Could National Bank of Canada Go Down After Reaching 52-Week High?

 Could National Bank of Canada Go Down After Reaching 52 Week High?

The stock of National Bank of Canada (TSE:NA) hit a new 52-week high and has $72.56 target or 51.00% above today’s $48.05 share price. The 9 months bullish chart indicates low risk for the $16.31B company. The 1-year high was reported on Nov, 1 by Barchart.com. If the $72.56 price target is reached, the company will be worth $8.32 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 275,805 shares traded hands. National Bank of Canada (TSE:NA) has risen 13.03% since March 28, 2016 and is uptrending. It has outperformed by 10.02% the S&P500.

National Bank of Canada (TSE:NA) Ratings Coverage

Out of 8 analysts covering National Bank Of Canada (TSE:NA), 4 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 50% are positive. $57 is the highest target while $35 is the lowest. The $49.36 average target is 2.73% above today’s ($48.05) stock price. National Bank Of Canada has been the topic of 38 analyst reports since August 12, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Thursday, September 1 by Scotia Capital. Canaccord Genuity maintained National Bank of Canada (TSE:NA) on Wednesday, June 8 with “Buy” rating. The firm has “Outperform” rating by RBC Capital Markets given on Friday, June 3. The stock of National Bank of Canada (TSE:NA) has “Sector Perform” rating given on Tuesday, September 29 by RBC Capital Markets. TD Securities maintained it with “Hold” rating and $47 target price in Monday, September 19 report. As per Thursday, December 3, the company rating was maintained by RBC Capital Markets. The firm has “Neutral” rating given on Wednesday, September 21 by Dundee Securities. Scotia Capital maintained National Bank of Canada (TSE:NA) on Thursday, August 27 with “Sector Perform” rating. The rating was maintained by Desjardins Securities with “Hold” on Thursday, September 1.

More important recent National Bank of Canada (TSE:NA) news were published by: Wsj.com which released: “Canada’s National Bank to Cut 600 Jobs” on October 27, 2016, also Reuters.com published article titled: “Fitch Affirms National Bank of Canada’s Ratings at ‘A+/F1’; Outlook Stable”, Fool.ca published: “Get Rich Slowly With National Bank of Canada” on October 21, 2016. More interesting news about National Bank of Canada (TSE:NA) was released by: Newsmax.com and their article: “National Bank of Canada Plans 600 Job Cuts With Shift to Digital” with publication date: October 27, 2016.

National Bank of Canada is an integrated group, which provides financial services to consumers, small- and medium-sized enterprises (SMEs) and large firms in its domestic market and also offers specialized services internationally. The company has a market cap of $16.31 billion.

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