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April 15, 2023
Price action reveals Telefônica Brasil S.A., PT Telkom Indonesia, Dolby Laboratories, Inc. as the stocks to watch as they near pivotal price targets in the near term.
Yesterday's session summary: Leading equity indices in the US declined as Dow Jones was down 0.42% before closing the session at 33,900. Nasdaq lost 0.35% and ended the session at 12,123.
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.
Buyers pushing Telefonica towards its price target of $8.22; currently at $8.14
After ending Thursday at $8.1, Telefônica Brasil S.A. went up to $8.18 only to drop back, yet still traded well overall and closed at $8.14 yesterday. Telefonica has increased a total of 65.4505 cents over the past 9 days, with yesterday's session contributing to the uptrend. Yesterday's trading volume was 1.68 million shares which is slightly below the 21-day average of 2 million.
This year has been a bright one for the Brazilian telecoms group after trading as low as $6.49 and going on to appreciate by 25.56% year to date. The Brazilian telecoms group's market cap currently stands at $13.63 billion with an average daily trading volume of 2 million shares. So far this year, it has been outperforming the Nasdaq by 11.29%. Telefonica is forecasted to generate revenues of $2.39 billion and EPS of 10 cents.
Telefonica's recent run now faces a major challenge as concentrated supply is likely found at $8.22 with price action currently 8 cents away.
Telkom Indonesia now at $29.34 | Forthcoming price target: 12 cents lower at $29.22
PT Telkom could begin to recover as it approaches significant support, now 12 cents away from $29.22. Dipping below could be an indication that further losses are ahead.
Though in the midst of a 19 day uptrend, gaining a total of 11.6%, ($3.28), yesterday's session suggests run might be coming to an end — early in yesterday's session, PT Telkom dropped to $29.22 from $29.57 at the end of Thursday, before closing at $29.34. During the session, it lost 0.78%. Yesterday's trading volume was 159,376 shares which is slightly below the 21-day average of 221,022.
Dolby Laboratories is trading at $85.57, its target level is $84.89
Early in yesterday's session, Dolby Laboratories dropped to $84.97 from $85.91 at the end of Thursday, before closing at $85.57. During the session, it lost 0.4%. Yesterday's down move comes on the back of a 17 day uptrend, during which Dolby Laboratories added $3.85 to its value. Yesterday's trading volume was 198,093 shares which is under the 21-day average of 332,903.
The US audio specialist has gained 20.34% since its lowest print of $63.44 earlier this year. The company has a market cap of $8.20 billion with an average daily volume of 332,903 shares. So far this year, it has been beating the Nasdaq by 6.07%. Dolby Laboratories's last revenue report was $334.92 million with an EPS of $1.11.
Dolby Laboratories's run now faces a challenge at $84.89, which is only 68 cents away and will be interesting to follow.
Also, the firm paid out a quarterly dividend of 27 cents per share on Wednesday, February 22nd to all active shareholders as of Tuesday, February 14th. Eligible investors secured a quarterly dividend yield of 1.26% for this year.
