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Downgrade Alert for Honda Motor (HMC)

By David Diaz

Honda Motor (NYSE:HMC) was downgraded from Buy to Neutral at BofA/Merrill today. The stock closed yesterday at $27.98 on volume of 1.8 million shares, above average daily volume of 699,000.

HONDA MOTOR CO., LTD. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Honda Motor share prices have moved between a 52-week high of $35.99 and a 52-week low of $24.56 and closed yesterday at 14% above that low price at $27.98 per share. The 200-day and 50-day moving averages have moved 0.35% lower and 0.28% higher over the past week, respectively.

Honda Motor has overhead space with shares priced $27.98, or 21.6% below the average consensus analyst price target of $35.69. The stock should hit resistance at its 200-day moving average (MA) of $30.15, as well as support at its 50-day MA of $27.27.

SmarTrend is tracking the current trend status for Honda Motor and will alert subscribers who have HMC in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades honda motor

Ticker(s): HMC