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Downgrade Alert for Berkshire Hills Bancorp (BHLB)

By David Diaz

Berkshire Hills Bancorp (NASDAQ:BHLB) was downgraded from Neutral to Sell at Compass Point today. The stock closed yesterday at $26.73 on volume of 192,000 shares, above average daily volume of 90,000.

Berkshire Hills Bancorp, Inc. is the holding company for Berkshire Bank. The Bank is a Massachusetts chartered savings bank which operates in Pittsfield and Berkshire County in Massachusetts. Berkshire Bank also makes loans in eastern New York, northern Connecticut, southern Vermont, and western Massachusetts.

In the past 52 weeks, shares of Berkshire Hills Bancorp have traded between a low of $24.71 and a high of $30.69 and closed yesterday at $26.73, which is 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

There is potential upside of 16.7% for shares of Berkshire Hills Bancorp based on a current price of $26.73 and an average consensus analyst price target of $31.20. Berkshire Hills Bancorp shares should first meet resistance at the 50-day moving average (MA) of $26.97 and find additional resistance at the 200-day MA of $27.87.

SmarTrend recommended that subscribers consider buying shares of Berkshire Hills Bancorp on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.28. Since that recommendation, shares of Berkshire Hills Bancorp have risen 3.2%. We continue to monitor BHLB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades berkshire hills bancorp

Ticker(s): BHLB