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Upgrade Alert for Greif (GEF)

By Nick Russo

Greif (NYSE:GEF) was upgraded from Underperform to Buy at BofA/Merrill today. The stock closed yesterday at $47.22 on volume of 336,000 shares, above average daily volume of 298,000.

Greif Inc. manufactures and markets industrial packaging products and services. The Company provides steel, plastic, fiber, corrugated, and multiwall containers and protective packaging for a wide range of multinational and regional industries. Greif also produces containerboard and manages timber properties in North America.

In the past 52 weeks, shares of Greif have traded between a low of $23.88 and a high of $46.18 and closed yesterday at $47.22, which is 98% above that low price. The 200-day and 50-day moving averages have moved 0.05% higher and 2.57% higher over the past week, respectively.

Greif (NYSE:GEF) is currently priced 19.0% above its average consensus analyst price target of $38.25. The stock should discover initial support at its 50-day moving average (MA) of $31.65 and subsequent support at its 200-day MA of $31.25.

SmarTrend recommended that subscribers consider buying shares of Greif on March 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.13. Since that recommendation, shares of Greif have risen 69.9%. We continue to monitor GEF for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades greif

Ticker(s): GEF