Downgrade Alert for Luxottica (LUX)
Luxottica (NYSE:LUX) was downgraded from Outperform to Sector Perform at RBC Capital today. The stock closed yesterday at $48.36 on volume of 34,000 shares, below average daily volume of 46,000.
Luxottica Group S.p.A. and its subsidiaries design, manufacture, distribute, and market traditional and designer eyeglass frames and sunglasses. The Company's LensCrafter retail chain of optical stores operates in North America. Luxottica distributes its products around the world. The Company also sells sunglasses through its Sunglass Hut retail chain.
In the past 52 weeks, Luxottica share prices have been bracketed by a low of $46.67 and a high of $74.00 and closed yesterday at $48.36, 4% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.3%.
Luxottica (NYSE:LUX) has potential upside of 43.7% based on a current price of $48.36 and analysts' consensus price target of $69.50. Luxottica shares should first meet resistance at the 50-day moving average (MA) of $55.10 and find additional resistance at the 200-day MA of $63.64.
SmarTrend recommended that its subscribers protect gains by selling shares of Luxottica on November 13th, 2015 by issuing a Downtrend alert when the shares were trading at $66.60. Since that call, shares of Luxottica have fallen 26.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades luxottica