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

Published: January 26 2023, 03:50 GMT+0

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

Change of direction? Kimco Realty Corp, Paycom Software Inc, Pool Corp, among others, are approaching price targets.

A recap of yesterday's session: Markets did not have a clear cut direction — Nasdaq closed at 11,300, a 0.18% change. 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.

Buyers pushing Kimco Realty towards its price target of $22.08; currently at $22.09

Kimco Realty Corp's recent run now faces a major challenge as concentrated supply is likely found at $22.08 with price action currently 1 cents away.

Kimco Realty has posted further gains as part of a 4 day trend that has already seen the stock gain 80 cents. Kimco Realty pointed in the same direction yesterday: Kimco Realty recovered from the previous trading session's losses and went up to $22.09 yesterday after it traded lower at $21.7. Yesterday's trading volume was 2.70 million shares which is slightly under the 21-day average of 3.89 million.

Paycom's prevailing uptrend hits the buffers

The resistance level is at $322.51, followed by $325.1.

Though in the midst of a 12 day uptrend, gaining a total of 9.75%, ($33.27), the prevailing bullish trend is beginning to fade following yesterday's downbeat session. After ending Tuesday at $319.92, Paycom dropped to $297.93 early in yesterday's session and closed at $314.6. In total, it lost 1.66%. Yesterday's trading volume was 411,603 shares which is slightly under the 21-day average of 436,090.

Pool Corp stuck around key support level at $357.65

After dropping down to $357, the swimming pool enabler recovers some losses and is currently trading at $363.5. While flat yesterday, Pool Corp is on a 4 day bullish trend, gaining a total of $19.48 throughout. Yesterday's trading volume was 318,991 shares which is slightly under the 21-day average of 392,740.

This year has been a bright one for the wholesale distributor after trading as low as $283.92 and going on to appreciate by 21.08% year to date. Pool Corp is currently trading with a market cap of $14.19 billion with an average daily volume of 392,740 shares. So far this year, it has been outperforming the S&P 500 by 16.3%. Pool Corp is forecasted to generate revenues of $1.61 billion and EPS of $4.64.

Pool Corp's run now faces a challenge at $357.65, which is only $5.85 away and will be interesting to follow.