Lundin Mining Corporation’s Big Gap Up Today Points to Less Stock Risks

 Lundin Mining Corporation's Big Gap Up Today Points to Less Stock Risks

The stock of Lundin Mining Corporation (TSE:LUN) gapped up by $0.09 today and has $8.45 target or 31.00% above today’s $6.45 share price. The 8 months technical chart setup indicates low risk for the $4.94B company. The gap was reported on Nov, 10 by Barchart.com. If the $8.45 price target is reached, the company will be worth $1.53B 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 1.93M shares traded hands. Lundin Mining Corporation (TSE:LUN) has risen 53.90% since April 6, 2016 and is uptrending. It has outperformed by 48.26% 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 -9.46% below today’s ($6.45) stock price. Lundin Mining Corporation has been the topic of 49 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital on Wednesday, July 20 with “Focus Stock”. The stock of Lundin Mining Corporation (TSE:LUN) has “Equal Weight” rating given on Thursday, January 14 by Barclays Capital. On Friday, December 4 the stock rating was downgraded by Raymond James to “Market Perform”. RBC Capital Markets maintained Lundin Mining Corporation (TSE:LUN) on Friday, January 22 with “Outperform” rating. Scotia Capital maintained the shares of LUN in a report on Monday, August 29 with “Focus Stock” rating. The company was maintained on Monday, October 24 by RBC Capital Markets. The stock of Lundin Mining Corporation (TSE:LUN) earned “Outperform” rating by RBC Capital Markets on Friday, September 2. RBC Capital Markets maintained Lundin Mining Corporation (TSE:LUN) on Friday, July 22 with “Outperform” rating. Scotia Capital maintained Lundin Mining Corporation (TSE:LUN) on Thursday, October 27 with “Focus Stock” rating. The firm has “Hold” rating given on Thursday, October 27 by TD Securities.

More recent Lundin Mining Corporation (TSE:LUN) news were published by: Fool.ca which released: “Will Mine Acquisitions Pay Off for Lundin Mining Corporation?” on March 24, 2015. Also Fool.ca published the news titled: “Lundin Mining Corporation Is Back Under $4. Is This Another Buying Opportunity?” on November 12, 2015. Moodys.com‘s news article titled: “Moody’s Downgrades Lundin’s ratings to B1; outlook is stable” with publication date: February 29, 2016 was also an interesting one.

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 $4.94 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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