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June 24, 2023
Pay attention to the following communication_services stocks approaching critical price targets: The Liberty SiriusXM Group, Tencent Music Entertainment Group, Bilibili Inc. are the ones to watch.
A recap of yesterday's session: Leading equity indices in the US declined as S&P 500 lost 0.77% and ended the session at 4,348.33. Nasdaq slipped 1% and closed at 13,500.
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 communication_services stocks and their price targets.
Liberty Media A | Price Target: $29.58 approx 21 cents away; Current Price: $29.79 Session Low: $29.64 Session High: $30.12 | Off Hours: $29.79
A convincing break of this target could pave the way for deeper losses.
Liberty Media A's bearish run has lasted 5 days so far (-69 cents). yesterday's session continued the recent downtrend: Liberty Media A shed 1.39%, falling to $29.79. The day's trading volume totalled 1 million shares — slightly below the 21-day average of 1.11 million.
Tencent active price target: $7.36; currently at $7.45
After ending Thursday at $7.66, Tencent declined to $7.38 yesterday before closing at $7.45, thereby losing 2.74% in total. Yesterday's 2.74% loss extends a 7 day bearish run in which Tencent had already lost 69 cents from its share value. Trading volume totalled 3.11 million which equates to around 37% of the stock's 21-day average yesterday.
Tencent hit a significant low of $3.61 around 7 months ago, but has since recovered 112.19%. The company has a market cap of $12.78 billion with an average daily volume of 8.30 million shares. So far this year, it has been doing worse than the Nasdaq by 35.83%. Tencent has a forecast of $985.62 million with an EPS of 11 cents.
Tencent is trending down and heading towards $7.36, which is only 9 cents away now. Hitting this support line might signal a change of direction.
Bilibili is trading at $14.94, its target level is $14.74
The iconic Chinese brand has recovered almost all of its session losses after dipping down to $14.8 yesterday. Bilibili has been dropping for 6 days, losing $2.93, with yesterday's session maintaining the downtrend. Yesterday's trading volume was 4.69 million shares which is under the 21-day average of 7.23 million.
The iconic Chinese brand has shed 37.62% over the past three months. The iconic Chinese brand's market cap currently stands at $6.40 billion with an average daily trading volume of 7.23 million shares. So far this year, it has been under-performing the Nasdaq by 66.75%. Bilibili expected revenue of $796.96 million with an EPS of -41 cents.
A persuasive break of this target could lead to higher losses.
