Can BMO Price Target Raise Be The Reason For Monster Rally In Teco Energy?

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Teco Energy

shares are trading sharply higher $5 at $26.07. At this time, the only relevant news out on the issue is that Bank of Montreal has maintained its Market Perform rating and raised its price target to $27. Longs seized on the upgrade and instigated a sharply higher open ($25.74 vs. Friday's close of $21.07) and a brief retreat to $25.52, it resumed its rally. So far, it has reached $26.33, which takes it back to its highest level since it peaked at $28 in May 2002. Today's rally is taking place on much heavier than average volume. With over four hours remaining over 15M shares have traded compared with its 20 day average of 3.17M.