Upgrade Alert for Mylan (MYL)
Mylan (NASDAQ:MYL) was upgraded from Market Perform to Strong Buy at Raymond James today. The stock closed yesterday at $38.87 on volume of 17.9 million shares, above average daily volume of 5.0 million.
Mylan has overhead space with shares priced $38.87, or 38.9% below the average consensus analyst price target of $63.62. The stock should find initial resistance at its 50-day moving average (MA) of $45.99 and further resistance at its 200-day MA of $48.80.
Mylan, Inc. develops, licenses, manufactures, markets, and distributes generic, brand and branded generic pharmaceutical products and active pharmaceutical ingredients . The Company sells its products to wholesalers, distributors, retail pharmacy chains, mail order pharmacies, group purchasing organizations, and healthcare professionals.
Mylan share prices have moved between a 52-week high of $76.68 and a 52-week low of $15.49 and closed yesterday at 151% above that low price at $38.87 per share. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.7%.
SmarTrend recommended that its subscribers protect gains by selling shares of Mylan on August 24th, 2016 by issuing a Downtrend alert when the shares were trading at $44.39. Since that call, shares of Mylan have fallen 19.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades Mylan