Equity Residential upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Equity Residential (EQR) to Outperform from In Line with a price target of $75, up from $74. Apartment REITs were the worst performing group in Q2 since investors were less enthused with the pace of rent growth during the Spring, notes the analyst, who sees this creating a near-term buying opportunity given the firm’s “slightly more positive” outlook for FY26 for the space. both UDR (UDR) and Equity Residential have lagged the REIT index year-to-date by nearly 500 basis points and both stocks are heavily tilted toward the coastal markets and have negligible exposure to New York City’s rent stabilized apartment sector, which may come under pressure, the analyst tells investors.