Wachovia Capital Trust (WB) NewsBite - Wachovia Price Target Lifted

Friday, August 22, 2008 11:18 AM EDT

Wachovia Capital Trust (NYSE: WB) opened at $15.48. So far today, the stock has hit a low of $14.85 and a high of $15.48. WB is now trading at $14.89, up $0.24 (1.64%). The stock hit its 52-Week high of $53.10 in September and set its 52-Week low of $7.80 in July. Shares of Wachovia have been trading higher today as a UBS analyst raised his price target on the stock to $16 from $12.50. Technical indicators for the stock are bearish and S&P gives WB a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on WB the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 10 range. [ABR-Seven Summits Strategic Investments NewsBite]

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