Analyst Targets Suggest Potential Upside for Invesco Dorsey Wright Technology Momentum ETF
In our examination of exchange-traded funds (ETFs) at ETF Channel, we analyzed the trading prices of individual holdings against average analyst target prices. For the Invesco Dorsey Wright Technology Momentum ETF (Symbol: PTF), the weighted average implied analyst target price stands at $79.18 per unit.
Current Price Shows Room for Growth
PTF is currently trading around $72.04 per unit, signaling a projected 9.91% upside based on analysts’ expectations for its underlying holdings. Noteworthy individual stocks that could drive this growth include Porch Group Inc (Symbol: PRCH), Rigetti Computing Inc (Symbol: RGTI), and IonQ Inc (Symbol: IONQ). While PRCH’s recent trading price is $5.16 per share, analysts predict a target of $6.21 per share, reflecting a significant 20.43% upside. Similarly, RGTI shows potential with an 11.51% upside from its current price of $11.03, aiming for an average analyst target of $12.30. IonQ also holds promise, with analysts expecting its stock to reach a target price of $37.60 per share, which represents a 10.13% increase from its latest price of $34.14. Below is a chart of the recent performance of these stocks:
A Key Contribution to the ETF’s Performance
Collectively, PRCH, RGTI, and IONQ contribute 11.63% to the performance of the Invesco Dorsey Wright Technology Momentum ETF. The following table summarizes the current analyst target prices for these stocks:
| Name | Symbol | Recent Price | Avg. Analyst 12-Mo. Target | % Upside to Target |
|---|---|---|---|---|
| Invesco Dorsey Wright Technology Momentum ETF | PTF | $72.04 | $79.18 | 9.91% |
| Porch Group Inc | PRCH | $5.16 | $6.21 | 20.43% |
| Rigetti Computing Inc | RGTI | $11.03 | $12.30 | 11.51% |
| IonQ Inc | IONQ | $34.14 | $37.60 | 10.13% |
Investor Research Critical for Future Outlook
As these analysts project their targets, it raises questions about whether their optimism is well-founded or overly ambitious. Investors must consider the validity of these forecasts in light of recent company and industry developments. A price target that is significantly higher than a stock’s current trading price can suggest a positive outlook but might also indicate outdated expectations that could eventually lead to downgrades. Thorough research will be essential for investors navigating these potential risks.
10 ETFs With Most Upside To Analyst Targets »
Also see:
• Institutional Holders of IBHD
• Institutional Holders of VYFC
• FTAG Options Chain
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
