Read up on Philip Morris International, Costco, Target as they approach key price targets in the near term.
A recap of Friday's session: Leading equity indices in the US rose as Nasdaq ended the session at 11,323 after a 1.88% gain. S&P 500 closed the day at 3,993, having gained 0.92%.
What is a Price Target?
A price target is the projection of an asset's future price. The concepts of trading levels support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis. These price rates, or targets, are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction. Assets that are on a trend and are nearing one of their lines are selected for this article. Check out this rundown of consumer staples stocks and their price targets.
Philip Morris's Price target: $95.39 | Last close: $94.47 | Daily range: $92.44 – $94.81 | Off hours: $94.49
After ending Thursday at $93.25, Philip Morris International went up to $94.81 only to drop back, yet still traded well overall and closed at $94.47 Friday. Philip Morris has increased a total of $2.28 over the past 3 days, with Friday's session contributing to the uptrend. The day's trading volume totalled 3.23 million shares — slightly below the 21-day average of 4.26 million.
Having set a significant high of $111.9 a month ago, Philip Morris is trading 12.34% lower. Philip Morris is currently trading with a market cap of $146.45 billion with an average daily trading volume of 4.26 million shares. Philip Morris has a forecast of $7.43 billion with an EPS of $1.37.
Philip Morris's recent run now faces a major challenge as concentrated supply is likely found at $95.39 with price action currently 92 cents away.
Buyers pushing Costco towards its price target of $519.3; currently at $515.47
Costco recovered from the previous trading session's losses and went up to $515.47 Friday after it traded lower at $506.71. Friday's gains added to Costco's 8 days uptrend, during which it increased a total of $29.62. Daily trading volume (2.39 million shares) was slightly above the current multiday average of 2 million.
Having set a significant high of $608.05 5 months ago, the wholesale company is trading 23.22% lower. The company's market cap is $228.15 billion with an average daily volume of 2 million shares. So far in 2022, it has been outperforming the Nasdaq by 31.49%. Costco's last revenue report was $72 billion with an EPS of $4.2.
Costco's recent run now faces a major challenge as concentrated supply is likely found at $519.3 with price action currently $3.83 away.
Target's Price target: $177.12 | Last close: $173.32 | Daily range: $164.95 – $174.83 | Off hours: $173.25
Target's run now faces a challenge at $177.12, which is only $3.8 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
3 days and $11.39 of gains were not enough. it was more of the same for Target Friday — Target ended Thursday's session at $164.38. Friday started with an increase to $174.83, but dropped back and closed at $173.32. Daily trading volume (5.83 million shares) was higher than the current multiday average of 3.61 million.
Target is scheduled to announce earnings results Wednesday. The consensus Earnings Per Share estimate is 2.14 and the consensus revenue estimate is $26.37 billion.