UPDATE: Jefferies Downgrades Equity Residential to Hold on Slowdown in Fundamentals

Jefferies downgraded Equity Residential 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.