Empire State Realty downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Empire State Realty to In Line from Outperform with an unchanged price target of $9. The stock is up 29% year-to-date, which is handily above the company’s office peers and the overall real estate investment trust index, the analyst tells investors in a research note. The firm says that while the rally is warranted given Empire State’s ability to gain occupancy this year, most of the good news is priced into the stock.