The stock of IGM Financial Inc. (TSE:IGM) gapped up by $0.11 today and has $41.25 target or 8.00% above today’s $38.19 share price. The 9 months technical chart setup indicates low risk for the $9.18B company. The gap was reported on Nov, 30 by Barchart.com. If the $41.25 price target is reached, the company will be worth $734.40 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 90,236 shares traded hands. IGM Financial Inc. (TSE:IGM) has declined 4.18% since April 26, 2016 and is downtrending. It has underperformed by 9.41% the S&P500.
IGM Financial Inc. (TSE:IGM) Ratings Coverage
Out of 6 analysts covering IGM Financial (TSE:IGM), 0 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 0 are positive. $49 is the highest target while $14 is the lowest. The $38.80 average target is 1.60% above today’s ($38.19) stock price. IGM Financial has been the topic of 23 analyst reports since July 22, 2015 according to StockzIntelligence Inc. As per Friday, August 7, the company rating was maintained by Scotia Capital. The rating was maintained by TD Securities with “Hold” on Friday, August 7. National Bank Canada maintained IGM Financial Inc. (TSE:IGM) on Thursday, November 26 with “Sector Perform” rating. On Friday, November 4 the stock rating was maintained by Scotia Capital with “Sector Perform”.
Another recent and important IGM Financial Inc. (TSE:IGM) news was published by Reuters.com which published an article titled: “IGM Financial, GWL set to buy Montreal office towers: sources” on November 22, 2016.
IGM Financial Inc. is a Canada-based financial services company. The company has a market cap of $9.18 billion. The Company’s principal businesses are Investors Group Inc. and Mackenzie Financial Corporation, which operate within the advice segment of the financial services market. It has a 13.02 P/E ratio.
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