The stock of Linamar Corporation (TSE:LNR) gapped up by $0.08 today and has $81.61 target or 61.00% above today’s $50.69 share price. The 7 months technical chart setup indicates low risk for the $3.41B company. The gap was reported on Nov, 21 by Barchart.com. If the $81.61 price target is reached, the company will be worth $2.08 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 119,371 shares traded hands. Linamar Corporation (TSE:LNR) has declined 15.03% since April 15, 2016 and is downtrending. It has underperformed by 18.89% the S&P500.
Linamar Corporation (TSE:LNR) Ratings Coverage
Out of 5 analysts covering Linamar Corporation (TSE:LNR), 2 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 40% are positive. $100 is the highest target while $55 is the lowest. The $69.33 average target is 36.77% above today’s ($50.69) stock price. Linamar Corporation has been the topic of 22 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital on Thursday, November 3 with “Outperform”. The stock has “Outperform” rating given by Scotia Capital on Friday, August 12. TD Securities maintained Linamar Corporation (TSE:LNR) on Friday, October 28 with “Hold” rating. The company was downgraded on Thursday, August 6 by TD Securities. The rating was maintained by RBC Capital Markets with “Sector Perform” on Friday, October 16. The firm has “Buy” rating given on Tuesday, September 15 by Canaccord Genuity.
More notable recent Linamar Corporation (TSE:LNR) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on July 15, 2010, also Fool.ca with their article: “Can Linamar Corporation Double From Here?” published on July 07, 2016, Fool.ca published: “Why Linamar Corporation Rose 10% in a Day” on August 12, 2016. More interesting news about Linamar Corporation (TSE:LNR) were released by: Fool.ca and their article: “Should You Buy Magna International Inc. or Linamar Corporation?” published on April 18, 2016 as well as Fool.ca‘s news article titled: “The Not-So-Obvious Reason for Owning Linamar Corporation” with publication date: May 10, 2016.
Linamar Corporation is a Canada-based diversified manufacturing firm of engineered products powering vehicles, motion, work and lives. The company has a market cap of $3.41 billion. The Firm operates through two divisions: the Powertrain/Driveline and the Industrial. It has a 6.66 P/E ratio. The divisions are divided into four operating groups: Machining & Assembly, Light Metal Casting, Forging and Skyjack.
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