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Credit Agricole SA (CRARY) Stock Jumps 6%: Will It Continue to Soar?

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Credit Agricole SA (CRARY - Free Report) shares rallied 6% in the last trading session to close at $6.23. 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 6.4% loss over the past four weeks.

Credit Agricole witnessed a rise in share price for the second consecutive day. The performance of banks has been decent in the first quarter of 2022, which is expected improve further on the back of rising interest rates and gradual improvement in the operating backdrop. This, thus, led to bullish investor sentiments, which drove Credit Agricole stock higher.

This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -52.9%. Revenues are expected to be $5.87 billion, down 11.4% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Credit Agricole SA, the consensus EPS estimate for the quarter has been revised 52.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CRARY 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 >>>>

Credit Agricole SA is part of the Zacks Banks - Foreign industry. Barclays (BCS - Free Report) , another stock in the same industry, closed the last trading session 3.6% higher at $8.38. BCS has returned -18.3% in the past month.

For Barclays, the consensus EPS estimate for the upcoming report has changed +3% over the past month to $0.34. This represents a change of -39.3% from what the company reported a year ago. Barclays currently has a Zacks Rank of #3 (Hold).


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