EQR Enjoys Better Pricing Power
Analyst William Acheson of Benchmark upgrades Equity Residential (NYSE: EQR) to "buy," while raising his estimates for the company. The target price for EQR is set to $38.
Equity Residential has reported its Q4 results ahead of the estimates. EQR enjoyed better-than-expected pricing power during the quarter, the analyst says. The company’s sequential revenue growth during the quarter was commendable, despite significant exposure to challenging markets such as FL, LA, Seattle, Phoenix, Atlanta, Inland CA and Orange County, the analyst adds.
EQR would increase rents modestly when demand recovers. Benchmark has raised its FFO per share estimate for 2010 from $1.92 to $2.04.
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