In this top share price prediction article, we look at the performances of Salesforce, Intel and Robinhood, and tell you why they have it in them to register gains in the near-term.
Salesforce share price has been on a steady uptrend in the last month, during which it has risen by 17 percent. That has helped prop up its year-to-date gains to 11 percent. The stock closed trading on Tuesday at $219, which is just 8.4 percent from the record highs set in March. A successful push by the bulls to the psychological mark of $300 could provide the impetus for Salesforce share price to retest its all-time highs.
As the adoption of Artificial Intelligence (AI) grows, the value of data will grow exponentially. Salesforce (NYSE: CRM) is a force to reckon with when it comes to data, and that could expand its revenue earnings. Its Data Cloud offers 8 trillion data points and the company reported that it processed 2 quadrillion records last quarter, an increase of 217 percent year-over-year.
The company reported $9.33 billion in revenue in the last quarterly release and is expected to report a 15 percent jump in earnings for the current quarter. In addition, its full-year earnings estimates are projected to rise by 22 percent. This forms a strong bottom line upon which to sustain the upside.
The momentum on Salesforce share price calls for further upside above 289.10. With the buyers in control, the first barrier will likely come at 292.15. However, a stronger bullish momentum could break above that level to test 295.80.
Conversely, moving below 289.10 will favour the sellers to take control. With the downside momentum in play, 286.98 could provide the first support. However, an extended bearish control, could breach that mark, invalidating the upside narrative and potentially leading to further losses to test 283.00.
Intel has endured a torrid year that has seen it lose more than half of its value. The Intel stock price is down by 52 percent year-to-date, but has risen by 19 percent in the last month. This signals potential recovery, but the bearish undercurrent calls for caution.
Intel (NASDAQ: INTC) is set to announce its latest CPU chip class, the Core Arrow Lake Ultra 200, which could potentially mark a turning point for the troubled chipmaker. Despite falling behind in recent years, Intel is still a trusted brand, and a feature-rich chip class Lake could trigger a substantial uptick in sales.
Speculation is rife that the new CPU chips could be unveiled in October, and analysts are keen to see how it will weigh agains AMD’s Zen 5 X3D. The company’s 14th generation Raptor Lake CPUs fell short of market expectations and faced stability issues that worsened its drawdown. With its Price-to-Book ratio at 0.87, Intel stock is not only cheaper, but also grossly undervalued. In comparison, AMD ‘s P/B ratio is at 4.95 and Broadcom’s is at 12.86.
Intel share price pivots at 23.10, and the upside will prevail if the bulls keep INTC above that level. In that case, the first resistance could come at 23.35. However, extended bullishness could enable a break above that mark to test 23.50.
On the other hand, a move below 23.10 will favour the sellers to take control. In that case, initial support could come at 22.80. However, a stronger downward momentum could enable a break below that level to invalidate the upside narrative and test 22.56.
Robinhood share price rose to 52-week highs on Tuesday, driven by an impressive earnings report and positive outlook. The company reported earnings of $682 million in the second quarter, with a record EPS of $0.21. In addition, deposits grew by 41 percent to $13 billion during the reporting quarter.
Analysts at Barclays mainteined their “Buy” rating on Robinhood Holdings (NASDAQ: HOOD) but raised theirprice target from $20 to $23. Similarly, Deustche Bank analysts have placed a “Buy” rating but raised their price target from $24 to $27. In late September, Citi Bank raised its target for HOOD from $19 to $23.
Robinhood share price has risen by 101 percent year-to-date, and gained 14 percent in the last month, building a strong bullish momentum. The company acquired cryptocurrency exchange Bitstamp in June and AI company Pluto in July. The two companies operate in two strategic fronts that could generate substantial revenue for Robinhood in the coming months.
Robinhood share price pivots at 25.25, and the buyers will have the upper hand is the action stays above that mark. Initial resistance could come at 26.00, but a stronger upside momentum could break above that mark to test 26.55.
On the downside, a move below 25.25 will favour the buyers, with the first support likely to be at 24.52. However, if the sellers extend their control, it could invalidate the downside narrative and drive the stock to test 23.95.
This post was last modified on Oct 09, 2024, 11:15 BST 11:15