Pluxee stock declines over 3% and falls below its 20-day moving average, among SBF 120 losers
The employee benefits specialist's shares are experiencing a sharp decline during the session, falling below its twenty-day moving average. This movement occurs as JP Morgan raises its price target significantly, in a Paris market itself under pressure.
JP Morgan raises its target to €17.50 but maintains its market-weight rating
This Tuesday, Pluxee benefits from a notable revision by JP Morgan: the American bank raises its price target from €15.50 to €17.50, representing an upside potential of nearly 17% compared to the current price of €14.90. The bank maintains its opinion at "market-weight", without a clearer buy signal. This analyst consensus on the stock reflects recognition of the share's progress over recent months (over 33% in three months), while advising caution on current valuation levels. On the basis of expected earnings per share, according to the consensus of surveyed analysts, the stock is trading at around 9.9 times the earnings of the current fiscal year, a modest multiple that reflects a still-contained valuation despite the summer rebound.
Pluxee falls below its 20-day moving average and ranks among the biggest declines in the SBF 120
During the session, the stock declines 3.37% to €14.90, positioning itself among the largest declines in the SBF 120, in an index itself down 0.81%. This decline brings the price below the 20-day moving average, which stands at €15.47 (gap of -3.68%), thus breaking the bullish momentum observed since summer. The stock nevertheless remains comfortably above its 50-day moving average at €14.48, which now represents the first technical support to monitor, close to the support identified at €14.38.
The RSI at 56, in neutral territory, does not yet signal an oversold configuration. The macroeconomic backdrop weighs on all risky assets: markets anticipate a Fed rate hike as early as Wednesday, while the yield on ten-year US Treasuries has surpassed the 5% threshold, increasing pressure on growth stocks and the most highly valued securities. For Pluxee, the €14.38-€14.48 zone constitutes the level to hold to avoid a more marked deterioration of the technical picture.
