The stock of Laurentian Bank of Canada (TSE:LB) gapped up by $0.12 today and has $80.94 target or 54.00% above today’s $52.56 share price. The 5 months technical chart setup indicates low risk for the $1.79B company. The gap was reported on Nov, 21 by Barchart.com. If the $80.94 price target is reached, the company will be worth $966.60 million 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 125,924 shares traded hands or 32.85% up from the average. Laurentian Bank of Canada (TSE:LB) has risen 8.28% since April 15, 2016 and is uptrending. It has outperformed by 4.42% the S&P500.
Laurentian Bank of Canada (TSE:LB) Ratings Coverage
Out of 5 analysts covering Laurentian Bank Of Canada (TSE:LB), 0 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 0 are positive. $57 is the highest target while $44 is the lowest. The $52 average target is -1.07% below today’s ($52.56) stock price. Laurentian Bank Of Canada has been the topic of 19 analyst reports since August 17, 2015 according to StockzIntelligence Inc. Scotia Capital maintained the stock with “Sector Perform” rating in Thursday, September 1 report. The company was maintained on Friday, June 10 by TD Securities. The company was maintained on Thursday, July 21 by RBC Capital Markets.
More important recent Laurentian Bank of Canada (TSE:LB) news were published by: Reuters.com which released: “Canada’s Laurentian Bank launches energy banking team in Calgary” on October 18, 2016, also Theglobeandmail.com published article titled: “Laurentian Bank to shut down dozens of branches, cut 300 jobs”, Bloomberg.com published: “TSX Movers: Bombardier, Air Canada, Laurentian Bank” on September 29, 2016. More interesting news about Laurentian Bank of Canada (TSE:LB) was released by: Marketwired.com and their article: “Laurentian Bank of Canada Acquires the Canadian Equipment Financing and …” with publication date: June 29, 2016.
Laurentian Bank of Canada is a Canada chartered bank. The company has a market cap of $1.79 billion. The Bank, through its subsidiaries, provides banking services to individuals, and small and medium-sized enterprises, as well as to independent advisors, and operates as a full-service brokerage firm. It has a 15.45 P/E ratio. It operates through three business divisions: Personal & Commercial, B2B Bank, and Laurentian Bank Securities & Capital Markets.
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