UPDATE: Jefferies Downgrades Equity Residential to Hold on Slowdown in Fundamentals
Jefferies downgraded Equity Residential (NYSE: EQR) from Buy to Hold and lowered the price target from $64.00 to $58.00.
Jefferies said, "We still believe that the ongoing portfolio transformation at EQR will lead to higher multiples, but a meaningful slowdown in coastal market fundamentals appears to be occurring at the same time that EQR is increasing exposure to these markets. We therefore downgrade EQR to a Hold rating."
Equity Residential closed at $54.46 on Monday.
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