Can Loblaw Companies Limited’s Tomorrow be Different? The Stock Just Gapped Up

 Can Loblaw Companies Limited's Tomorrow be Different? The Stock Just Gapped Up

The stock of Loblaw Companies Limited (TSE:L) gapped up by $1.75 today and has $91.63 target or 37.00% above today’s $66.88 share price. The 6 months technical chart setup indicates low risk for the $27.56 billion company. The gap was reported on Nov, 16 by Barchart.com. If the $91.63 price target is reached, the company will be worth $10.20 billion 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 1.25 million shares traded hands or 133.74% 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 17.17% above today’s ($66.88) stock price. Loblaw Companies Limited has been the topic of 22 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital with “Sector Perform” on Wednesday, August 24. RBC Capital Markets downgraded Loblaw Companies Limited (TSE:L) on Thursday, November 19 to “Sector Perform” rating. RBC Capital Markets maintained the shares of L in a report on Wednesday, November 2 with “Outperform” rating. BMO Capital Markets maintained the stock with “Market Perform” rating in Wednesday, November 2 report. Dundee Securities maintained Loblaw Companies Limited (TSE:L) rating on Thursday, September 22. Dundee Securities has “Neutral” rating and $76 price target. On Thursday, September 22 the stock rating was maintained by Scotia Capital with “Sector Perform”.

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 $27.56 billion. The Company, through its subsidiaries, provides grocery, pharmacy, health and beauty, apparel, general merchandise, and financial services and products. It has a 41.97 P/E ratio. The Firm operates through three divisions: Retail, Financial Services and Choice Properties.

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