BMO Capital Upgrades Equity Residential (EQR) to Market Perform, 'Peak Leasing Holding Up'

June 5, 2023 5:53 AM EDT
Get Alerts EQR Hot Sheet
Price: $57.87 -1.43%

Rating Summary:
    10 Buy, 28 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 12 | New: 19
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(Updated - June 5, 2023 6:06 AM EDT)

BMO Capital analyst John Kim upgraded Equity Residential (NYSE: EQR) from Underperform to Market Perform with a price target of $64.00 (from $60.00).

The analyst comments "In conjunction with our Apartment / Resi report (link), we upgrade EQR to Market Perform with a $64 target price. Our previous Underperform rating was based on the premise of its premium valuation relative to the sector, coupled with weakening demand from the unemployment rate increasing 110 bps y/y to 4.8%. The recession has so far been elusive, which EQR highlighted at our BMO Real Estate Summit resi panel. As a result, we have increased our EQR earnings estimates and recommendation."

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 $63.09 yesterday.

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