Price action reveals Icahn Enterprises L.P., AECOM, TopBuild Corp. as the stocks to watch as they near pivotal price targets in the near term.
Yesterday's session summary: Markets did not have a clear cut direction — Dow Jones gained 0.12% and closed at 33,431. Nasdaq closed at 11,676 after a flat day.
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.
Icahn Enterprises's Price target: $54.34 | Last close: $54.17 | Daily range: $53.91 – $54.3 | Off hours: $54.27
Icahn Enterprises L.P.'s recent run now faces a major challenge as concentrated supply is likely found at $54.34 with price action currently 17 cents away.
Icahn Enterprises has posted further gains as part of a month trend that has already seen the stock gain $3.94. Icahn Enterprises lived up to expectations yesterday by maintaining its set course — Icahn Enterprises rallied 0.48% and ended the session at $54.17. Daily trading volume (534,375 shares) was slightly greater than the current multiday average of 408,068.
AECOM's price target: $88.82 | Last close: $89.28 | Daily range: $88.92 – $89.93 | Off hours: $89.28
AECOM is eyeing the $88.82 support line.
Though in the midst of a 5 day uptrend, gaining a total of 3.38%, ($3.35), yesterday's session suggests run might be coming to an end — pronounced bearish sentiment in the market pushed the US infrastructure consulting firm into a notable 0.48% slide yesterday, falling 43 cents and ultimately closing at $89.28. Trading volume totalled 730,181 which equates to around 48% of the stock's 21-day average yesterday.
TopBuild's price target: $200.6 | Last close: $203.88 | Daily range: $202.65 – $211.75 | Off hours: $203.88
An influx of sellers pushed the residential insulation specialist to end the session lower around $203.88, while establishing a $202.65 to $211.75 session range yesterday. The day's trading volume totalled 194,654 shares — slightly under the 21-day average of 230,237.
The residential insulation specialist has gained 27.96% since its lowest print of $141.82 earlier this year. TopBuild's market cap is currently $6.46 billion with an average daily volume of 230,237 shares. $1.26 billion was TopBuild's last reported revenue with $4.4 being the current EPS.
TopBuild could begin to recover as it approaches significant support, now $3.28 away from $200.6. Dipping below could be an indication that further losses are ahead.