Inditex and Iberdrola Reach Record Highs: Can They Keep Climbing?

Inditex shares closed yesterday’s session at €48.85, pushing its market capitalization to €152.247 billion. At one point, the company’s stock, led by Marta Ortega, touched an intraday high of €49.49, marking its all-time peak.

The stock has seen a 24.7% increase so far in 2024. Comparing its current price to the 52-week low of €32.32 on October 31, 2023, it represents a staggering 51.60% rise.

Following this impressive rally, most fundamental analysts continue to recommend buying the stock, according to data compiled by Reuters. However, the growth potential may have already been reached, with the average target price set at €47.57, nearly 3% below the current price.

From a technical analysis perspective, analyst Álvaro Nieto points out that the company has broken above a significant lateral range between €42.16 and €47.68 per share, setting a bullish target of around €53.86 per share.

Inditex shows long-term resistance at its intraday peak of €49.49, while the long-term support is found at €39.232.

Investment Strategies’ strength indicators currently rate the stock as ‘strong,’ a status it upgraded to from ‘very strong’ in July.

Iberdrola also hit new all-time highs yesterday. The stock closed at €12.60 per share, surpassing the previous high of €12.55 set earlier this week. During the session, shares reached an intraday high of €12.66.

With a market value of €80.190 billion, Iberdrola solidifies its position as the most valuable company in its sector in Europe and one of the top three globally. Its market value exceeds that of all energy companies in the Ibex combined.

Led by Ignacio Galán, the company’s stock has risen by 11.60% this year and by 31.7% when compared to its 52-week low of €9.579 on October 23 of last year.