BME Stock Price: Analysts Rated “Buy”, the Stock Went Bullish

• 1 BME PLC stock price: The stock price has been in a slight uptrend since the start of September 2023.
• 2 The big names in the finance industry rated a buy signal to the BME stock. It boosted investors’ confidence.
• 3 The current price is on the verge of breaking a significant resistance. See the levels in the stock below.  

B&M European Value (LON: BME) is an investment firm in the UK. It has been in the news lately due to various predictions about its performance by the big names in the finance industry. In the first week of September, the equity researchers at Shore Capital released a research report. They gave a buy rating to the investment firm.

The Predictions of the Big Dogs

Very few experts were as optimistic about the future of BME stock price. Goldman Sachs for example, predicted a bearish trend rating for the investment firm and set a target price of £513. This prediction starkly contrasted the “buy” rating given by Shore Capital. Nevertheless, the Goldman Sachs Group is one of the big names in the finance industry with its economic and general stock predictions 

On the other hand, the analysts at Barclays Group made a bold prediction about the future of B&M’s European Value. They predicted a bullish trend of the BME stock price and set a target price of £565. This prediction was based on the strong fundamentals of the investment firm and its promising performance in recent times as stated by the analysts. 

Meanwhile, Berenberg Bank, one of Europe’s leading privately owned banks, also gave a buy rating to BME stock price and increased their target price of the company from £525 to £640. It was a significant increase and indicated the bank’s confidence in the investment firm’s future performance. 

The Victory of the Bulls

Fast forward to the day of this writing, the bullish predictions of Barclays Group and Berenberg Bank have come to life. The stock has come up almost 9.8% from the start of September.

Technical Analysis and Prediction of BME Stock Price

The immediate support for the stock is at £526 and it has been tested recently, back at the start of this September. The MACD and RSI indicators, on the other hand, are showing a consolidated movement. Given the ideal or neutral short-term market conditions, the stock will likely break past the current resistance level. It may move toward its 2nd resistance of £608.

Conclusion

Technical Levels

Support: £526, and  £497

Resistance: £585, and £608

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.