Change of direction? Tapestry Inc, Lululemon Athletica Inc, General Motors Co, among others, are approaching price targets.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as after dropping 1.66%, Dow Jones closed at 32,255. S&P 500 was down 1.85% before closing the session at 3,918.32.
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 consumer_cyclical stocks and their price targets.
Tapestry's price target: $41.08 | Last close: $41.6 | Daily range: $41.52 – $43 | Off hours: $41.6
The luxury fashion company plunged into the red after losing 2.87%, declining to $41.6. Yesterday's fall added to a 5 day bearish run, during which Tapestry lost $1.64. Trading volume totalled 2.70 million which equates to around 78% of the stock's 21-day average yesterday.
The modern luxury accessories and lifestyle brands specialist reached a significant high of $46.62 around a month ago but has lost 8.13% since then. The company is currently trading with a market cap of $9.82 billion with an average daily trading volume of 3.47 million shares. So far this year, it has performed better than the S&P 500 by 4.55%. Tapestry last reported revenue of $2 billion with an EPS of $1.36.
A persuasive break of this target could lead to higher losses.
Looking back, the firm's board declared a dividend of 30 cents per share on Tuesday, February 21st for all shareholders on record up until Friday, March 10th. Based on current prices, the move allows shareholders to receive an annual dividend yield of 2.88% this year to be paid on Monday, March 27th.
Lululemon's price target: $298.26 | Last close: $301.8 | Daily range: $300.21 – $309.19 | Off hours: $301.21
A convincing break of this target could pave the way for deeper losses.
Lululemon has lost 4.74% over the last 5 days. yesterday's session continued down the same path: an influx of sellers pushed the lifestyle inspired athletic apparel distributor to session lows around $300.21 while establishing a $300.21 to $309.19 session range yesterday. Daily trading volume (1.49 million shares) increased, making up 122% of the 21-day average (1.22 million).
General Motors's price target: $38 | Last close: $37.82 | Daily range: $37.76 – $39.7 | Off hours: $37.65
General Motors is trending down and heading towards $38, which is only 19 cents away now. Hitting this support line might signal a change of direction.
GM's bearish run has lasted 5 days so far (-$1.25). yesterday's session continued the recent downtrend: after ending Wednesday at $39.76, General Motors declined to $37.76 yesterday before closing at $37.82, thereby losing 4.88% in total. Daily trading volume (15.32 million shares) increased, making up 116% of the 21-day average (13.25 million).