Power Corporation of Canada Can’t Be More Safe. Trades Significantly Higher After A Gap Up

 Power Corporation of Canada Can't Be More Safe. Trades Significantly Higher After A Gap Up

The stock of Power Corporation of Canada (TSE:POW) gapped up by $0.04 today and has $35.89 target or 22.00% above today’s $29.42 share price. The 8 months technical chart setup indicates low risk for the $12.31 billion company. The gap was reported on Nov, 10 by Barchart.com. If the $35.89 price target is reached, the company will be worth $2.71B 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 221,539 shares traded hands. Power Corporation of Canada (TSE:POW) has declined 1.69% since April 6, 2016 and is downtrending. It has underperformed by 7.34% the S&P500.

Power Corporation of Canada (TSE:POW) Ratings Coverage

Out of 3 analysts covering Power Corporation of Canada (TSE:POW), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. $37.50 is the highest target while $33 is the lowest. The $34.38 average target is 16.86% above today’s ($29.42) stock price. Power Corporation of Canada has been the topic of 7 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Monday, August 10 by Scotia Capital. As per Friday, June 24, the company rating was maintained by BMO Capital Markets. The stock of Power Corporation of Canada (TSE:POW) earned “Sector Perform” rating by RBC Capital Markets on Monday, August 10.

More news for Power Corporation of Canada (TSE:POW) were recently published by: Fool.ca, which released: “Power Corporation of Canada: The Yield Is Not the Reason to Own it” on February 16, 2016. Wsj.com‘s article titled: “Canada’s Desmarais Clan: A New Generation Takes Control” and published on August 22, 2016 is yet another important article.

Power Corporation of Canada is a diversified management and holding company. The company has a market cap of $12.31 billion. The Firm has interest in the financial services, renewable energy, communications and other business sectors. It has a 12.04 P/E ratio. The Company’s principal asset is the controlling interest in Power Financial Corporation .

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