Airgas flying at new altitudes?
Yesterday Airgas (ARG) (first mentioned – 4/15/08) surged after posting higher than expected fourth-quarter results on acquisitions. ARG jumped $6.58 or 13.4 percent. The stock currently sits at $55.68 with a new price targets ranging around $61.
Apparently ARG had made 18 acquisitions in the quarter, including one of the company’s largest ever. Along with its hundreds of acquisitions, ARG is heavily involved with the distributions of United States’ gases blah blah blah…
The main point I want to bring to people’s attention is the potential for new levels ARG may have broken into.
On more than normal volume, the stock surpassed its previous resistance of $55.27, which entered the stock in a place it has never touched before.
Bring in 1 year chart of ARG:
The question that comes to my mind, is if we are beginning to see the bottoms of soon to be higher highs or will the stock just retreat back into its more familiar levels?
To sweeten the deal, upward movement in the U.S dollar could benefit ARG because of its lack of international exposure (which could be a negative).
Recommendation:
An entry point can be associated now, with a conservative stop loss at $54.86. Shorter term price target is $62; however if we are truly experiencing new levels in ARG, then dare I say $70???
Filed Under: Stock Recommendations
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