Published on 22 Mar 2024 on Zacks via Yahoo Finance

Can Edgio, Inc. (EGIO) Climb 245.78% to Reach the Level Wall Street Analysts Expect?

Shares of Edgio (EGIO) have gained 4.4% over the past four weeks to close the last trading session at $9.35, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $32.33 indicates a potential upside of 245.8%.

The average comprises three short-term price targets ranging from a low of $7 to a high of $50, with a standard deviation of $22.50. While the lowest estimate indicates a decline of 25.1% from the current price level, the most optimistic estimate points to a 434.8% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.