Equity Residential (EQR) NewsBite - EQR Upgraded By Citigroup Investment Research

Posted: Friday, October 30, 2009 12:58 PM EDT

Equity Residential (EQR) was upgraded today by analysts at Citigroup Investment Research and the stock is now at $28.61, down $0.45 (-1.55%) on volume of 2,309,622 shares traded. Citigroup Investment Research upgraded the stock today to Hold from Sell. Over the last 52 weeks the stock has ranged from a low of $15.68 in March to a high of $35.56 in November. Equity Residential stock has been showing support around $27.53 and resistance in the $29.95 range. Technical indicators for the stock are bearish and S&P gives EQR a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on EQR the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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