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Author: share-tips   |   Latest post: Wed, 1 Feb 2017, 12:11 PM

 

Shares to buy: Downer EDI Limited (DOW)

Author:   |    Publish date:   |  >> Read article in Blog website


Downer’s 1H net profit of $78m beat most forecasts and FY17 net profit guidance was raised 7% – to $175M.

The strong result suggests that the earnings recovery is well underway for Downer, and gaining momentum.

The recent results release saw the stock pop sharply, up to $7.50.

The stock has since retraced to close the gap, finding support in the $6.60 region.

Yesterday’s action saw a buy signal off this support region and that’s our opportunity to consider longs.

Traders can be buyers around current levels, with targets to $7.50.

The post Shares to buy: Downer EDI Limited (DOW) appeared first on Australian Stock Report.

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