Stantec (STN) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

Core Viewpoint - Stantec (STN) shares have recently declined by 14.3% 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 minor difference between opening and closing prices, with a long lower wick, suggesting that the stock may have found support after a downtrend [4][5]. - This pattern signals that bears may have lost control, and the emergence of buying interest could indicate a potential trend reversal [5]. Fundamental Analysis - There is rising optimism among Wall Street analysts regarding Stantec's future earnings, which enhances the prospects for a trend reversal [2][7]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 0.9%, indicating that analysts expect better earnings than previously predicted [8]. - Stantec 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].