Empire State Realty, the Real Estate sector company, was revisited by a Wall Street analyst yesterday. Analyst John Kim from BMO Capital maintained a Buy rating on the stock and has a $10.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
John Kim has given his Buy rating due to a combination of factors that highlight both strengths and challenges for Empire State Realty. Despite a reduction in the 2025 Core FFOps guidance, the company’s performance in its office and multifamily segments shows promising signs. The Manhattan office portfolio has demonstrated strong cash re-leasing spreads, and the leased rate and occupancy have seen positive growth.
Furthermore, the multifamily segment has experienced a significant increase in Cash NOI, driven by a higher unit count. While the Empire State Observatory faces challenges from increased competition and external factors, its historical growth trajectory remains a positive indicator. These elements suggest that, despite some setbacks, Empire State Realty holds potential for future growth, justifying the Buy rating.
In another report released on July 15, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $9.00 price target.