3M, Norfolk Southern Corporation, Regal Beloit Corporation, among others, are the industrials stocks approaching important price targets.
Here's an update with information from the last trading session: Markets were up yesterday; Dow Jones closed the day at 34,200, having gained 0.64%. Nasdaq ended the session at 11,000 after a 0.64% gain.
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 industrials stocks and their price targets.
Buyers pushing 3M towards its price target of $130.21; currently at $129.35
Generally flat but with a slight bullish bias, 3M ranged between $127.79 and $129.82 before closing higher at $129.35. Yesterday's gains added to 3M's bullish trend that has lasted for 5 days so far, during which it increased a total of $6.16. Yesterday's trading volume was 1.84 million shares which is slightly under the 21-day average of 2.77 million.
This year has been a bright one for the industry and consumer goods conglomerate after trading as low as $107.52 and going on to appreciate by 5.43% year to date. The company has a market cap of $71.50 billion with an average daily volume of 2.77 million shares. So far in 2022, it has been outperforming the Dow by 2.33%. 3M has a forecast of $8.75 billion with an EPS of $2.62.
3M's run now faces a challenge at $130.21, which is only 86 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Norfolk Southern | Price Target: $253.75 approx 42 cents away; Current Price: $254.17 Session Low: $254.08 Session High: $257.61 | Off Hours: $254.17
Pronounced bearish market sentiment ensured that the transportation company made a notable 0.77% loss yesterday, declining $1.97 and ultimately closing at $254.17. Yesterday's down move comes on the back of a 15 day uptrend, during which Norfolk Southern added $13.22 to its value. Norfolk Southern's recent uptrend could be petering out after the company eclipsed its average daily volume of 1 million by 112% today.
The railway operator has managed to gain 3.41% so far this year despite trading at lows around $204.87 previously. Norfolk Southern is currently trading with a market cap of $58.84 billion with an average daily trading volume of 1 million shares. $3.34 billion was Norfolk Southern's last reported revenue with $3.06 being the current EPS.
Norfolk Southern is eyeing the $253.75 support line.
Buyers pushing Regal Rexnord towards its price target of $224.77; currently at $225.03
Pronounced bullish sentiment in the market helped the electric motor manufacturer to make a notable 1.68% gain yesterday, rising $3.71 and ultimately closing at $225.03. Regal Rexnord has increased a total of $14.5 over the past 5 days, with yesterday's session contributing to the uptrend. The day's trading volume totalled 125,509 shares — slightly under the 21-day average of 137,902.
The electric motor manufacturer has gained 5.86% since its lowest print of $137.7 earlier this year. The electric motor manufacturer's market cap currently stands at $6.53 billion with an average daily trading volume of 137,902 shares. Regal Rexnord expected revenue of $361.44 million with an EPS of $1.63.
Regal Rexnord's recent run now faces a major challenge as concentrated supply is likely found at $224.77 with price action currently 26 cents away.