Change of direction? Ingersoll Rand Inc, Lockheed Martin, Mercury Systems, Inc., among others, are approaching price targets.
Yesterday's session summary: Leading equity indices in the US declined as after dropping 0.85%, Nasdaq closed at 11,929. S&P 500 closed at 4,092, a 0.41% 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. Let's review some industrials stocks and their price targets.
Buyers pushing Ingersoll Rand towards its price target of $56.81; currently at $56.42
Ingersoll Rand Inc's recent run now faces a major challenge as concentrated supply is likely found at $56.81 with price action currently 39 cents away.
Ingersoll Rand has posted further gains as part of a 4 day trend that has already seen the stock gain $1.14. Ingersoll Rand stayed on track yesterday: after closing yesterday at $56.42, the industrial products manufacturer peaked at $56.71 before giving up early gains and closing at $56.42. Yesterday's trading volume was 1.86 million shares which is under the 21-day average of 2.90 million.
Lockheed Martin | Price Target: $477.45 approx $10.65 away; Current Price: $488.1 Session Low: $481.69 Session High: $491.25 | Off Hours: $488.2
Lockheed Martin's bearish trend is facing a possible turning point at $477.45, which is only $10.65 away. Will be interesting to follow.
Having lost $8.91 over 3 days, with a marginal improvement upon yesterday's session, without a clear direction, Lockheed Martin closed at $488.1 while ranging between $481.69 and $491.25. Trading volume totalled 1 million which equates to around 70% of the stock's 21-day average yesterday.
Mercury | Price Target: $51.24 approx 43 cents away; Current Price: $51.67 Session Low: $51.66 Session High: $52.95 | Off Hours: $51.67
Despite the risk-off mood, Mercury Systems was range-bound between $51.66 to $52.95 and settled at $51.67. Yesterday's down move comes on the back of a 15 day uptrend, during which Mercury Systems added $5.14 to its value. Yesterday's trading volume was 171,484 shares which is under the 21-day average of 260,457.
The mission-critical aerospace tech developer has managed to gain 15.71% so far this year despite trading at lows around $40.6 previously. The mission-critical aerospace tech developer's market cap currently stands at $3 billion with an average daily volume of 260,457 shares. Mercury has a forecast of $232.47 million with an EPS of 33 cents.
Mercury could begin to recover as it approaches significant support, now 43 cents away from $51.24. Dipping below could be an indication that further losses are ahead.