RE:Breakout StockSomehow I managed to leave off the last part. GLTA
Revised recommendations Since the company released its second quarter financial results in late July, 10 analysts raised their target prices.
- Scotia’s Phil Hardie to $210 from $195.
- BMO’s Tom MacKinnon to $220 from $215.
- Morgan Stanley’s Michael Phillips to $221 from $208.
- Barclays’ John Aiken to $210 from $208.
- Raymond James’ Stephen Boland to $229 from $206.
- Desjardins’ Doug Young to $215 from $210.
- TD Securities’ Mario Mendonca to $220 from $215.
- National Bank’s Jaeme Gloyn to $230 (the high on the Street) from $227.
- RBC’s Geoffrey Kwan to $219 from $216.
- ARC’s Mark Rosen to $215 from $210..
- Veritas’ Nigel D’Souza to $174 (the low on the Street) from $162.
Conversely, Cormark’s Lemar Persaud lowered his target price to $200 from $210.
Recent insider transaction activities
On Aug. 23, executive vice-president and chief financial officer Louis Marcotte sold 4,000 shares at a price per share of $194.91 with 26,155 shares remaining in this particular account. Proceeds from the sale exceeded $779,000, not including trading fees.
Chart watch
On Sept. 9, the share price closed at a record high of $201.21.
The stock is an outperformer. Year-to-date, the share price is up 22 per cent, making it third best performing stock in the S&P/TSX Financials (sector) index, behind Definity Financial Corp. and Element Fleet Management Corp. , which are up 32 per cent and 28 per cent, respectively. Year-to-date, the S&P/TSX Financials index is down 9 per cent, while the S&P/TSX composite index is down 7 per cent.
In terms of key resistance and support levels, the share price has a ceiling of resistance around $210. Looking at the downside, there is strong technical support around $190, near its 50-day moving average (at $188.92). Failing that, there is technical support around $180, close to its 200-day moving average (at $179.09).