Read up on Emerson Electric Co, HEICO Corporation, IAA, Inc. as they approach key price targets in the near term.
A recap of yesterday's session: Leading equity indices in the US declined as S&P 500 shed 1.44% and closed at 3,941.26. After dropping 2%, Nasdaq closed at 11,000.
What is a Price Target?
A price target is the projection of an asset's future price. The concepts of trading levels support and resistance are undoubtedly two of the most highly discussed attributes of technical analysis. These price rates, or targets, are used by traders to refer to price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction. Assets that are on a trend and are nearing one of their lines are selected for this article. Check out this rundown of industrials stocks and their price targets.
Emerson's price target: $93.3 | Last close: $94.35 | Daily range: $93.42 – $95.65 | Off hours: $94.35
Early in yesterday's session, Emerson Electric Co dropped to $93.42 from $95.15 at the end of Monday, before closing at $94.35. During the session, it lost 0.84%.
Continuing its a 3 day bearish run (-$1.72), Emerson showed losses yesterday. Yesterday's trading volume was 3.21 million shares which is slightly below the 21-day average of 3.33 million.
Emerson hit a significant low of $73.06 around 2 months ago, but has since recovered 30.24%. The company's market cap is $55.80 billion with an average daily trading volume of 3.33 million shares. The S&P 500 has been doing worse in 2022, it has been passing it by 24.19%. Emerson has a forecast of $5.32 billion with an EPS of $1.39.
A convincing break of this target could pave the way for deeper losses.
HEICO's price target: $123.02 | Last close: $124.43 | Daily range: $123.62 – $127.22 | Off hours: $124.43
A persuasive break of this target could lead to higher losses.
HEICO's bearish run has lasted 3 days so far (-$2). more of the same from yesterday's session: an influx of sellers pushed the aerospace and electronics company to end the session lower around $124.43, while establishing a $123.62 to $127.22 session range yesterday. Daily trading volume (261,855 shares) was above the current multiday average of 179,186.
IAA's price target: $37.87 | Last close: $38.32 | Daily range: $37.81 – $38.66 | Off hours: $38.32
Bearish run for IAA is facing a possible turning point at $37.87, which is only 45 cents away. If this support line fails to hold, the next target will be at $37.41.
Though in the midst of a 7 day uptrend, gaining a total of 4.41%, ($1.88), the prevailing bullish trend is beginning to fade following yesterday's downbeat session. After ending Monday at $38.58, IAA declined to $37.81 yesterday before closing at $38.32, thereby losing 0.67% in total. The day's trading volume totalled 1.30 million shares — below the 21-day average of 2.61 million.