The stock of Saputo Inc. (TSE:SAP) gapped down by $1.67 today and has $41.78 target or 8.00% below today’s $45.41 share price. The 7 months technical chart setup indicates high risk for the $17.87 billion company. The gap down was reported on Nov, 10 by Barchart.com. If the $41.78 price target is reached, the company will be worth $1.43 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 666,196 shares traded hands or 43.61% up from the average. Saputo Inc. (TSE:SAP) has risen 19.78% since April 6, 2016 and is uptrending. It has outperformed by 14.13% the S&P500.
Saputo Inc. (TSE:SAP) Ratings Coverage
Out of 7 analysts covering Saputo Inc. (TSE:SAP), 1 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 14% are positive. $54 is the highest target while $31 is the lowest. The $44 average target is -3.11% below today’s ($45.41) stock price. Saputo Inc. has been the topic of 28 analyst reports since August 5, 2015 according to StockzIntelligence Inc. National Bank Canada maintained the stock with “Sector Perform” rating in Friday, June 3 report. On Tuesday, May 24 the stock rating was downgraded by RBC Capital Markets to “Sector Perform”. The stock of Saputo Inc. (TSE:SAP) has “Sector Perform” rating given on Friday, June 3 by RBC Capital Markets. The company was maintained on Friday, July 29 by TD Securities. The rating was maintained by Scotia Capital with “Sector Outperform” on Wednesday, August 5. On Tuesday, October 6 the stock rating was maintained by RBC Capital Markets with “Outperform”. The rating was downgraded by TD Securities on Friday, November 4 to “Hold”. The company was maintained on Friday, July 29 by Scotia Capital.
More recent Saputo Inc. (TSE:SAP) news were published by: Marketwired.com which released: “Saputo Inc.: Fiscal 2017 Second Quarter Results” on October 14, 2016. Also Business.Financialpost.com published the news titled: “Saputo Inc CEO says Canada could have been better without dairy supply …” on June 02, 2016. Rttnews.com‘s news article titled: “Saputo Inc. Bottom Line Climbs 28% In Q2” with publication date: November 03, 2016 was also an interesting one.
Saputo Inc. produces, markets and distributes dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients. The company has a market cap of $17.87 billion. The Firm has three geographic sectors. It has a 26.43 P/E ratio. The Canada Sector consists of Dairy Division .
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