Icarus Signal New Entries For Today

This story features IRESS LIMITED. For more info SHARE ANALYSIS: IRE

Daily update on share prices and consensus price targets.

By Rudi Filapek-Vandyck

It's probably a fair call that shares in "blokies company" ARB Corp ((ARP)) are looking for more weakness ahead. At a time when the share market wants to go up, many other stocks look far more attractive as they have been sold down in weeks past, and ARB shares have not. Owning the shares has been a rewarding experience for shareholders this year with the share price today higher than in April, which was in itself higher than in January. Investors probably don't need reminding the share market overall is well down for the year?

As far as Icarus is concerned, the shares have been trading just under the consensus target for weeks now, showing the underlying strength in the business as well as the strength of investor confidence in the business. Alas, more often than not, such a period of prolonged pairing with the consensus target is likely to be followed by short term investors abandoning ship in order to seek capital gains elsewhere. Icarus has seen it with Coca-Cola Amatil ((CCL)), and with Iress ((IRE)), and with Monadelphous ((MND)) and probably more than a dozen of other stocks in years past.

Hence why the odds are now in favour of a sizeable pull back in the ARB Corp share price, a process that may well have started in yesterday's session.

In the meantime, overall churn remains high for the list of stocks trading in the vicinity of target. Of the nine stocks listed, four are newcomers, with only Domino's Pizza ((DMP)) retreating from the list of stocks trading above target. Domino's is in a similar position as ARB Corp and may well see some further weakness kicking in from here onwards too.

There are now twelve stocks trading above target and we couldn't help but noticing that Ramsay Healthcare ((RHC)) is putting in a strong performance this week. Ramsay surged above target yesterday.

Investors should consider the information and data are provided for research purposes only.

Stocks <3% Below Consensus

Order Symbol Current Price($) Consensus Target($) Difference(%) 1 DMP $ 6.87 $ 6.97 1.38% 2 BPT $ 1.12 $ 1.14 2.42% 3 WCB $ 3.95 $ 4.05 2.53% 4 MTS $ 4.10 $ 4.21 2.59%

Stocks Above Consensus

Order Symbol Current Price($) Consensus Target($) Difference(%) 1 RHC $ 18.78 $ 18.77 – 0.03% 2 TSO $ 0.54 $ 0.52 – 4.63%

Top 50 Stocks Furthest from Consensus

Order Symbol Current Price($) Consensus Target($) Difference(%) 1 PNA $ 2.47 $ 4.59 85.87% 2 AVG $ 0.32 $ 0.58 81.25%

To see the full Icarus Signal, please go to this link

Technical limitations

If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.

Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.

Click to view our Glossary of Financial Terms