Read up on Carrier Global Corp, Advanced Drainage Systems, Inc., Carlisle Companies Incorporated as they approach key price targets in the near term.
Yesterday’s session summary: Markets were up yesterday; Dow Jones gained 1.31% and closed at 32,827. S&P 500 closed the day at 3,806.8, having gained 0.96%.
What is a Price Target?
A price target is the projection of an asset’s future price. Support and resistance lines are important components of technical analysis used in predicting a price target because they prevent an asset from being pushed beyond a certain limit. When an asset drops in value it nears its support line, and when it increases in value it comes closer to its resistance line. Assets that are on a trend and are approaching one of their lines are selected for this article. Let’s review some industrials stocks and their price targets.
Carrier Global’s Price target: $40.62 | Last close: $41.04 | Daily range: $40.12 – $41.12 | Off hours: $41.05
An influx of buyers helped Carrier Global to end the session higher around $41.04, while establishing a $40.12 to $41.12 session range yesterday. Carrier Global has increased a total of $6.22 over the past 12 days, with yesterday’s session contributing to the uptrend. Yesterday’s trading volume was 3.58 million shares which is slightly under the 21-day average of 5.41 million.
19 days ago, Carrier Global fell to a low of $34.06 but has since recovered 18.26%. The company has a market cap of $34.32 billion with an average daily trading volume of 5.41 million shares. So far in 2022, it has been outperforming the S&P 500 by 4.07%. Carrier Global’s last revenue report was $5.45 billion with an EPS of 70 cents.
Carrier Global’s recent run now faces a major challenge as concentrated supply is likely found at $40.62 with price action currently 42 cents away.
Advanced Drainage Systems’s price target: $81.21 | Last close: $81.77 | Daily range: $80.76 – $85.44 | Off hours: $81.76
Bearish run for Advanced Drainage Systems is facing a possible turning point at $81.21, which is only 56 cents away. If this support line fails to hold, the next target will be at $79.22.
Advanced Drainage Systems’s bearish run has lasted 9 days so far (-$41.78). more of the same from yesterday’s session: grinding lower but with no clear-cut direction, Advanced Drainage Systems closed the session at $81.77 after forming a distinct $80.76 – $85.44 range.
The company reported earnings of 1.8 per share Thursday, falling short of expectations of 1.88. Revenue was also lower than expected at $884.21 million versus $927 million. Since the release of its earnings report, Advanced Drainage Systems lost 27.92%
Buyers pushing Carlisle Companies towards its price target of $230.58; currently at $227.85
It will be interesting to follow how Carlisle Companies’s run now faces a challenge at $230.58, which is only $2.73 away.
While Carlisle Companies was in the midst of a 7 day downtrend— in which it lost a total of 19.48%— a possible reversal detected from yesterday; generally flat but with a slight bullish bias, Carlisle Companies ranged between $222.19 and $228.24 before closing higher at $227.85. Yesterday’s trading volume was 613,143 shares which is slightly below the 21-day average of 621,346.