammer out a noteworthy $89.88 to $91.5 range yesterday, and finally closing at $91.47 to end the session. Yesterday's trading volume was 1.87 million shares which is slightly below the 21-day average of 2 million.
Verizon's price target: $38.06 | Last close: $38.3 | Daily range: $38.15 – $38.71 | Off hours: $38.26
After ending Tuesday at $38.81, Verizon declined to $38.15 yesterday before closing at $38.3, thereby losing 1.31% in total. Verizon has been dropping for 10 days, losing $1.57, with yesterday's session maintaining the downtrend. Daily trading volume (18.39 million shares) was slightly above the current multiday average of 16.21 million.
Over the past 11 months, the information and entertainment services company has retreated 29.58% from a noteworthy peak of $55.11. The company has a market cap of $160.86 billion with an average daily volume of 16.21 million shares. So far this year, it has been under-performing the Dow Jones by 3.03%. Verizon last reported revenue of $35.25 billion with an EPS of $1.19.
$38.06 is only 24 cents away for Verizon and might put a stop to its current downtrend.
Just recently, Verizon's board disclosed a quarterly dividend of 65.25 cents per share and subsequently paid on Wednesday, February 1st for all shareholders of record up until Tuesday, January 10th. The company's decision thereby provides Verizon investors with an annualised dividend yield of 6.81% (based on current prices).
