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June 21, 2023
Meta Platforms, Alphabet, Vodafone Group Plc, among others, are the communication_services stocks approaching important price targets.
Yesterday's session summary: Leading equity indices in the US declined as Dow Jones lost 0.72% and ended the session at 34,054. S&P 500 slipped 0.47% and closed at 4,388.71.
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 Meta towards its price target of $287.35; currently at $284.33
Meta Platforms ended Monday at $281. yesterday it went up to $284.8 only to drop back, yet still managed to close at $284.33. Facebook has increased a total of $17.4 over the past 9 days, with yesterday's session contributing to the uptrend. The day's trading volume totalled 19.60 million shares — slightly below the 21-day average of 22.47 million.
Having set a significant high of $284.33 a day ago, Mark Zuckerberg's brainchild is trading 1.17% lower. Mark Zuckerberg's brainchild's market cap currently stands at $728.66 billion with an average daily trading volume of 22.47 million shares. So far this year, it has been outperforming the Nasdaq by 107.49%. Meta has a forecast of $27.65 billion with an EPS of $2.
Meta's run now faces a challenge at $287.35, which is only $3 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Google's price target: $122.73 | Last close: $123.85 | Daily range: $122.83 – $125.17 | Off hours: $124.22
A convincing break of this target could pave the way for deeper losses.
Google has been losing ground for 3 days, shedding a total of 1.54% of its value. a slight improvement can be seen from yesterday's session: Google recovered back to $123.85 after dipping down to $122.83, in a session that followed Monday's $124.06 close value. The day's trading volume totalled 21.38 million shares — slightly below the 21-day average of 27.20 million.
Vodafone Group's price target: $9.28 | Last close: $9.33 | Daily range: $9.29 – $9.39 | Off hours: $9.39
Vodafone Group is trending down and heading towards $9.28, which is only 5 cents away now. Hitting this support line might signal a change of direction.
Having fallen 1 cents in 3 days, yesterday's session continued down the same path: after ending Monday at $9.47, Vodafone Group dropped to $9.29 early in yesterday's session and closed at $9.33. In total, it lost 1.48%. Yesterday's trading volume was 4.35 million shares which is under the 21-day average of 6.87 million.
