CRS Price Prediction Next Week
Analysis and Insights
Technical Analysis:
Carpenter Technology Corporation (CRS) is currently trading at $175, near its Fibonacci support level of 175.56. The stock's technical indicators suggest a potential bullish reversal due to oversold conditions.
- RSI: The RSI_6 (23.70), RSI_12 (36.03), and RSI_14 (38.13) are all below 50, indicating bearish momentum, but the low levels suggest the stock is oversold.
- Stochastic Oscillator: StochK (38.76) and StochD (54.34) are showing a bullish crossover, which could signal a reversal.
- MACD: The MACD (-0.04) is slightly negative, but the MACD Histogram (-1.92) indicates weakening bearish momentum.
- Fibonacci Levels: The stock is near the support level (175.56) and could test the pivot (193.17) next week.
News Sentiment and Fundamental Analysis:
CRS has been highlighted as a better-ranked stock in the Basic Materials sector, with a Zacks Rank #2 (Buy). The company has consistently beaten earnings estimates, with a 15.7% average earnings surprise over the past four quarters. The stock has shown strong growth, up 211.7% over the past year, despite current challenging economic conditions.
Conclusion:
Given the oversold RSI, proximity to Fibonacci support, and bullish stochastic crossover, CRS is likely to experience a short-term rebound. The target price for next week is $193, with a potential upside to $210 if resistance is broken.
Recommendation: Buy CRS at the current level, with a target price of $210 and a stop-loss at $175.
CRS Similar Chart Price Prediction
The price of CRS is predicted to go up -24.76%, based on the high correlation periods with MRT. The similarity of these two price pattern on the periods is 90.96%.
CRS
MRT
Down: -24.76%Similarity: 90.96%
CRS Revenue Forecast
CRS EPS Forecast
CRS FAQs
What is CRS revenue forecast for next quarter？
What is CRS eps forecast for next quarter？
CRS Analyst's Forecast
Bennett Moore
JP Morgan
Buy
2024-11-22
Price Target
$220
Upside
+15.2%
JPMorgan analyst Bennett Moore initiated coverage of Carpenter Technology with an Overweight rating and $220 price target. The shares have rallied 155% year-tp-date on the back of strong demand, solid execution, and an attractive earnings outlook, but the company is well positioned to capture further upside, the analyst tells investors in a research note. The firm says Carpenter's pricing power amid a "robust" order backlog, secular demand tailwinds for 80% of its end market exposure levered to its highest-margin products, significant barriers to entry "cementing its role as an indispensable supplier," and improving cash generation are supportive of growing shareholder returns.
