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Upgrade Alert for TransAlta (TAC)

By Shiri Gupta

TransAlta (NYSE:TAC) was upgraded from Underperform to Sector Perform at RBC Capital today. The stock closed yesterday at $4.25 on volume of 44,000 shares, below average daily volume of 106,000.

TransAlta Corporation is a non-regulated electric generation and marketing company with its growth focused in developing coal and gas-fired generation. The Company is currently focused on Australia, Canada, the United States, and Mexico.

There is potential upside of 48.1% for shares of TransAlta based on a current price of $4.25 and an average consensus analyst price target of $6.30. The stock should run into initial resistance at its 200-day moving average (MA) of $4.48 and subsequent resistance at its 50-day MA of $4.68.

In the past 52 weeks, TransAlta share prices have been bracketed by a low of $2.54 and a high of $9.98 and closed yesterday at $4.25, 67% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 1.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of TransAlta on June 1st, 2016 by issuing a Downtrend alert when the shares were trading at $4.81. Since that call, shares of TransAlta have fallen 14.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades transalta

Ticker(s): TAC