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Shares of Revance Therapeutics, Inc. have gained 74.1% over the past four weeks to close the last trading session at $6.58, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $10.20 indicates a potential upside of 55%.
The average comprises eight short-term price targets ranging from a low of $6.60 to a high of $25, with a standard deviation of $6.30. While the lowest estimate indicates an increase of 0.3% from the current price level, the most optimistic estimate points to a 279.9% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
But, for RVNC, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.
Here's What You May Not Know About Analysts' Price Targets
According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why RVNC Could Witness a Solid Upside
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The Zacks Consensus Estimate for the current year has increased 14.2% over the past month, as one estimate has gone higher compared to no negative revision.
Moreover, RVNC currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Therefore, while the consensus price target may not be a reliable indicator of how much RVNC could gain, the direction of price movement it implies does appear to be a good guide.
Zacks Investment Research
NEW YORK, NY / ACCESSWIRE / August 19, 2024 / Lifshitz Law Firm
Forza X1, Inc. (NASDAQ:FRZA)
Lifshitz Law PLLC announces an investigation into possible breach of fiduciary duties in connection with the merger agreement between Twin Vee Powercats Co. and FRZA, for an all-stock transaction pursuant to which FRZA will merge with and into a wholly owned subsidiary and survive the merger. Under the terms of the merger agreement, each holder of FRZA common stock (other than Twin Vee) will receive 0.61166627 shares of Twin Vee common stock in exchange for each share of FRZA common stock that they own on the effective date of the merger for a maximum of 5,355,000 shares of Twin Vee common stock (no fractional shares will be issued) and the 7,000,000 shares of FRZA common stock held by Twin Vee will be canceled.
If you are an FRZA investor and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.
Paltalk, Inc. (NASDAQ:PALT)
Lifshitz Law PLLC announces an investigation into possible breach of fiduciary duties in connection with the definitive agreement between PALT and NewtekOne, Inc., pursuant to which PALT will acquire NewtekOne's wholly owned subsidiary Newtek Technology Solutions, Inc. Under the terms of the transaction agreement, PALT has agreed to pay to NewtekOne at the closing of the Newtek Technology Solutions sale: (i) $4,000,000 in cash, subject to certain purchase price adjustments (the "Cash Consideration"), and (ii) issue to NewtekOne 4,000,000 shares of a newly created series of PALT non-voting preferred stock, the Series A Non-Voting Common Equivalent Stock (the "Preferred Stock") (the "Stock Consideration" and together with the Cash Consideration, the "Closing Consideration"). Upon the occurrence of certain specified transfers of the Preferred Stock, each share of Preferred Stock will automatically convert into one share of common stock of PALT, subject to certain anti-dilution adjustments. In addition to the Closing Consideration, the Company may be entitled to receive an earn-out amount of up to $5,000,000, payable in cash or Preferred Stock (or a combination thereof, determined in PALT's discretion), based on the achievement of certain cumulative average Adjusted EBITDA thresholds for the 2025 and 2026 fiscal years.
If you are a PALT investor and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.
Revance Therapeutics, Inc. (NASDAQ:RVNC)
Lifshitz Law PLLC announces an investigation into possible breach of fiduciary duties in connection with the merger between RVNC and Crown Laboratories, Inc. Under the terms of the transaction agreement, Crown Laboratories will commence a tender offer to acquire all outstanding shares of RVNC's common stock for $6.66 per share in cash, representing a total enterprise value of $924 million. The purchase price represents a premium of 89% over RVNC's closing market price on August 9, 2024, and a 111% premium to RVNC's 60-day volume-weighted average price.
If you are a RVNC investor and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.
Iteris, Inc. (NASDAQ:ITI)
Lifshitz Law PLLC announces an investigation into possible breach of fiduciary duties in connection with the acquisition of ITI by Almaviva S.p.A. Under the terms of the merger agreement, ITI shareholders will receive $7.20 in cash for each share of ITI common stock. The all-cash transaction values ITI at approximately $335 million equity value.
If you are a ITI investor and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.
ATTORNEY ADVERTISING.© 2024 Lifshitz Law PLLC. The law firm responsible for this advertisement is Lifshitz Law PLLC, 1190 Broadway, Hewlett, New York 11557, Tel: (516) 493-9780. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact:
Joshua M. Lifshitz, Esq.Lifshitz Law PLLCPhone: 516-493-9780Facsimile: 516-280-7376Email:info@lifshitzlaw.com
SOURCE: Lifshitz Law Firm
View the original press release on accesswire.comNEW YORK, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Iteris, Inc. (NASDAQ: ITI)’s sale to Almaviva S.p.A. for $7.20 in cash per share. If you are an Iteris shareholder, click here to learn more about your legal rights and options.
Revance Therapeutics, Inc. (NASDAQ: RVNC)’s sale to Crown Laboratories, Inc. for $6.66 per share in cash. If you are a Revance shareholder, click here to learn more about your rights and options.
Bally’s Corporation (NYSE: BALY)’s sale to Standard General L.P. for $18.25 per share. In lieu of receiving the cash consideration, Bally’s shareholders may elect to retain all or a portion of their Bally’s stock by means of a rollover election. If you are a Bally’s shareholder, click here to learn more about your rights and options.
Dril-Quip, Inc. (NYSE: DRQ)’s merger with Innovex Downhole Solutions, Inc. Upon closing of the proposed transaction, Dril-Quip stockholders are expected to own approximately 52% of the combined company on a fully diluted basis. If you are a Dril-Quip shareholder, click here to learn more about your rights and options.
Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com https://www.halpersadeh.com
NEW YORK, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Revance Therapeutics, Inc.(Nasdaq: RVNC), relating to its proposed merger with Crown Laboratories, Inc. Under the terms of the agreement, Revance shareholders will receive $6.66 in cash per share they own.
Click here for more informationhttps://monteverdelaw.com/case/revance-therapeutics-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.
Contact:Juan Monteverde, Esq.MONTEVERDE & ASSOCIATES PCThe Empire State Building350 Fifth Ave. Suite 4740New York, NY 10118United States of Americajmonteverde@monteverdelaw.comTel: (212) 971-1341
Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
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