The stock of Franco Nevada Corp (TSE:FNV) gapped down by $0.73 today and has $79.96 target or 8.00% below today’s $86.91 share price. The 5 months technical chart setup indicates high risk for the $15.31 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $79.96 price target is reached, the company will be worth $1.22B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 195,912 shares traded hands. Franco Nevada Corp (TSE:FNV) has risen 13.79% since April 1, 2016 and is uptrending. It has outperformed by 11.83% the S&P500.
Franco Nevada Corp (TSE:FNV) Ratings Coverage
Out of 4 analysts covering Franco-Nevada Corp (TSE:FNV), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. $110 is the highest target while $54 is the lowest. The $84.17 average target is -3.15% below today’s ($86.91) stock price. Franco-Nevada Corp has been the topic of 11 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Thursday, October 15 by National Bank Canada. The company was maintained on Thursday, August 11 by TD Securities. Canaccord Genuity upgraded the stock to “Buy” rating in Thursday, November 12 report.
More recent Franco Nevada Corp (TSE:FNV) news were published by: Bloomberg.com which released: “Franco-Nevada Shares Jump as Dilution Forgiven in Gold Euphoria” on February 10, 2016. Also Fool.com published the news titled: “Why Franco-Nevada Corporation’s Stock Jumped 32.5% in February” on March 14, 2016. Profitconfidential.com‘s news article titled: “Franco Nevada Corp Could Be the Top Gold Stock for 2016…and Beyond” with publication date: May 27, 2016 was also an interesting one.
Franco-Nevada Corporation is a gold-focused royalty and stream company. The company has a market cap of $15.31 billion. The Company’s additional interests are in platinum group metals and other resource assets. It has a 208.27 P/E ratio. The Firm operates in the segment of resource sector royalty/stream acquisitions and management activities.
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