CIBC July 7th Target 3.50
CIBC just put out a report also on Thur 7th with a 12 -18 mo target of 3.50.
However probably the main people taking advantage of this report is the Insiders selling(they have been selling
recently since the SP hit the north side of 2.00.) and the shorts are increasing their position
Shorts June 16th 33,000
Shorts July 4th/11 122,000
Since this stock hit a recent low of 1.66 three weeks ago on June 16th and has now gone up to 2.42 with the
help of a couple analyst reports .and the short sellers are increasing(last year the short position increased to
approx 325,000 shares in the last two weeks of July/.10. IMO history could repeat itself here.The summer is long from
being over and a lot of analysts are saying the markets could still hit lower lows, (back to the June lows)
I just came accross this stock a couple days ago by checking the insider reports.. But since the Insiders are
selling they must also see lower lows coming. Thats the trouble with analyst targets out 12.-18 months, however
they never mention the new lows a stock could hit one month out. I think I'll wait on the sidelines and probably
get in later in the summer when the market gets beat up again(Hopefully get in in the 2.00 range) or even
lower when the insiders start to buy(I wonder if insider buying will ever happen) I welcome any other opinions.
In the meantime I'll stick to daytrading Gold stocks(This was a very profitable week for trading gold stocks) GLTA