Dow Jones hits 23,000 as melt up continues >>> READ MORE

Buy This Pharma Stock as a Cornerstone Holding

Mylan appears capable of driving through resistance to new highs


Mylan (MYL) — A history of acquisitions and internal growth has made this one of the largest generic and specialty drug companies in the world. Its record of steady earnings growth is enviable, and EPS is expected to more than double this year to $3.40 per share.

MYL has been trading in a wedge since February, when it jumped from $46 to $57. It held at its bullish support line three times since then. With the recent piercing of the 50-day moving average, it appears capable of driving through the resistance line at just under $52.

The trading target is $57. Longer term, MYL could easily exceed the consensus median price target of $60, and therefore, could be bought as a cornerstone holding in the pharmaceutical sector.

MYL Stock Chart
Click to Enlarge

Chart Key

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC