AmerisourceBergen Corporation (NYSE: ABC)—This pharmaceutical services company has been in a steady bull channel supported by the 50-day moving average for over a year.
The stock is up more than 80% since its low in March 2009, and now it appears to be getting stronger as the stochastic is turning up—a positive sign—and upside volume is increasing.
ABC’s growth record has outpaced the industry average of 10.2%, but despite that fact, it has a P/E ratio of just 16.36 versus the industry average of 16.87, meaning its price appreciation potential is better than its peers.
Earnings growth of more than 32% has made ABC an institutional favorite.
Our technical target is $40, and TheStreet.com rates it a “buy,” along with S&P, which has a 12-month target of $36 for the stock.
ABC is on my list of top stocks to buy in July.
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