Cantor Fitzgerald Upgrades Equity Residential to “Buy”; Pullback Provides Buying Opportunity (EQR)

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Multi-family residential REIT Equity Residential ( EQR ) on Friday caught a big upgrade from analysts at Cantor Fitzgerald.

The firm boosted its rating on EQR from "Hold" to "Buy" with a $68.50 price target, suggesting a 13% upside to the stock's Thursday closing price of $60.72.

A Cantor Fitzgerald analyst commented, "We upgrade shares of Equity Residential as relative underperformance has created an attractive entry point; our price target is unchanged. YTD, the stock has underperformed multifamily peers and the RMZ Index by 320 bps and 800 bps, respectively."


Continuing, "We expect the company to continue to post sector-leading core growth, as it further bolsters the capital structure and 'upcycles' the portfolio. With this upgrade, we are further increasing our multifamily overweight position."

Equity Residential shares were mostly flat in premarket trading Friday.

The Bottom Line
Shares of Equity Residential ( EQR ) have a 2.60% dividend yield, based on last night's closing stock price of $60.72. The stock has technical support in the $57-$58 price area. The stock is trading near the all-time high range of $64-$66 a share.

Equity Residential ( EQR ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: EQR

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