| 
May 13, 2023
Alphabet, Vodafone Group Plc, Telefónica, S.A., among others, are the communication_services stocks approaching important price targets.
A recap of yesterday's session: Leading equity indices in the US declined as Nasdaq shed 0.35% and closed at 12,300. S&P 500 lost 0.16% and ended the session at 4,124.
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.
Buyers pushing Google towards its price target of $118.6; currently at $117.92
Alphabet's recent run now faces a major challenge as concentrated supply is likely found at $118.6 with price action currently 68 cents away.
Google has posted further gains as part of a 7 day trend that has already seen the stock gain $11.69. yesterday's session pointed in the same direction — pronounced bullish sentiment in the market helped the search engine giant to make a notable 0.87% gain yesterday, rising $1 and ultimately closing at $117.92. Daily trading volume (29.81 million shares) was slightly above the current multiday average of 26.57 million.
Vodafone Group is trading at $11.16, its target level is $11.1
$11.1 is only 6 cents away for Vodafone Group and might put a stop to its current downtrend.
Over the last 8 days, Vodafone Group has fallen 6.69%. yesterday's session continued the recent downtrend: after ending Thursday at $11.28, Vodafone Group declined to $11.11 yesterday before closing at $11.16, thereby losing 1.06% in total.
Vodafone Group trades at $11.16 ahead of quarterly performance report which is scheduled to be released Tuesday.
Telefonica (TEF) Price target: $4.14 | Last price: $4.16 | Daily range: $4.15 – $4.21
Telefonica was steady yesterday maintaining a $4.15 – $4.21 range before closing at $4.16. While flat so far today, Telefonica is on a 12 day bearish trend during which it lost 37 cents of its value. Trading volume totalled 532,038 which equates to around 52% of the stock's 21-day average yesterday.
Telefonica hit a significant low of $3.15 around 6 months ago, but has since recovered 32.06%. Telefonica is currently trading with a market cap of $23.92 billion with an average daily volume of 1 million shares. So far this year, it has been under-performing the Nasdaq by 0.79%.
$4.14 is only 2 cents away for Telefonica and might put a stop to its current downtrend.
