Price action reveals Allegion PLC, Louisiana-Pacific Corporation, Honeywell International as the stocks to watch as they near pivotal price targets in the near term.
Yesterday's session summary: Leading equity indices in the US declined as Nasdaq closed at 11,400, a 1.96% change. S&P 500 slipped 1.3% and closed at 4,017.77.
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.
Allegion's price target: $112.08 | Last close: $114.45 | Daily range: $113.46 – $115.25 | Off hours: $114.44
After closing at $114.28 on Friday, Allegion PLC rallied as high as $115.25 but ended the day at $114.45. While flat yesterday, Allegion is on a 7 day bullish trend, gaining a total of $6 throughout. Daily trading volume (554,442 shares) increased, making up 109% of the 21-day average (509,034).
This year has been a bright one for the multi-brand security company after trading as low as $89 and going on to appreciate by 6.28% year to date. The company is currently trading with a market cap of $10 billion with an average daily volume of 509,034 shares. The S&P 500 has been doing worse in 2022, it has been passing it by 1.52%. Allegion's last revenue report was $913.7 million with an EPS of $1.64.
Allegion is eyeing the $112.08 support line.
Louisiana-Pacific's price target: $65.8 | Last close: $66.22 | Daily range: $66 – $67.05 | Off hours: $66.22
Early in yesterday's session, Louisiana-Pacific dropped to $66 from $67.48 at the end of Friday, before closing at $66.22. During the session, it lost 1.87%.
Yesterday's down move comes on the back of a 7 day uptrend, during which LP added $5.56 to its value. Trading volume totalled 411,218 which equates to around 69% of the stock's 21-day average yesterday.
The US building company has gained 11.3% since its lowest print of $48.4 earlier this year. Currently, the US building materials manufacturer has a market capitalization of $4.75 billion with an average daily trading volume of 595,955 shares. LP has a forecast of $835.19 million with an EPS of $1.48.
LP is eyeing the $65.8 support line.
Honeywell's price target: $204.46 | Last close: $205.78 | Daily range: $205.61 – $209.39 | Off hours: $205.78
Honeywell's bearish trend is facing a possible turning point at $204.46, which is only $1.32 away. Will be interesting to follow.
Over the last 3 days, Honeywell has fallen 1.71%. more of the same from yesterday's session: an influx of sellers pushed the multinational conglomerate to session lows around $205.61 while establishing a $205.61 to $209.39 session range yesterday.
Honeywell is scheduled to announce earnings results Thursday. The consensus EPS estimate is 2.49 and the consensus revenue estimate is $9.26 billion.