Price Action Since the IPO
Since its IPO on May 14, CBRS fell from an intraday high of $386.34 to a low of $196.73 by June 5—a decline of 49.1%.
Analyst Upgrades and Technical Setup
Today, at least six brokerage firms upgraded CBRS to either Overweight or Buy. As of this writing, the stock is up more than 22% from its low.
Based on those upgrades and the 65-minute chart, the stock appears to be forming a base breakout. I initiated a position on June 2 while reviewing the daily chart, expecting a reversal that did not materialize at the time. My entry was $235, and the position is now back in profit.
Trading Considerations
This may be an opportunity to get involved, but new positions may be better taken after a consolidation or pullback that offers a more reasonable stop. Another approach is to use a shorter time frame, such as the 65-minute chart, and set a stop in line with your trading plan.
Today’s Price Target Updates
• TD Cowen: $275.00 per share
• UBS: $300.00 per share
• Citigroup: $340.00 per share
• Barclays: $280.00 per share
• Wedbush: $270.00 per share
• Needham: $300.00 per share
Since its IPO on May 14, CBRS fell from an intraday high of $386.34 to a low of $196.73 by June 5—a decline of 49.1%.
Analyst Upgrades and Technical Setup
Today, at least six brokerage firms upgraded CBRS to either Overweight or Buy. As of this writing, the stock is up more than 22% from its low.
Based on those upgrades and the 65-minute chart, the stock appears to be forming a base breakout. I initiated a position on June 2 while reviewing the daily chart, expecting a reversal that did not materialize at the time. My entry was $235, and the position is now back in profit.
Trading Considerations
This may be an opportunity to get involved, but new positions may be better taken after a consolidation or pullback that offers a more reasonable stop. Another approach is to use a shorter time frame, such as the 65-minute chart, and set a stop in line with your trading plan.
Today’s Price Target Updates
• TD Cowen: $275.00 per share
• UBS: $300.00 per share
• Citigroup: $340.00 per share
• Barclays: $280.00 per share
• Wedbush: $270.00 per share
• Needham: $300.00 per share
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I am under no obligation to post any action or update to any idea.
Follow me on "X" where I post more content.
I am under no obligation to post any action or update to any idea.
Follow me on "X" where I post more content.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I am under no obligation to post any action or update to any idea.
Follow me on "X" where I post more content.
I am under no obligation to post any action or update to any idea.
Follow me on "X" where I post more content.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.