Problem 7-27 Stock Valuation and PE [LO 2]

You have found the following historical information for the Daniela Company:

	Year 1	Year 2	Year 3	Year 4
Stock price	$49.47	$67.22	$60.84	$67.36
EPS	2.60	2.66	2.83	2.82

Earnings are expected to grow at 9 percent for the next year.

Required:

Using the company's historical average PE as a benchmark, what is the target stock price in one year? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)