Turkish Tractor (TTRAK) shares have been on a downward trend since reaching a peak of 1,082 TL in May. In the last trading session, the shares tested 672 TL and closed at 696.50 TL. So, what can we expect for TTRAK shares? Here are insights on Turkish Tractor shares based on target price assessments from nine brokerage firms and technical analysis data.
# TTRAK Technical Analysis: Downward Trend Continues
Since its historical high of 1,082 TL, TTRAK shares have been in a downward trend. Over the past two months, the 752 TL level has emerged as horizontal resistance, while the downward trend is around the 721 TL region. The stock is trading below its major moving averages, with the 10-day moving average at 701.53 TL and the 20-day moving average at 711.55 TL. Additionally, the 50, 100, and 200-day moving averages are at 741.86 TL, 780.06 TL, and 773.96 TL, respectively.
# TTRAK Target Price 2024: What Do 9 Brokerage Firms Say?
Following Turkish Tractor’s Q2 financial report, nine brokerage firms updated their target prices. The announced target prices range between 786.37 TL and 1,423.20 TL. The average target price across the nine firms was determined to be 1,108.50 TL, indicating a potential upside of 59.15% compared to current prices. The lowest target price comes from Gedik Investment, while Deniz Investment has set the highest target price.
# TTRAK Financial Results: Profitability Decreased Compared to Last Year
In the first six months of 2024, Turkish Tractor reported a net profit of 3,835,990,571 TL. This represents a 25% decrease in profitability compared to the same period last year, during which the company reported a net profit of 5,118,415,597 TL. The company’s revenue also declined by 9% year-on-year to reach 33,668,026,708 TL. The operating profit decreased by 23%, totaling 5,180,005,190 TL.
Despite the recent downward trend in Turkish Tractor shares, the average target price from nine brokerage firms suggests potential upside. However, it is crucial for investors to consider the decline in the company’s profitability and the technical analysis data when making their assessments.
Source
Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
