Positive price action presents imminent price targets for these 3 stocks

Published: May 27 2023, 00:50 GMT+0

Positive price action presents imminent price targets for these 3 stocks

Pay attention to the following stocks approaching critical price targets: Chevron, Avantor, Inc., Bruker Corporation are the ones to watch.

Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq ended the session at 12,976 after a 2.19% gain. 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. Let's review some stocks and their price targets.

Chevron | Price Target: $153.85 approx 23 cents away; Current Price: $154.08 Session Low: $153.46 Session High: $155.63 | Off Hours: $153.85

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

Over the last 3 days, Chevron has fallen 2.03%. yesterday's session continued down the same path: an influx of sellers pushed the integrated energy and chemicals provider to session lows around $153.46 while establishing a $153.46 to $155.63 session range yesterday. Daily trading volume (7.73 million shares) was slightly greater than the current multiday average of 7 million.

Buyers pushing Avantor towards its price target of $20.71; currently at $20.65

It will be interesting to follow how Avantor's run now faces a challenge at $20.71, which is only 6 cents away.

Positive signs: after 6 days of being mostly flat yesterday's session shows improvement: after finishing Thursday at $20.38, the chemicals and materials company went up by 1.32% yesterday and remained at the $20.65 level. The day's trading volume totalled 3.73 million shares — slightly under the 21-day average of 5.47 million.

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

The scientific instruments manufacturer went up to $71.6, gaining 1.1%. Yesterday's gains are in contrast to Bruker's bearish trend (lasting 6 days) during which it lost $5 of its value. Yesterday's trading volume was 746,424 shares which is slightly below the 21-day average of 923,157.

Having set a significant high of $84 a month ago, the molecular and materials research enabler is trading 15.71% lower. Bruker's market cap currently stands at $10.51 billion with an average daily trading volume of 923,157 shares. So far this year, it has been doing worse than the Nasdaq by 16.69%. $685.3 million was Bruker's last reported revenue with 64 cents being the current EPS.

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