After Today’s Gap Up, Is Loblaw Companies Limited’s Near-Term Analysis Positive

 After Today's Gap Up, Is Loblaw Companies Limited's Near Term Analysis Positive

The stock of Loblaw Companies Limited (TSE:L) gapped up by $1.75 today and has $97.44 target or 45.00% above today’s $67.20 share price. The 9 months technical chart setup indicates low risk for the $27.69 billion company. The gap was reported on Nov, 16 by Barchart.com. If the $97.44 price target is reached, the company will be worth $12.46B 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 767,309 shares traded hands or 43.48% up from the average. Loblaw Companies Limited (TSE:L) has declined 6.29% since April 12, 2016 and is downtrending. It has underperformed by 10.98% the S&P500.

Loblaw Companies Limited (TSE:L) Ratings Coverage

Out of 8 analysts covering Loblaw Companies Limited (TSE:L), 5 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 63% are positive. $89 is the highest target while $71 is the lowest. The $78.36 average target is 16.61% above today’s ($67.2) stock price. Loblaw Companies Limited has been the topic of 22 analyst reports since July 21, 2015 according to StockzIntelligence Inc. BMO Capital Markets maintained the stock with “Market Perform” rating in Wednesday, November 2 report. The company was maintained on Thursday, September 22 by Scotia Capital. The stock of Loblaw Companies Limited (TSE:L) has “Outperform” rating given on Wednesday, November 2 by RBC Capital Markets. The firm has “Neutral” rating given on Thursday, September 22 by Dundee Securities. Scotia Capital maintained it with “Sector Perform” rating and $77 target price in Wednesday, August 24 report. The stock of Loblaw Companies Limited (TSE:L) has “Sector Perform” rating given on Thursday, November 19 by RBC Capital Markets.

More important recent Loblaw Companies Limited (TSE:L) news were published by: Business.Financialpost.com which released: “Loblaw Companies Ltd shuts down last U.S. Joe Fresh outlet as it ‘re-evaluates …” on June 02, 2016, also Fool.ca published article titled: “Is it Time to Abandon Loblaw Companies Limited?”, Finance.Yahoo.com published: “Loblaw Companies Limited completes acquisition of QHR Corporation” on October 13, 2016. More interesting news about Loblaw Companies Limited (TSE:L) was released by: Fool.ca and their article: “Loblaw Companies Limited or Telus Corporation: Which 1-Letter Stock Should You …” with publication date: September 22, 2016.

Loblaw Companies Limited is a Canada holding company. The company has a market cap of $27.69 billion. The Company, through its subsidiaries, provides grocery, pharmacy, health and beauty, apparel, general merchandise, and financial services and products. It has a 42.17 P/E ratio. The Firm operates through three divisions: Retail, Financial Services and Choice Properties.

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