Multi-family residential REIT Equity Residential (
) on Friday caught a big upgrade from analysts at Cantor
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
The Bottom Line
Shares of Equity Residential (
) 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 (
) 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
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, as well as a detailed explanation of
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