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

Published: January 26 2023, 05:50 GMT+0

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

Read up on Algonquin Power & Utilities Corp., Consumer Staples Select Sector SPDR Fund, Caterpillar as they approach key price targets in the near term.

Here's an update with information from the last trading session:

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.

Algonquin Power & Utilities's price target: $7.21 | Last close: $7.31 | Daily range: $7.22 – $7.38 | Off hours: $7.33

Algonquin Power & Utilities Corp. recovered back to $7.31 after dipping down to $7.22, in a session that followed Tuesday's $7.32 close value. While flat yesterday, Algonquin Power & Utilities is on a 5 day bullish trend, gaining a total of 38 cents throughout. The day's trading volume totalled 3.41 million shares — below the 21-day average of 6.74 million.

The Canadian renewable energy provider is now trading 32.16% below its 3-month high of $16. The company has a market cap of $5.00 billion with an average daily volume of 6.74 million shares. The Nasdaq has been doing worse in 2022, it has been passing it by 0.6%. Algonquin Power & Utilities has a forecast of $594.76 million with an EPS of 16 cents.

Algonquin Power & Utilities's run now faces a challenge at $7.21, which is only 10 cents away and will be interesting to follow.

Buyers pushing XLP towards its price target of $73.53; currently at $73.33

Consumer Staples Select Sector SPDR Fund's run now faces a challenge at $73.53, which is only 20 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.

Consumer Staples Select Sector SPDR Fund is on a 4 day bullish run gaining $1.09 (1.76%). yesterday continued on the same track for Consumer Staples Select Sector SPDR Fund — after dipping down to $72.35, Consumer Staples Select Sector SPDR Fund regained earlier losses and closed at $73.33.

Buyers pushing Caterpillar towards its price target of $261.18; currently at $258.44

After ending Tuesday at $257.61, Caterpillar went up to $259.19 only to drop back, yet still traded well overall and closed at $258.44 yesterday. Caterpillar has increased a total of $11.86 over the past 4 days, with yesterday's session contributing to the uptrend. The day's trading volume totalled 2.42 million shares — slightly below the 21-day average of 2.95 million.

The construction equipment, diesel and natural gas engines manufacturer is up 58.59% from the significant low of $162.44 it hit 3 months ago. The company is currently trading with a market cap of $134.49 billion with an average daily trading volume of 2.95 million shares. So far this year, it has performed better than the Dow Jones by 6.04%.

Caterpillar's recent run now faces a major challenge as concentrated supply is likely found at $261.18 with price action currently $2.74 away.

Caterpillar is scheduled to announce earnings results Tuesday. The consensus EPS estimate is 3.95 and the consensus revenue estimate is $16.11 billion.

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