Insurance Technology Industry News

TMCNet:  Downgrade Alert for Covanta (CVA)

[January 09, 2013]

Downgrade Alert for Covanta (CVA)

Jan 09, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Covanta (NYSE:CVA) was downgraded from Outperform to Neutral at RW Baird today. The stock closed yesterday at $19.09 on volume of 1.6 million shares, above average daily volume of 704,000. Potential upside of 12.9% exists for Covanta, based on a current level of $19.09 and analysts' average consensus price target of $21.56. The stock should discover initial support at its 50-day moving average (MA) of $18.22 and subsequent support at its 200-day MA of $17.11.

Covanta share prices have moved between a 52-week high of $19.34 and a 52-week low of $13.42 and closed yesterday at 42% above that low price at $19.09 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

Covanta Holding Corporation conducts operations in waste disposal, energy services, and specialty insurance. The Company also owns and operates waste-to-energy and power generation projects. Covanta's waste-to-energy facilities convert municipal solid waste into renewable energy for communities primarily in the United States.

SmarTrend recommended that subscribers consider buying shares of Covanta on February 1st, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.53. Since that recommendation, shares of Covanta have risen 31.4%. We continue to monitor CVA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

[ Back To Insurance Technology Homepage's Homepage ]

FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!