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Downgrade Alert for POSCO (PKX)

By David Diaz

POSCO (NYSE:PKX) was downgraded from Buy to Hold at Deutsche Bank today. The stock closed yesterday at $49.76 on volume of 909,000 shares, above average daily volume of 413,000.

POSCO manufactures various types of steel products. The Company produces hot rolled steel, cold rolled steel, stainless steel, and other forms of steel. The products are mainly used for automobile, construction, and shipbuilding industries.

POSCO (NYSE:PKX) is currently priced 26.3% above its average consensus analyst price target of $36.65. POSCO shares have support at the 50-day moving average (MA) of $47.41 and additional support at the 200-day MA of $40.26.

Over the past year, POSCO has traded in a range of $30.97 to $61.95 and closed yesterday at $49.76, 61% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of POSCO on January 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.93. Since that recommendation, shares of POSCO have risen 44.8%. We continue to monitor PKX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades posco

Ticker(s): PKX