• Return to Headlines

Upgrade Alert for Westpac Banking (WBK)

By Nick Russo

Westpac Banking (NYSE:WBK) was upgraded from Neutral to Outperform at Macquarie today. The stock closed yesterday at $21.77 on volume of 362,000 shares, above average daily volume of 217,000.

Westpac Banking Corporation offers general and savings banking, including lending, deposit taking and payment services. Westpac also provides investment portfolio management and advice, unit trust and superannuation fund management, nominee and custodian facilities, insurance services, consumer finance, leasing, general finance, foreign exchange dealing and money market services.

There is potential upside of 18.8% for shares of Westpac Banking based on a current price of $21.77 and an average consensus analyst price target of $25.87. Westpac Banking shares should first meet resistance at the 200-day moving average (MA) of $22.71 and find additional resistance at the 50-day MA of $23.31.

In the past 52 weeks, shares of Westpac Banking have traded between a low of $19.83 and a high of $28.28 and closed yesterday at $21.77, which is 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Westpac Banking on May 10th, 2016 by issuing a Downtrend alert when the shares were trading at $22.37. Since that call, shares of Westpac Banking have fallen 3.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades westpac banking

Ticker(s): WBK