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Upgrade Alert for Globe Specialty Metals (GSM)

By Amy Schwartz

Globe Specialty Metals (NASDAQ:GSM) was upgraded from Hold to Buy at Jefferies today. The stock closed yesterday at $8.11 on volume of 2.2 million shares, above average daily volume of 526,000.

Potential upside of 163.6% exists for Globe Specialty Metals, based on a current level of $8.11 and analysts' average consensus price target of $21.38. The stock should run into initial resistance at its 50-day moving average (MA) of $9.29 and subsequent resistance at its 200-day MA of $11.02.

In the past 52 weeks, Globe Specialty Metals share prices have been bracketed by a low of $6.90 and a high of $21.99 and closed yesterday at $8.11, 18% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 2.3%.

Globe Specialty Metals Inc. produces silicon metal and silicon-based alloys. The Company's products are used for the manufacture of a wide range of industrial products, including silicone compounds, aluminium, ductile iron, automotive parts, steel, photovoltaic solar cells and electronic semiconductors.

SmarTrend recommended that its subscribers protect gains by selling shares of Globe Specialty Metals on May 16th, 2016 by issuing a Downtrend alert when the shares were trading at $8.62. Since that call, shares of Globe Specialty Metals have fallen 7.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades globe specialty metals

Ticker(s): GSM