Mizuho Securities Upgrades Equity Residential (EQR) to Neutral
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Mizuho Securities upgraded Equity Residential (NYSE: EQR) from Underperform to Neutral with a price target of $62.00 (from $60.00).
Analyst Richard Anderson commented, "We downgraded EQR to Underperform in July 2016 after the company reported its third consecutive reduction to its same store outlook for 2016 -- we established a $60 PT at that time. Having now closed in on that target and with the company reiterating its revenue goal for 2016 (it produced a 3.4% same store revenue growth during 3Q16), we are returning our rating to Neutral but applying a PT methodology of a 5% discount to reflect the lingering uncertainty of the situation. Please note our FFO estimates continue to follow EQR's Normalized FFO metric because of the numerous adjustments related to the suburban portfolio sale."
Shares of Equity Residential closed at $60.18 yesterday.
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