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UPDATE: J.P. Morgan Upgrades Equity Residential to Neutral Following Period of Restriction

Related EQR
Why This Expert Is Cashing Out His Portfolio
UPDATE: Morgan Stanley Initiates Coverage On Equity Residential On Mixed Factors

In a report published Wednesday, J.P. Morgan analyst Anthony Paolone upgraded the rating on Equity Residential (NYSE: EQR) from Not Rated to Neutral with a $63.00 price target.

In the report, Paolone noted, “Following a period of restriction, we are moving from a Not Rated status to a Neutral rating and a December 2013 price target of $63 (Neutral rating and a December 2013 $66 price target prior to restriction). On the positive side, we think EQR's portfolio has improved in quality with its acquisition of 60% of the Archstone assets coupled with the disposition of some if its non-core assets in secondary markets. In addition, the stock has lagged, which has led to a relatively cheaper valuation. However, supply concerns are likely to persist in markets such as Washington, D.C., and the overhang from Lehman's April 26 share lockup expiration could weigh on the stock in the near term.”

Equity Residentail closed on Tuesday at $55.39.

Latest Ratings for EQR

DateFirmActionFromTo
Dec 2014CitigroupMaintainsBuy
Dec 2014CitigroupUpgradesNeutralBuy
Dec 2014Deutsche BankMaintainsHold

View More Analyst Ratings for EQR
View the Latest Analyst Ratings

Posted-In: J.P. MorganAnalyst Color Upgrades Analyst Ratings

 

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