Change of direction? L3harris Technologies Inc, Raytheon Technologies, JetBlue Airways Corporation, among others, are approaching price targets.
Yesterday's session summary: Leading equity indices in the US declined as Dow Jones was down 0.76% before closing the session at 33,045. S&P 500 closed at 3,899, a 0.76% change.
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.
L3Harris | Price Target: $190.13 approx $1.32 away; Current Price: $191.45 Session Low: $191.24 Session High: $195.18 | Off Hours: $191.45
Despite the risk-off mood, L3harris Technologies Inc was range-bound between $191.24 to $195.18 and settled at $191.45. L3Harris has been on a downtrend for 13 days, losing $15.24, with yesterday's session adding to the run. Daily trading volume (2.18 million shares) was above the current multiday average of 1.43 million.
L3Harris Technologies hit a significant low of $191.45 around a day ago, but has since recovered 0.79%. The aerospace and defense company's market cap currently stands at $36.45 billion with an average daily volume of 1.43 million shares. So far this year, it has been doing worse than the S&P by 9.33%.
L3Harris Technologies is trending down and heading towards $190.13, which is only $1.32 away now. Hitting this support line might signal a change of direction.
L3Harris Technologies is scheduled to announce earnings results Thursday. The consensus Earnings Per Share estimate is 3.22 and the consensus revenue estimate is $4 billion.
Raytheon Technologies (RTX) Price target: $94.72 | Last price: $94.24 | Daily range: $94.16 – $95.53
Pronounced bearish market sentiment ensured that the US defence contractor made a notable 1.57% loss yesterday, declining $1.5 and ultimately closing at $94.24. Raytheon Technologies has been dropping for 8 days, losing $6.72, with yesterday's session maintaining the downtrend. Daily trading volume (4.58 million shares) increased, making up 106% of the 21-day average (4.32 million).
The current year has not been the best for the US defence contractor as it lost 5.03% from its highest point of $104.97. Currently, the US defence contractor has a market capitalization of $138.54 billion with an average daily trading volume of 4.32 million shares. So far this year, it has been under-performing the Dow by 4.75%.
Bearish run for Raytheon Technologies is facing a possible turning point at $94.72, which is only 48 cents away. If this support line fails to hold, the next target will be at $93.7.
Raytheon Technologies disclosed a quarterly dividend of 55 cents per share on Wednesday, October 12th that was paid on Thursday, December 15th to all shareholders of record up until Friday, November 18th. Based on current prices, the company's decision thereby provides Raytheon Technologies investors with an annual dividend yield of 2.33%.
Raytheon Technologies is scheduled to announce earnings results Tuesday. The consensus EPS estimate is 1.24 and the consensus revenue estimate is $18.15 billion.
Buyers pushing JetBlue towards its price target of $8.61; currently at $8.5
JetBlue's recent run now faces a major challenge as concentrated supply is likely found at $8.61 with price action currently 11 cents away.
JetBlue Airways has posted further gains as part of a 15 day trend that has already seen the stock gain $2.24. yesterday's session pointed in the same direction — JetBlue recovered from the previous trading session's losses and went up to $8.5 yesterday after it traded lower at $8.2. Daily trading volume (9.56 million shares) increased, making up 110% of the 21-day average (8.68 million).
The company trades at $8.5 ahead of quarterly performance report which is scheduled to be released Thursday.