Equity Residential price target lowered to $66 from $70 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the firm’s price target on Equity Residential to $66 from $70 and keeps an Outperform rating on the shares. The firm has adjusted price targets across its residential and industrial REIT sector coverage in order to put these stocks “on a level playing field with other valuation changes we’ve made” as part of its Q3 earnings previews, the analyst tells investors in a note titled “Higher Bond Yields Continue To Wreak Havoc.”