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Upgrade Alert for BanColombia (CIB)

By James Quinn

BanColombia (NYSE:CIB) was upgraded from Hold to Buy at Deutsche Bank today. The stock closed yesterday at $38.92 on volume of 1.2 million shares, above average daily volume of 379,000.

Bancolombia S.A. attracts deposits and offers retail and commercial banking services. The Bank offers automobile, personal, and education loans, credit and debit cards, securities brokerage services, fund transfers, lease financing, foreign trade financing, insurance, and pension funds. Bancolombia operates branches and automated teller machines throughout Colombia.

BanColombia has overhead space with shares priced $38.92, or 2.9% below the average consensus analyst price target of $40.10. The stock should discover initial support at its 50-day moving average (MA) of $34.59 and subsequent support at its 200-day MA of $32.42.

In the past 52 weeks, shares of BanColombia have traded between a low of $23.69 and a high of $46.61 and closed yesterday at $38.92, which is 64% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has slid 0.2%.

SmarTrend recommended that subscribers consider buying shares of BanColombia on June 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.06. Since that recommendation, shares of BanColombia have risen 11.1%. We continue to monitor CIB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades bancolombia

Ticker(s): CIB