Imminent price targets among stocks following yesterday's bullish session

Published: May 27 2023, 07:50 GMT+0

Imminent price targets among stocks following yesterday's bullish session

Bruker Corporation, Newmont Corporation, Curaleaf Holdings, Inc., among others, are the stocks approaching important price targets.

Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq gained 2.19% and closed at 12,976. S&P 500 closed the day at 4,205.45, having gained 1.3%.

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 stocks and their price targets.

Buyers pushing Bruker towards its price target of $71.8; currently at $71.6

It will be interesting to follow how Bruker Corporation's run now faces a challenge at $71.8, which is only 20 cents away.

During a 6 day fall, dropping a total of 5.57%, ($5), yesterday may indicate a change of direction; pronounced bullish sentiment in the market helped the scientific instruments manufacturer to make a notable 1.1% gain yesterday, rising 78 cents and ultimately closing at $71.6. Trading volume totalled 746,424 which equates to around 81% of the stock's 21-day average yesterday.

Newmont | Price Target: $40.58 approx 10 cents away; Current Price: $40.68 Session Low: $40.33 Session High: $41.27 | Off Hours: $40.73

Without a clear direction, Newmont closed at $40.68 while ranging between $40.33 and $41.27. While flat so far today, Newmont is on a 10 day bearish trend during which it lost $6.45 of its value. Trading volume totalled 6.15 million which equates to around 80% of the stock's 21-day average yesterday.

11 months ago the gold, copper, silver, zinc and lead supplier reached a significant high of $68.79 but has consequently lost 40.92% since then. Newmont is currently trading with a market cap of $32.33 billion with an average daily volume of 7.69 million shares. So far this year, it has been under-performing the S&P 500 by 26.83%. Newmont's last revenue report was $2.68 billion with an EPS of 40 cents.

A convincing break of this target could pave the way for deeper losses.

Curaleaf is trading at $2.68, its target level is $2.6

After ending Thursday at $2.75, Curaleaf declined to $2.6 yesterday before closing at $2.68, thereby losing 2.65% in total. Continuing its a 7 day bearish run (-12.7 cents), Curaleaf showed losses yesterday. Yesterday's trading volume was 362,384 shares which is slightly below the 21-day average of 416,364.

Approximately 5 months ago, the leading medical and recreational marijuana dispensary reached a significant high of $7.57 but has struggled to hold onto its gains and declined 63.63% since then. The company's market cap currently stands at $1.93 billion with an average daily trading volume of 416,364 shares.

A persuasive break of this target could lead to higher losses.