(PNRA - Get Report)
is a national bakery-cafe concept with 1,652 company-owned and franchise-operated bakery-cafe locations in 44 states, the District of Columbia and Ontario, Canada. This stock is trading up 2.8% at $169.99 in recent trading.
Today's Volume: 603,000
Average Volume: 526,911
Volume % Change: 50%
Shares of PNRA are spiking higher here after Raymond James raised its rating to market perform from underperform. Also, Oppenheimer slapped a $200 price target on PNRA by the end of the year, saying the company has the potential to report higher-than-expected first-quarter comps and beat margin expectations.
From a technical perspective, PNRA is trending up here right off $168 and into breakout territory above some near-term overhead resistance at $169.59 with above-average volume. This stock has been uptrending strong for the last month, with shares moving higher from its low of $153.65 to its intraday high of $173.22. During that move, shares of PRNA have been mostly making higher lows and higher highs, which is bullish technical price action. That move is now quickly pushing shares of PRNA within range of triggering a near-term breakout trade. That trade will hit if PNRA manages to take out some overhead resistance levels at $172.51 to $175.26 with high volume.
Traders should now look for long-biased trades in PNRA as long as it's trending above $169.59, and then once it sustains a move or close above those breakout levels with volume that hits near or above 526,911 shares. If that breakout triggers soon, then PNRA will set up to enter new 52-week-high territory above $175.26, which is bullish technical price action. Some possible upside targets off that breakout are $180 to $185.
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-- Written by Roberto Pedone in Winderemere, Fla.
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