Is Major Move Coming For Associated British Foods plc After This Gap Up?

 Is Major Move Coming For Associated British Foods plc After This Gap Up?

The stock of Associated British Foods plc (LON:ABF) gapped up by GBX 13 today and has GBX 2836.29 target or 9.00% above today’s GBX 2602.10 share price. The 8 months technical chart setup indicates low risk for the GBX 20.60B company. The gap was reported on Nov, 23 by Barchart.com. If the GBX 2836.29 price target is reached, the company will be worth GBX 1.85B 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%. The stock decreased 0.87% or GBX 22.9 on November 23, hitting GBX 2602.1. About 985,168 shares traded hands. Associated British Foods plc (LON:ABF) has declined 17.63% since April 27, 2016 and is downtrending. It has underperformed by 22.96% the S&P500.

Associated British Foods plc (LON:ABF) Ratings Coverage

Out of 27 analysts covering Associated British Foods PLC (LON:ABF), 12 rate it a “Buy”, 2 “Sell”, while 13 “Hold”. This means 44% are positive. GBX 4000 is the highest target while GBX 2300 is the lowest. The GBX 3071.79 average target is 18.05% above today’s (GBX 2602.1) stock price. Associated British Foods PLC has been the topic of 213 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Liberum Capital on Wednesday, January 13. The rating was maintained by RBC Capital Markets on Monday, February 1 with “Underperform”. The firm earned “Buy” rating on Friday, September 16 by Deutsche Bank. Goldman Sachs maintained the shares of ABF in a report on Thursday, April 28 with “Sell” rating. The stock of Associated British Foods plc (LON:ABF) earned “Hold” rating by Berenberg on Friday, April 22. The firm has “Neutral” rating given on Monday, February 22 by Nomura. The stock has “Hold” rating given by Jefferies on Wednesday, November 9. The firm has “Buy” rating by Liberum Capital given on Thursday, September 15. The firm has “Hold” rating given on Friday, October 21 by Jefferies. The company was maintained on Friday, July 8 by BNP Paribas.

More news for Associated British Foods plc (LON:ABF) were recently published by: Wsj.com, which released: “Associated British Foods Mulls China Sugar-Business Sale for Up to $1 Billion” on May 10, 2016. Wsj.com‘s article titled: “Associated British Foods Roiled by Sterling After Brexit Vote” and published on September 12, 2016 is yet another important article.

Associated British Foods plc is a diversified international food, ingredients and retail group with sales. The company has a market cap of 20.60 billion GBP. The Firm operates in 47 countries across Europe, southern Africa, the Americas, Asia and Australia. It has a 25.17 P/E ratio. The Firm operates in five divisions, including Sugar, Agriculture, Retail, Grocery and Ingredients.

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