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Upgrade Alert for Huntington Bancshares (HBAN)

By Amy Schwartz

Huntington Bancshares (NASDAQ:HBAN) was upgraded from Market Perform to Outperform at FBR Capital today. The stock closed yesterday at $8.85 on volume of 6.6 million shares, below average daily volume of 11.1 million.

Huntington Bancshares has overhead space with shares priced $8.85, or 27.2% below the average consensus analyst price target of $12.16. The stock should find initial resistance at its 50-day moving average (MA) of $9.67 and further resistance at its 200-day MA of $10.40.

Huntington Bancshares Incorporated is a multi-state bank holding company. The Company's subsidiaries provide full-service commercial and consumer banking services, mortgage banking services, automobile financing, equipment leasing, investment management, trust services, brokerage services, customized insurance service programs, and other financial products and services.

Over the past year, Huntington Bancshares has traded in a range of $7.83 to $11.90 and closed yesterday at $8.85, 13% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Huntington Bancshares on June 21st, 2016 by issuing a Downtrend alert when the shares were trading at $9.22. Since that call, shares of Huntington Bancshares have fallen 5.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades huntington bancshares

Ticker(s): HBAN