Jefferies Upgrades Equity Residential (EQR) to Buy

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Jefferies upgraded Equity Residential (NYSE: EQR) from Hold to Buy with a price target of $64.00 (from $59.00).

The firm comments, "We believe EQR's acquistion of ~60% of Archstone greatly accelerates EQR's transformational story to a REIT focused on owning very high quality assets in better markets. As such, we believe the stock should command a higher multiple to better reflect the repositioned portfolio."

For an analyst ratings summary and ratings history on Equity Residential click here. For more ratings news on Equity Residential click here.

Shares of Equity Residential closed at $57.66 yesterday, with a 52 week range of $53.25-$65.72.

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