Equity Residential price target raised to $69 from $67 at RBC Capital

RBC Capital raised the firm’s price target on Equity Residential (EQR) to $69 from $67 and keeps an Outperform rating on the shares. The Company’s Q1 results on April leasing spreads update were ahead of expectations, though commentary on the earnings call suggests they were roughly in line with the management’s assumptions, the analyst tells investors in a research note. RBC adds, however, that performance in New York and San Francisco remains very robust and that stock buybacks are the REIT’s best current use of capital.