Empire State Realty price target raised to $10 from $8 at Evercore ISI

Evercore ISI analyst Steve Sakwa raised the firm’s price target on Empire State Realty to $10 from $8 and keeps an Outperform rating on the shares. The analyst updated office real estate investment trust models post the Q2 reports. Leasing continues to be challenging as recession fears and capital preservation put leasing decisions on hold, the analyst tells investors in a research note. While noting the macro outlook and rates are changing daily, the firm expects the office sector to continue to face some headwinds through 2023 and into the first half of 2024.