UPDATE: Morgan Stanley Initiates Coverage On Equity Residential On Mixed Factors
In a report published Thursday, Morgan Stanley analyst Haendel E. St. Juste initiated coverage on Equity Residential (NYSE: EQR) with an Equal-Weight rating and $74.00 price target.
In the report, Morgan Stanley noted, “EQR is a ‘blue chip' with strength as an operator, a track record of solid external growth, and diverse exposure to each major Coastal market. Operating strength and portfolio balance are always attractive in the competitive Apt industry, but we believe they become even more valuable in uncertain operating environments. Today's environment is just that, with new supply a risk, ability to push rent less clear 5 years into the recovery, and private market valuations unsustainably high. However, the market is already ascribing a premium to EQR.”
Equity Residential closed on Wednesday at $72.47.
Latest Ratings for EQR
|Jan 2017||Janney Capital||Downgrades||Buy||Neutral|
|Dec 2016||Morgan Stanley||Upgrades||Underweight||Equal-Weight|
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