What’s Ahead for Lundin Mining Corporation After Today’s Gap Up?

 What's Ahead for Lundin Mining Corporation After Today's Gap Up?

The stock of Lundin Mining Corporation (TSE:LUN) gapped up by $0.09 today and has $8.78 target or 50.00% above today’s $5.85 share price. The 7 months technical chart setup indicates low risk for the $4.35 billion company. The gap was reported on Nov, 9 by Barchart.com. If the $8.78 price target is reached, the company will be worth $2.18B 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 2.07 million shares traded hands or 10.70% 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 -0.17% below today’s ($5.85) stock price. Lundin Mining Corporation has been the topic of 49 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Scotia Capital maintained Lundin Mining Corporation (TSE:LUN) on Monday, August 29 with “Focus Stock” rating. The rating was downgraded by Barclays Capital on Thursday, January 14 to “Equal Weight”. As per Wednesday, July 20, the company rating was maintained by Scotia Capital. On Thursday, December 3 the stock rating was maintained by RBC Capital Markets with “Outperform”. The firm earned “Hold” rating on Thursday, October 27 by TD Securities. RBC Capital Markets maintained Lundin Mining Corporation (TSE:LUN) on Monday, October 24 with “Outperform” rating. RBC Capital Markets maintained Lundin Mining Corporation (TSE:LUN) on Friday, July 22 with “Outperform” rating. The stock of Lundin Mining Corporation (TSE:LUN) earned “Outperform” rating by BMO Capital Markets on Friday, August 21. The firm has “Focus Stock” rating given on Thursday, October 27 by Scotia Capital. Raymond James downgraded Lundin Mining Corporation (TSE:LUN) on Thursday, October 29 to “Outperform” rating.

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 $4.35 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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