The stock of Metro, Inc. (TSE:MRU) gapped up by $1.19 today and has $50.93 target or 21.00% above today’s $42.09 share price. The 6 months technical chart setup indicates low risk for the $10.12B company. The gap was reported on Nov, 16 by Barchart.com. If the $50.93 price target is reached, the company will be worth $2.13B 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 737,512 shares traded hands or 9.08% up from the average. Metro, Inc. (TSE:MRU) has declined 4.32% since April 12, 2016 and is downtrending. It has underperformed by 9.01% the S&P500.
Metro, Inc. (TSE:MRU) Ratings Coverage
Out of 10 analysts covering Metro Inc. (TSE:MRU), 5 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 50% are positive. $52 is the highest target while $34 is the lowest. The $43.32 average target is 2.92% above today’s ($42.09) stock price. Metro Inc. has been the topic of 24 analyst reports since July 24, 2015 according to StockzIntelligence Inc. Dundee Securities maintained the stock with “Buy” rating in Thursday, September 22 report. The firm earned “Sector Outperformer” rating on Thursday, August 13 by IBC. The rating was maintained by TD Securities with “Hold” on Thursday, August 11. Scotia Capital maintained Metro, Inc. (TSE:MRU) on Thursday, August 11 with “Outperform” rating.
More recent Metro, Inc. (TSE:MRU) news were published by: Business.Financialpost.com which released: “Metro Inc.’s earnings rise 10 per cent to $145 million in the fourth quarter” on November 16, 2016. Also Business.Financialpost.com published the news titled: “Metro Inc downgraded despite ‘top-notch’ operations” on August 15, 2016. Fool.ca‘s news article titled: “Is Metro, Inc. a Good Buy After Dipping 12%?” with publication date: October 19, 2016 was also an interesting one.
Metro Inc. is a retailer or a distributor and operates under various banners in the supermarket and discount divisions. The company has a market cap of $10.12 billion. The Firm operates approximately 340 supermarkets under the Metro and Metro Plus banners. It has a 18.23 P/E ratio. It has over 200 discount stores operating under the Super C and Food Basics banners.
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