Empire State Realty price target raised to $13 from $12 at BMO Capital

BMO Capital raised the firm’s price target on Empire State Realty (ESRT) to $13 from $12 and keeps an Outperform rating on the shares. The analyst is citing the firm’s tour of Empire State’s $225M Williamburg retail portfolio, which has initially been met with some skepticism, and BMO believes the upside potential is attractive, particularly compared with its source of funds. The REIT also has the highest leased percentage among its NYC peers, BMO adds.