Morgan Stanley upgraded Equity Residential (EQR) to Overweight from Equal Weight with a price target of $74, up from $72. The firm’s new analysis has cities outperforming suburbs for the apartments, which it calls a “big shift.” With deliveries set to fall 70% from peak, concession usage should fall, firming occupancy, the analyst tells investors in a research note. Morgan Stanley believes this dynamic favors Equity Residential’s mostly urban exposure.
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Read More on EQR:
- Equity Residential raises quarterly dividend to 70.3c per share from 69.3c
- Equity Residential price target lowered to $72 from $73.50 at Morgan Stanley
- Equity Residential price target raised to $70 from $69 at Evercore ISI
- Equity Residential price target lowered to $75 from $78 at Barclays
- Equity Residential price target raised to $67 from $66 at Scotiabank