3 stocks with price targets despite today's range-bound session

Published: January 25 2023, 22:50 GMT+0

3 stocks with price targets despite today's range-bound session

Change of direction? Brookfield Infrastructure Partners L.P., Discover Financial Services, Eagle Materials Inc., among others, are approaching price targets.

Here's an update with information from the last trading session: Markets did not have a clear cut direction — after dropping 0.18%, Nasdaq closed at 11,300. S&P 500 closed 4,016.22 after a stable day.

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.

Brookfield Infrastructure now at $35.82 | Forthcoming price target: 37 cents lower at $35.45

After dropping down to $35.38, the infrastructure assets partnership recovers some losses and is currently trading at $35.82. While flat today, Brookfield Infrastructure is on a 4 day bullish trend, gaining a total of $1.62 throughout. Trading volume totalled 340,320 which equates to around 64% of the stock's 21-day average today.

Brookfield Infrastructure hit a significant low of $30.23 around 28 days ago, but has since recovered 18.66%. The infrastructure assets manager's market cap currently stands at $16.42 billion with an average daily volume of 535,838 shares. The Nasdaq has been doing worse in 2022, it has been passing it by 6.17%. Brookfield Infrastructure is forecasted to generate revenues of $2.88 billion and EPS of 60 cents.

Brookfield Infrastructure bears struggled to gain ground beyond the support zone around $35.45 with prices climbing 37 cents as bulls regained control.

Brookfield Infrastructure disclosed a quarterly dividend of 36 cents per share on Wednesday, November 2nd that was paid on Friday, December 30th to all shareholders of record up until Wednesday, November 30th. Based on current prices, the company's decision thereby provides Brookfield Infrastructure investors with an annual dividend yield of 4.02%.

Buyers pushing Discover Financial Services towards its price target of $112.87; currently at $114.9

Discover's run now faces a challenge at $112.87, which is only $2.03 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

Discover Financial Services has posted further gains as part of a 4 day trend that has already seen the stock gain $9.59. today's session pointed in the same direction — an influx of buyers helped the US finance firm to end the session higher around $114.9, while establishing a $110.34 to $115.05 session range today. Daily trading volume (3 million shares) increased, making up 120% of the 21-day average (2.58 million).

Buyers pushing Eagle towards its price target of $145.05; currently at $144.73

Eagle's recent run now faces a major challenge as concentrated supply is likely found at $145.05 with price action currently 32 cents away.

Eagle has posted further gains as part of a 4 day trend that has already seen the stock gain $5.7. Eagle Materials stayed on track today: Eagle recovered from the previous trading session's losses and went up to $144.73 today after it traded lower at $141.59. The day's trading volume totalled 215,457 shares — slightly under the 21-day average of 231,466.

Eagle Materials is scheduled to announce earnings results tomorrow. The consensus Earnings Per Share estimate is 3.19 and the consensus revenue estimate is $534.54 million.