IAMGOLD (NYSE:IAG) was upgraded from Neutral to Outperform at Macquarie (pre-open) today. The stock closed yesterday at $8.75 on volume of 9.3 million shares, above average daily volume of 3.1 million. In the past 52 weeks, shares of IAMGOLD have traded between a low of $8.71 and a high of $17.74 and closed yesterday at $8.75, which is 0% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 3%.
IAMGOLD has overhead space with shares priced $8.75, or 49.8% below the average consensus analyst price target of $17.42. The stock should find initial resistance at its 50-day moving average (MA) of $11.40 and further resistance at its 200-day MA of $12.44.
IAMGOLD Corporation is a mid-tier gold mining company. The Company is focused in West Africa, the Guiana Shield of South America and in Quebec where it has a pipeline of development and exploration projects. :-)
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