Goldman Sachs has lowered its rating on REIT, Equity
) to a "Sell" Monday.
The firm reported that they have reduced their rating on EQR
from "Neutral" to "Sell," and have reaffirmed their $57 price
target. This price target suggests a 0.2% decrease from the stock's
current price of $57.13. The stock has been mostly flat YTD.
An analyst from the firm noted, "we downgrade shares of Equity
) to Sell from Neutral as we see lower return potential relative to
our housing and storage coverage group. Although our $57 price
target (in line with current levels) implies a potential total
return of 3%, this is below our expectations for storage REITs EXR
and PSA (15% average total expected return). We see limited
opportunity for EQR to grow earnings through either internal or
external growth given multifamily fundamentals."
Equity Residential shares were mostly flat during premarket
The Bottom Line
Shares of Equity Residential (
) have a 2.77% dividend yield, based on last night's closing stock
price of $57.13. The stock has technical support in the $52-$54
price area. If the shares can firm up, we see overhead resistance
around the $60-$62 price levels.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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