A decline in Treasury yields this week has given the broader market a boost. However, some names are primed for a pullback. The S & P 500 was headed for back-to-back weekly gains, while the Dow Jones Industrial Average was set to snap a three-week decline. Those moves come as yields ease from levels not seen in 16 years. To be sure, those gains have pushed some stocks into overbought territory, based on their relative strength index.
Nearly 46% of analysts polled by FactSet maintain a buy rating on Nike stock, while their average price targets forecast nearly 21% upside. Shares have slipped more than 14% in 2023. The company recently missed revenue forecasts for the first time in two years, but the investors remained optimistic as both margins and earnings surpassed expectations for the first quarter. Other overbought names include CME Group, Electronic Arts and Palo Alto Networks.
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Are Strong 2023 Gains a New Bull or Just a Bear-Market Rally in Disguise?Stocks Analysis by James Picerno covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read James Picerno's latest article on Investing.com
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