NOL: Morgan Stanley rates Buy with $2.35 target. Recommends to accumulate on weakness. Likes NOL’s strong balance sheet; notes company well-positioned to capitalize on low ship prices to order ships at values 25% below 2007-08 highs, yielding a long-term competitive advantage to peers. Believes industry fundamentals strong, and capacity discipline, particularly amidst demand uncertainty, will mean rates resuming an upward trajectory from 2Q11, following expected seasonal weakness in 4Q10...
Technically, chart also looks supportive of a positive long term outlook. Prices have been trending upward, and appear well-supported by the rising 200day MA. The flat RSI and oversold stochastics suggest that a bounce could take place in the near term. Support at $1.87 (200 MA), resistance at $2.20.
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