UPDATE: Jefferies Upgrades Equity Residential to Buy on Transformative Momentum

Jefferies upgraded Equity Residential (NYSE: EQR) from Hold to Buy and raised the price target from $59.00 to $64.00.

Jefferies commented, "We believe EQR's acquistion of ~60% of Archstone greatly accelerates EQR's transformational story to a REIT focused on owning very high quality assets in better markets. As such, we believe the stock should command a higher multiple to better reflect the repositioned portfolio."

Equity Residential closed at $57.66 on Monday.

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