Canada markets close in 5 hours 57 minutes
  • S&P/TSX

    20,432.17
    +187.88 (+0.93%)
     
  • S&P 500

    4,387.65
    +33.46 (+0.77%)
     
  • DOW

    34,250.37
    +330.53 (+0.97%)
     
  • CAD/USD

    0.7819
    +0.0015 (+0.19%)
     
  • CRUDE OIL

    71.82
    +1.33 (+1.89%)
     
  • BTC-CAD

    54,292.66
    -1,178.20 (-2.12%)
     
  • CMC Crypto 200

    1,058.84
    +18.36 (+1.76%)
     
  • GOLD FUTURES

    1,775.70
    -2.50 (-0.14%)
     
  • RUSSELL 2000

    2,206.99
    +20.81 (+0.95%)
     
  • 10-Yr Bond

    1.3290
    +0.0050 (+0.38%)
     
  • NASDAQ

    14,823.14
    +76.74 (+0.52%)
     
  • VOLATILITY

    22.97
    -1.39 (-5.71%)
     
  • FTSE

    7,079.13
    +98.15 (+1.41%)
     
  • NIKKEI 225

    29,639.40
    -200.31 (-0.67%)
     
  • CAD/EUR

    0.6663
    +0.0012 (+0.18%)
     

Teleflex (TFX) Moves 3.8% Higher: Will This Strength Last?

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Teleflex (TFX) shares soared 3.8% in the last trading session to close at $390.32. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.7% loss over the past four weeks.

The stock scored a strong price increase on optimism surrounding the company’s upcoming second-quarter fiscal 2021 earnings release, scheduled for Jul 29. The Zacks Consensus Estimate for second-quarter 2021 revenues and adjusted earnings per share suggests improvement of 20.1% and 48.2% year over year, respectively. Management’s projection about the company realizing nearly 24.5% of full-year reported revenues and around 22.5% of full-year adjusted earnings per share during the second quarter instills investor confidence in the stock.

This medical equipment maker is expected to post quarterly earnings of $2.86 per share in its upcoming report, which represents a year-over-year change of +48.2%. Revenues are expected to be $680.85 million, up 20.1% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Teleflex, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TFX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Teleflex Incorporated (TFX) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting