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First Western (MYFW) Soars 7.2%: Is Further Upside Left in the Stock?

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First Western (MYFW - Free Report) shares rallied 7.2% in the last trading session to close at $25.26. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 27.2% gain over the past four weeks.

First Western touched a new 52-week high of $25.32 during the last day’s trading. Increasing optimism was largely driven by the expectation of an accelerated recovery of the banking sector. The bullish sentiments can be attributable to steepening of the yield curve, extensive vaccination drive, additional government spending and favorable economic data.

Price and Consensus

Price Consensus Chart for MYFW

This company is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +222.7%. Revenues are expected to be $24.2 million, up 44.9% 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 First Western, 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 MYFW going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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