Standard Chartered (LON:STAN) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Standard Chartered's stock price rose above its 200-day moving average, reaching a high of GBX 1,386.50 ($18.73) before closing at GBX 1,368.63 ($18.49) on Friday.
• Analysts at JPMorgan Chase upgraded Standard Chartered's price target to GBX 1,490, while Shore Capital set a new target of GBX 1,355, reflecting a generally positive outlook.
• The company has a market cap of £31.67 billion and an average rating of "Hold" from analysts, with an average target price of GBX 1,266.25.

Standard Chartered PLC (LON:STAN - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 1,199.66 ($16.29) and traded as high as GBX 1,386.50 ($18.83). Standard Chartered shares last traded at GBX 1,368.63 ($18.59), with a volume of 421,738,406 shares.

Wall Street Analysts Forecast Growth

Several research analysts have commented on STAN shares. Shore Capital raised their target price on Standard Chartered from GBX 1,270 to GBX 1,355 and gave the stock a "hold" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. lifted their price target on Standard Chartered from GBX 1,490 to GBX 1,670 and gave the company an "overweight" rating in a research report on Tuesday. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of GBX 1,311.25.

Standard Chartered Trading Up 0.3%

The company has a market capitalization of £32.80 billion, a PE ratio of 783.14, a PEG ratio of 0.80 and a beta of 0.85. The stock has a fifty day moving average of GBX 1,354.28 and a two-hundred day moving average of GBX 1,206.55.

About Standard Chartered

Standard Chartered PLC, together with its subsidiaries, provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas. The company operates in three segments: Corporate, Commercial & Institutional Banking; Consumer, Private & Business Banking; and Ventures.