Q2 STOCKS TO BUY

AXTA Stock Runs Higher Amid Board Shake-Up, Jana Buzz

The stock is trading in nine-month high territory

Digital Content Manager
Jun 24, 2019 at 10:02 AM
facebook X logo linkedin


The shares of Axalta Coating Systems Ltd (NYSE:AXTA) are eyeing their fifth straight win -- the longest the stock has seen in months -- after the coating company announced Chairman Charlie Shaver has resigned. Shaver will be replaced by Mark Garrett, currently the independent presiding director. A Bloomberg report on Saturday suggesting activist investor Jana Partners bought a stake AXTA could be extending the stock's recent rally, too, with the equity last seen up 1.9% at $30.57.

In fact, its current perch marks an nine-month high for the security. Looking back, AXTA just enjoyed a 13.6% surge last week, marking its biggest bull gap since 2017. The stock has since hit a fresh high for the year during each subsequent session, and closed 28% north of its year-to-date breakeven on Friday. The equity has now muscled above its year-over-year breakeven, thanks to today's upside.

Despite its impressive price action on the charts, analysts have been relatively quiet on the car paint concern -- with the exception of BMO, which raised its target price to $34 from $32 last Friday. There's still plenty of room for bullish analysts to climb on board. While six in coverage call AXTA a "strong buy," the other five have doled out tepid "hold" ratings. What's more, the consensus 12-month target price of $31 is right in line with current levels. 

Traders may want to proceed with caution on AXTA, at least in the near term. The security sports a 14-day Relative Strength Index (RSI) of 81.7, which sits firmly in "overbought" territory. This suggests that a short-term breather may be in the cards. 
 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter