The stock of Manulife Financial Corp. (TSE:MFC) gapped up by $0.13 today and has $33.04 target or 69.00% above today’s $19.55 share price. The 7 months technical chart setup indicates low risk for the $38.09 billion company. The gap was reported on Nov, 7 by Barchart.com. If the $33.04 price target is reached, the company will be worth $26.28 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.43M shares traded hands. Manulife Financial Corp. (TSE:MFC) has risen 4.65% since April 1, 2016 and is uptrending. It has outperformed by 2.70% the S&P500.
Manulife Financial Corp. (TSE:MFC) Ratings Coverage
Out of 6 analysts covering Manulife Financial Corp. (TSE:MFC), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. $25 is the highest target while $19 is the lowest. The $22 average target is 12.53% above today’s ($19.55) stock price. Manulife Financial Corp. has been the topic of 8 analyst reports since October 28, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Wednesday, September 21 by Dundee Securities.
More news for Manulife Financial Corp. (TSE:MFC) were recently published by: Fool.ca, which released: “Why Manulife Financial Corp. Could Outperform in 2017” on November 03, 2016. Fool.ca‘s article titled: “Why Manulife Financial Corp. Should Be Part of Every Portfolio” and published on October 27, 2016 is yet another important article.
Manulife Financial Corporation is a life insurance company. The company has a market cap of $38.09 billion. The Firm is a holding firm of The Manufacturers Life Insurance Company (MLI), a Canadian life insurance company, and John Hancock Reassurance Company Ltd. (JHRECO), a Bermuda reinsurance company. It has a 15.5 P/E ratio. The Company’s divisions, including Asia Division, Canadian Division, U.S.
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