Downgrade Alert for IAMGOLD (IAG)
IAMGOLD (NYSE:IAG) was downgraded from Buy to Hold at Stifel Nicolaus today. The stock closed yesterday at $9.23 on volume of 12.3 million shares, above average daily volume of 2.8 million.
There is potential upside of 88.8% for shares of IAMGOLD based on a current price of $9.23 and an average consensus analyst price target of $17.42. The stock should find initial resistance at its 50-day moving average (MA) of $11.53 and further resistance at its 200-day MA of $12.46.
IAMGOLD share prices have moved between a 52-week high of $17.74 and a 52-week low of $9.20 and closed yesterday at 0% above that low price at $9.23 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.9%.
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.
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