Caterpillar, United Rentals Inc, Regal Beloit Corporation, among others, are the industrials stocks approaching important price targets.
Here's an update with information from the last trading session: Leading equity indices in the US declined as after dropping 0.42%, Dow Jones closed at 33,900. Nasdaq slipped 0.35% and closed at 12,123.
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 Caterpillar towards its price target of $225.86; currently at $223.68
Caterpillar's run now faces a challenge at $225.86, which is only $2.18 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Caterpillar has posted further gains as part of a 6 day trend that has already seen the stock gain $12.5. Friday's session pointed in the same direction — Caterpillar recovered all the way back up to $223.68 after dipping down to $221.44. The day's trading volume totalled 2.24 million shares — slightly under the 21-day average of 3.23 million.
United Rentals's Price target: $381.69 | Last close: $378.05 | Daily range: $373.07 – $381 | Off hours: $378.05
United Rentals's recent run now faces a major challenge as concentrated supply is likely found at $381.69 with price action currently $3.64 away.
United Rentals has posted further gains as part of a 7 day trend that has already seen the stock gain $22.07. Friday's session pointed in the same direction — United Rentals recovered from the previous trading session's losses and went up to $378.05 Friday after it traded lower at $373.07. Friday's trading volume was 691,755 shares which is below the 21-day average of 1.18 million.
Regal Rexnord's price target: $215.19 | Last close: $217.43 | Daily range: $216.36 – $222.02 | Off hours: $217.43
Grinding lower but with no clear-cut direction, the electric motor manufacturer closed the session at $217.43 after forming a distinct $216.36 – $222.02 range. Continuing its a 3 day bearish run (-$2.92), Regal Rexnord showed losses Friday. The day's trading volume totalled 97,349 shares — under the 21-day average of 186,512.
The power transmission component maker has recovered 58.97% since descending to a significant low of $137.7 around 6 months ago. Currently, the power transmission component maker has a market capitalization of $6.31 billion with an average daily trading volume of 186,512 shares. Regal Rexnord has a forecast of $359.78 million with an EPS of $1.7.
Regal Rexnord's downtrend might be halted by its support level at $215.19, which is only $2.24 away.