The stock of Lundin Mining Corporation (TSE:LUN) gapped up by $0.03 today and has $10.17 target or 67.00% above today’s $6.09 share price. The 6 months technical chart setup indicates low risk for the $4.53B company. The gap was reported on Nov, 9 by Barchart.com. If the $10.17 price target is reached, the company will be worth $3.04 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 4.56M shares traded hands or 143.85% up from the average. Lundin Mining Corporation (TSE:LUN) has risen 44.11% since April 5, 2016 and is uptrending. It has outperformed by 39.33% the S&P500.
Lundin Mining Corporation (TSE:LUN) Ratings Coverage
Out of 7 analysts covering Lundin Mining Corporation (TSE:LUN), 4 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 57% are positive. $8.25 is the highest target while $2.90 is the lowest. The $5.84 average target is -4.11% below today’s ($6.09) stock price. Lundin Mining Corporation has been the topic of 49 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Lundin Mining Corporation (TSE:LUN) earned “Outperform” rating by RBC Capital Markets on Friday, January 22. Raymond James downgraded Lundin Mining Corporation (TSE:LUN) rating on Friday, December 4. Raymond James has “Market Perform” rating and $4.50 price target. As per Wednesday, July 20, the company rating was maintained by Scotia Capital. The rating was maintained by RBC Capital Markets on Friday, September 2 with “Outperform”. As per Thursday, January 14, the company rating was downgraded by Barclays Capital. The stock of Lundin Mining Corporation (TSE:LUN) has “Outperform” rating given on Thursday, December 3 by RBC Capital Markets. On Monday, October 24 the stock rating was maintained by RBC Capital Markets with “Outperform”. The firm earned “Outperform” rating on Friday, July 22 by RBC Capital Markets. BMO Capital Markets initiated it with “Outperform” rating and $5 target price in Friday, August 21 report. The firm has “Hold” rating given on Thursday, October 27 by TD Securities.
More important recent Lundin Mining Corporation (TSE:LUN) news were published by: Business.Financialpost.com which released: “Lundin Mining Corp to buy 80% stake in Chile copper mine for US$1.8-billion” on October 06, 2014, also Fool.ca published article titled: “Will Mine Acquisitions Pay Off for Lundin Mining Corporation?”, Fool.ca published: “Lundin Mining Corporation Is Back Under $4. Is This Another Buying Opportunity?” on November 12, 2015. More interesting news about Lundin Mining Corporation (TSE:LUN) was released by: Moodys.com and their article: “Moody’s Downgrades Lundin’s ratings to B1; outlook is stable” with publication date: February 29, 2016.
Lundin Mining Corporation is a Canadian base metals mining firm with activities in Chile, Portugal, Sweden and the United States. The company has a market cap of $4.53 billion. The Firm holds equity stake in the Tenke Fungurume Mine in the Democratic Republic of Congo and in the Freeport Cobalt business, which includes a cobalt refinery located in Kokkola, Finland. It currently has negative earnings. The Company’s principal products and sources of sales are copper, nickel, zinc and lead concentrates.
LUN.TO Company Profile
Lundin Mining Corporation (Lundin Mining), incorporated on July 31, 2007, is a base metals mining firm with activities in Chile, Portugal, Sweden and the United States. In addition, the Company holds equity stake in the Tenke Fungurume Mine in the Democratic Republic of Congo (DRC) and in the Freeport Cobalt business, which includes a cobalt refinery located in Kokkola, Finland. Lundin Mining’s principal products and sources of sales are copper, nickel, zinc and lead concentrates. The Company’s operating properties include Candelaria, Eagle, Neves-Corvo, Zinkgruvan and Tenke Fungurume. The Company’s other property include Aguablanca Mine. The Company’s subsidiaries include Lundin Mining AB, Lundin Mining US Ltd., Tenke Holding Ltd. and LMC Bermuda Ltd.
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