Empire State Realty price target raised to $11 from $10.50 at BofA

BofA analyst Camille Bonnel raised the firm’s price target on Empire State Realty to $11 from $10.50 and keeps a Buy rating on the shares. For Office REITs, the key focus this earnings season will be on 2024 guidance, where the firm sees risk of initial guidance midpoints missing the Street, the analyst tells investors. However, the firm is adjusting its price objectives to reflect BofA’s updated interest rate outlook as the firm’s econ team is now calling for 100 basis points of rate cuts in 2024, starting in March.