DANG Stock Upgraded - $9.50 Price Target 2013

By Tim - http://stockstobuy.org

E-Commerce China Dangdang Inc. (DANG) stock is higher in pre market after Oppenheimer upgraded it to Buy. DANG now has a 2013 price target of $9.50 per share.

Business seems to be improving in China which is causing the DANG upgrade this morning. You have to wonder if other more upgrades will be in the way for other Chinese stocks in 2013.

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DANG Stock - Hot Again! Time to Buy?

October 29, 2011 - E-Commerce China Dangdang Inc. (DANG), dubbed the Chinese Amazon.com (AMZN), did something Friday that hasn't been done since May 2011. Close above the 50 day moving average. E-Commerce China Dangdang Inc. (DANG) was one of my favorite china stocks in early 2011 but the stock kept breaking down technically. This alerted me that I needed to sell the stock and wait on the sidelines. And sell I did! I bought DANG around $20 but was stopped out at $19.61. A week later, E-Commerce China Dangdang Inc. (DANG) stock plunged to $10.72.

DANG was very bearish several months after that and finally started hitting bottom a month ago near $5.00. On Friday, DANG saw the first close above the 50 day moving average since I sold the stock. This is a major technical break out which was supported by heavy volume. If DANG reports solid earnings in a few weeks, we could see the stock break out towards $10-12. Watch this one closely!

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