Goldman Sachs Reiterates Buy, $65 PT on Equity Residential
Goldman Sachs maintains its Buy rating and $65 target price on Equity Residential (NYSE: EQR) as the company's drastic portfolio repositioning has increased NOI concentration.
Goldman says, “Over the last seven quarters, EQR has acquired $2.2 billion and sold $2.1 billion of assets. The dramatic repositioning has increased NOI concentration in the company's top 15 core markets to 97.5% of NOI as of 3Q2011 (from 88.7% of 4Q2008) and increased average portfolio rent to $1,583 from $1,320 in 4Q2008, a 20% increase compared to a 12% increase in national rents.”
EQR closed at $53.69 per share on Tuesday.
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