Morgan Stanley lowered the firm’s price target on Equity Residential (EQR) to $73.50 from $75 and keeps an Equal Weight rating on the shares. The market has attributed slowing Single-Family Rental industry rent growth to new Build to Rent supply, but the firm thinks home prices and for-sale inventory are more important drivers of SFR fundamentals, says the analyst, who contends in a note on the group that a “more of the same” housing environment means “more of the same” for SFRs.
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