Equity Residential (EQR) Moves Higher On Broker Upgrade

Posted: Tuesday, November 24, 2009 12:44 PM EDT

Equity Residential (EQR) was upgraded today by analysts at Keefe Bruyette & Woods and the stock is now at $31.65, down $0.49 (-1.52%) on volume of 1,285,148 shares traded. Keefe Bruyette & Woods upgraded the stock today to Outperform from Market Perform. Over the last 52 weeks the stock has ranged from a low of $15.68 in March to a high of $34.91 in December. Equity Residential stock has been showing support around $31.33 and resistance in the $33.15 range. Technical indicators for the stock are bearish and S&P gives EQR a negative 2 STARS (out of 5) sell ranking. We will just watch this one for now. To get a trade with the downside protection we would like to see, we would have to go out to April expiration, which we do not want to do for the stock at this time. [ABR-Seven Summits Strategic Investments NewsBite]

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