Equity Residential (EQR) PT Lowered to $70 at Truist Securities

Truist Securities analyst Michael Lewis lowered the price target on Equity Residential (NYSE: EQR) to $70.00 (from $75.00) while maintaining a Buy rating.

The analyst comments "What’s Incremental to Our View: We are reducing our 2026 FFO estimate and our 12-month price target amid softening national employment growth. That said, we still project positive SSNOI and earnings growth in each year of our model, and continue to believe shares are significantly undervalued at a 6.5% implied cap rate. Our $70 price target (was $75) still implies a 5.7% cap rate, materially above private market transaction values. EQR also offers a low-levered balance sheet (4.4x net debt/EBITDA) with strong liquidity and a well-covered 4.7% dividend yield."

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