Empire State Realty price target raised to $10.50 from $10 at BofA

BofA raised the firm’s price target on Empire State Realty to $10.50 from $10 and keeps a Buy rating on the shares. Challenging fundamentals are “the new norm” for office REITS, says the firm, which cites a lack of visibility on when operations will stabilize in its downgrade of three other office REITS.