Associated Banc-Corp (ASB) May Find a Bottom Soon, Here's Why You Should Buy the Stock Now

Core Viewpoint - Shares of Associated Banc-Corp (ASB) have recently declined by 5.9% over the past week, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom, with selling pressure likely subsiding, which supports a bullish outlook for the stock [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, signaling that bears may be losing control during a downtrend [4][5]. - The occurrence of this pattern at the bottom of a downtrend suggests that bulls may be gaining strength, indicating a potential trend reversal [5]. Fundamental Analysis - There is a strong consensus among Wall Street analysts to raise earnings estimates for ASB, which enhances the stock's prospects for a trend reversal [2][7]. - The consensus EPS estimate for ASB has increased by 3.5% over the last 30 days, indicating analysts' agreement on the company's potential for better earnings [8]. - ASB currently holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10]. Conclusion - The combination of the hammer chart pattern and positive earnings estimate revisions suggests a favorable outlook for Associated Banc-Corp, indicating potential for a turnaround in stock performance [1][7][10].