Equity Residential initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Julien Blouin initiated coverage of Equity Residential with a Neutral rating and $81 price target. The analyst has a constructive view of rental growth across Equity Residential’s markets but believes the company faces a relatively large supply headwind in its urban submarkets. In contrast to companies with development, EQR‘s acquisition focus will result in limited accretion as competition remains intense for properties in its targeted expansion markets and acquisition spreads remain tight, the analyst tells investors in a research note.