MS put a "rare opportunity" target of 64 on DE. I missed that earlier today. However, that's the measured move out of this ascending triangle break out we saw at 48. First line of resistance is at 55. New box between 50 and 55 now. Major moving average resistance above on the weekly could keep this one contained for a bit longer giving ample time to grind toward's the measured move target. This one is a buy and hold candidate to be bought on the dips going forward for another 10$. Earnings on Wednesday before the open.
Morgan Stanley (MS) says :
" Deere & Co. was upped to overweight from equal-weight by Morgan Stanley, which lifted its price target to $64 from $48. "Demand for U.S. farm equipment is growing as customers add acreage, a secular phenomenon that is widely underestimated. Cyclical factors are also more favorable than most believe, with corn likely higher into 2010 and the potential for recovery in Brazil. We see this as a rare opportunity where consensus is too conservative on both cyclical and secular factors, making DE risk reward highly favorable vs other machinery stocks," the broker said."
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