Strong plus at Salesforce, Intel and Robinhood

Summary:
• Today’s top stock price prediction looks at the stock prices of Salesforce, Intel and Robinhood, which have signaled potential rallies.

In this top stock price prediction article, we’ll take a look at the performance of Salesforce, Intel, and Robinhood and explain why they have the potential to post gains in the near term.

Salesforce

Salesforce’s share price has been on a steady upward trend over the past month, rising 17 percent. This has helped year-to-date increases rise to 11 percent. The stock closed trading Tuesday at $219, just 8.4 percent below March’s record high. A successful push by bulls to the psychological $300 mark could give Salesforce stock price the impetus to retest its all-time highs.

As artificial intelligence (AI) becomes more widespread, the value of data will grow exponentially. Salesforce (NYSE: CRM) is a force to be reckoned with when it comes to data, and that could boost its revenue. Its data cloud offers 8 trillion data points and the company said it processed 2 quadrillion records in the last quarter, an increase of 217 percent year-over-year.

The company reported revenue of $9.33 billion in its last quarterly statement and is expected to report a 15 percent jump in profit for the current quarter. Additionally, full-year earnings estimates are expected to rise 22 percent. This forms a strong bottom line on which the uptrend can be sustained.

Salesforce share price forecast

Salesforce share price momentum suggests a further rise above 289.10. If buyers are in control, the first barrier will likely be at 292.15. However, stronger bullish momentum could break this level and test 295.80.

Conversely, a decline below 289.10 favors sellers taking control. Given the bearish momentum, 286.98 could provide initial support. However, an extended bearish control could break this level, invalidating the bullish narrative and potentially leading to further losses until the test of 283.00.

Intel

Intel has had a torrid year in which the company lost more than half of its value. Intel’s stock price has fallen 52 percent since the start of the year but is up 19 percent in the last month. This points to a possible recovery, but the bearish undercurrent urges caution.

Intel (NASDAQ: INTC) will unveil its newest CPU chip class, the Core Arrow Lake Ultra 200, which could potentially mark a turning point for the struggling chipmaker. Although Intel has fallen behind in recent years, it is still a trusted brand, and a feature-rich Lake chip class could spark a significant increase in sales.

There is a lot of speculation that the new CPU chips could be unveiled in October, and analysts are eager to see how they will perform compared to AMD’s Zen 5 X3D. The company’s 14th-generation Raptor Lake CPUs fell short of market expectations and had stability issues that exacerbated the decline. With a price-to-book value ratio of 0.87, Intel shares are not only cheaper, but also significantly undervalued. In comparison, AMD’s P/E ratio is 4.95 and Broadcom’s is 12.86.

Intel share price forecast

Intel stock price is hovering at 23.10 and the uptrend will prevail if bulls keep INTC above this level. In this case, the first resistance could be at 23.35. However, a sustained upward move could allow a break above this level to test 23.50.

On the other hand, a move below 23.10 would see sellers take control. In this case, the first support could be at 22.80. However, stronger bearish momentum could allow a break below this level, invalidating the bullish narrative and testing 22.56.

Robinhood

Robinhood’s stock price rose to a 52-week high on Tuesday, driven by an impressive earnings report and a positive outlook. The company reported a second-quarter profit of $682 million with record earnings per share of $0.21. Additionally, deposits rose 41 percent to $13 billion in the quarter under review.

Analysts at Barclays maintained their Buy rating on Robinhood Holdings (NASDAQ: HOOD) but increased their price target to $23 from $20. Similarly, analysts at Deustche Bank issued a “Buy” rating but raised their price target to $27 from $24. In late September, Citi Bank raised its target for HOOD from $19 to $23.

Robinhood’s stock price is up 101 percent year-to-date and is up 14 percent in the last month, creating strong upward momentum. The company acquired cryptocurrency exchange Bitstamp in June and AI company Pluto in July. The two companies operate on two strategic fronts that could bring significant revenue to Robinhood in the coming months.

Robinhood stock price forecast

Robinhood stock price is hovering at 25.25 and buyers will have the upper hand if the move stays above this level. The first resistance could be at 26.00, but stronger bullish momentum could break this level and test 26.55.

On the other hand, a move below 25.25 will favor buyers, with initial support likely at 24.52. However, if sellers extend their control, it could invalidate the bearish narrative and push the stock to test 23.95.