RBC Capital analyst Brad Heffern raised the price target on Equity Residential (NYSE: EQR) to $69.00 (from $68.00) while maintaining a Outperform rating.

The analyst comments "EQR's 1Q24 results were strong, and while the company did not increase guidance (traditionally unchanged in 1Q), we think an increase is looking much more likely with the next update given impressive retention, occupancy gains and pricing power. The West Coast appears to finally have some momentum, and NYC is not as weak for EQR as we expected. Our estimates are up fractionally."