Wells Fargo lowered the firm’s price target on Equity Residential to $66 from $69 and keeps an Overweight rating on the shares. The analyst says multi-family real estate investment trusts “finally showed the cracks from new supply this quarter.” Despite the underperformance in Q3, the firm still views the Sunbelt as most at risk given weak visibility on where rents in heavy supply markets bottom.
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Read More on EQR:
- Equity Residential sees Q4 normalized FFO 99c-$1.01, consensus $1.00
- Equity Residential sees FY23 normalized FFO $3.77-$3.79, consensus $3.79
- Equity Residential reports Q3 normalized FFO 96c, consensus 97c
- EQR Earnings this Week: How Will it Perform?
- Equity Residential price target lowered to $66 from $70 at Evercore ISI
