JUST DOWNGRADED..READ WAY WAY OVER BOUGHT /VALUED READ
Downgrade Alert for SunTrust Banks (STI)
Jul 09, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
SunTrust Banks (NYSE:STI) was downgraded from Outperform to Market Perform at BMO Capital today. The stock closed yesterday at $34.06 on volume of 3.9 million shares, below average daily volume of 4.6 million. In the past 52 weeks, shares of SunTrust Banks have traded between a low of $22.34 and a high of $34.59 and closed yesterday at $34.06, which is 52% above that low price. The 200-day and 50-day moving averages have moved 0.16% higher and 0.65% higher over the past week, respectively.
SunTrust Banks, Inc. is a super-regional bank holding company. The Company"s subsidiary banks operate in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. SunTrust provides a wide range of financial services such as credit cards, mortgage banking, insurance, brokerage and capital markets services.
SunTrust Banks (NYSE:STI) is currently priced 7.8% above its average consensus analyst price target of $31.42. The stock should find initial support at its 50-day moving average (MA) of $31.38 and further support at its 200-day MA of $29.01.
BMO = third tier firm. Means nothing as you can tell from the market reaction.
"SunTrust Banks (NYSE:STI) is currently priced 7.8% above its average consensus analyst price target of $31.42."
Maybe because most of the analysts have not adjusted their price targets recently? Generally, when a stock moves above analysts price target, is hitting new highs, company is beating estimates, the firms will upgrade or minimally adjust the price target higher.
As far as the site you're using for the technical analysis - that means nothing as well - total BS. Stock will find support at $35.
In the mean time, go ahead, short all you like. You have many friends here who have tried, and as you can tell, they are all silent now.