ST Engineering: OCBC upgrades to Buy, lifts target to $3.66 from $3.28, based on 21x FY11E PE. Tips company as beneficiary of the recovery in global aviation maintenance, repair and overhaul (MRO), evidenced by the recent surge in passenger aircraft orders at recent airshows and clinching of new contracts in past months...
Technically, stock has been range bound since Nov ’09, btwn $3 - 3.37. Indicators starting to appear overbought at current levels, but watch for a bullish break out above $3.37 as that could drive stock to move rapidly toward next resistance at $3.60.
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