Downgrade Alert for IAMGOLD (IAG)
IAMGOLD (NYSE:IAG) was downgraded from Buy to Hold at Canaccord Genuity today. The stock closed yesterday at $9.23 on volume of 12.3 million shares, above average daily volume of 2.8 million.
IAMGOLD Corporation is a mid-tier gold mining company. The Company is focused in West Africa, the Guiana Shield of South America and in Quebec where it has a pipeline of development and exploration projects.
IAMGOLD has overhead space with shares priced $9.23, or 47.0% below the average consensus analyst price target of $17.42. IAMGOLD shares should first meet resistance at the 50-day moving average (MA) of $11.53 and find additional resistance at the 200-day MA of $12.46.
In the past 52 weeks, shares of IAMGOLD have traded between a low of $9.20 and a high of $17.74 and closed yesterday at $9.23, which is 0% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.9% while the 200-day MA has slid 0.2%.
SmarTrend recommended that its subscribers protect gains by selling shares of IAMGOLD on November 2nd, 2012 by issuing a Downtrend alert when the shares were trading at $15.07. Since that call, shares of IAMGOLD have fallen 38.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades iamgold