As previously reported, Evercore ISI downgraded Empire State Realty (ESRT) to In Line from Outperform with a price target of $7, down from $8. Though the firm remains "cautiously optimistic" that Empire State can continue to garner demand, the pace of lease up is "clearly set back" by tenant Signature Bank’s (SBNY) collapse, the analyst tells investors in a research note. The firm has a "a low level of confidence" that tenant Signature will remain, which will leave Empire State with vacant space to fill in a challenging market, the analyst added.
Published first on TheFly
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Read More on ESRT:
- Empire State Realty downgraded to In Line from Outperform at Evercore ISI
- Empire State Realty price target lowered to $8 from $9 at Evercore ISI
- Empire State Realty upgraded to Outperform from Market Perform at BMO Capital
- Empire State upgraded on New York City tourism recovery at BofA
- Empire State Realty upgraded to Buy from Neutral at BofA
