- Raymond James analyst Wilma Burdis suggested a strong buy for PRU Stock.
- PRU stock surged 1.50% in the past intraday session and closed at $96.09.
- Prudential Financial Inc. announced its Q2-2023 financial report.
Raymond James analyst Wilma Burdis suggested a strong buy for PRU Stock. Furthermore, PRU stock is aiming for a $125 price target. The analyst estimates a high liquid asset performance of $6.2 Billion and predicts a dividend yield of 5%. The analyst raised the bars of estimated EPS for FY23, $13.58 (from $13.34) vs. $13.24 estimate for FY24.
PRU Stock began its price journey from the annual high of $107.31 on 8 February 2023. However, the price suddenly dropped about 29% towards the support level of $75.37, which was also an annual low. The downfall was affected by the release of the Q4-2023 financial report on 7 February 2023.
Since attaining the annual low, the price has been heading toward higher levels while forming higher highs and higher lows. PRU stock price is surging to retest the previous resistance level of $98.42. The stock price closed at $96.09 in the past intraday session with a gain of 1.50%.
Prudential Financial Inc Released Its Q2-2023 Financial Report
Prudential Financial Inc. released its 2nd quarter financial report on 1 August 2023. The recent data suggests that earnings per share (EPS) and revenue failed to meet the figures estimated by market analysts.
Based on the Q2-2023 report, the reported revenue was $12.644 Billion, and the estimated revenue was $12.645 Billion, which means that there was a shortage of 834.987K. Meanwhile, the reported EPS was $2.94 compared to the estimated EPS of $3.042.
Since the announcement of the Q2-2023 report, the PRU stock price has shredded down near the support level of $89.93, with a slight pullback of approximately 9%. Currently, the price is in a bullish trend. If it remains constant, then the price might spike and retest the previous resistance level of 98.42. On the contrary, if the price is rejected, then it might melt towards the previous support level of 89.93.
Technical Analysis of PRU Stock in 1-D Timeframe
The current score of RSI is 61.47 points, denoting that PRU stock price is in an overbought region with strength in the market. Moreover, the CMF (Chaikin Money Flow) score is -0.02, showing a slight weakness in the market during the intraday session.
PRU stock price is trading above the 20, 50, 100, and 200-day EMAs. It indicates bold strength in the market, and the price might surge further towards the $98 level. Furthermore, the market capitalization of Prudential Financial Inc. is £34.88 Billion, with an average volume of 1.44 Million shares.
Conclusion
The market scenario of Prudential Financial stock indicates that the price is experiencing an uptrend sentiment and is surging towards higher levels. The share price is in an overbought region, facing a short-term consolation rally. The technical indicators suggest that the price is in the buyers’ control.
Technical Levels
Major resistance: $107.31 and $98.42
Major support: $77.22 and $75.37
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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