Is Major Move Coming For Franco Nevada Corp After This Gap Down?

 Is Major Move Coming For Franco Nevada Corp After This Gap Down?

The stock of Franco Nevada Corp (TSE:FNV) gapped down by $1.54 today and has $68.91 target or 7.00% below today’s $74.10 share price. The 7 months technical chart setup indicates high risk for the $13.19B company. The gap down was reported on Nov, 23 by Barchart.com. If the $68.91 price target is reached, the company will be worth $923.30 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 227,723 shares traded hands. Franco Nevada Corp (TSE:FNV) has declined 11.28% since April 19, 2016 and is downtrending. It has underperformed by 16.61% the S&P500.

Franco Nevada Corp (TSE:FNV) Ratings Coverage

Out of 6 analysts covering Franco-Nevada Corp (TSE:FNV), 4 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 67% are positive. $115 is the highest target while $54 is the lowest. The $92.29 average target is 24.55% above today’s ($74.1) stock price. Franco-Nevada Corp has been the topic of 15 analyst reports since August 11, 2015 according to StockzIntelligence Inc. Canaccord Genuity upgraded the shares of FNV in a report on Thursday, November 12 to “Buy” rating. Scotia Capital maintained Franco Nevada Corp (TSE:FNV) rating on Tuesday, November 8. Scotia Capital has “Sector Perform” rating and $80 price target. National Bank Canada upgraded Franco Nevada Corp (TSE:FNV) on Thursday, October 15 to “Outperform” rating. On Tuesday, November 8 the stock rating was maintained by RBC Capital Markets with “Outperform”. The company was maintained on Thursday, August 11 by TD Securities. The rating was maintained by TD Securities with “Hold” on Wednesday, November 9.

More important recent Franco Nevada Corp (TSE:FNV) news were published by: Fool.com which released: “Why Franco-Nevada Corporation’s Stock Jumped 32.5% in February” on March 14, 2016, also Bloomberg.com published article titled: “Franco-Nevada Shares Jump as Dilution Forgiven in Gold Euphoria”, Profitconfidential.com published: “Franco Nevada Corp Could Be the Top Gold Stock for 2016…and Beyond” on May 27, 2016. More interesting news about Franco Nevada Corp (TSE:FNV) was released by: Forbes.com and their article: “Franco-Nevada Enters Oversold Territory (FNV)” with publication date: October 04, 2016.

Franco-Nevada Corporation is a gold-focused royalty and stream company. The company has a market cap of $13.19 billion. The Company’s additional interests are in platinum group metals and other resource assets. It has a 106.58 P/E ratio. The Firm operates in the segment of resource sector royalty/stream acquisitions and management activities.

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