This post was just published on ZYX Buy Change Alert.
The position is long with an average price of $6.90. Currently, 40% of the full core position size is being held. Profits have been taken as high as $9.74. Consider taking profits on a 20% tranche in the zone of $7 to $7.43. The stock is trading at $7.10 as of this writing. the stock gapped down on the Spanish election results (see this morning’s capsule) and has continued to move lower.
This is one of the largest European banks. In the very long-term we remain positive. Our target remains $16 to $18. In the near term, if Greece defaults, this stock will be hit; the dip will be a buying opportunity. The new buy zone is $5.33 to $6.26.
This is a very long-term position.
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