Equity Residential price target raised to $70 from $62 at Piper Sandler

Piper Sandler raised the firm’s price target on Equity Residential to $70 from $62 and keeps a Neutral rating on the shares. Last week’s earnings showed apartments are benefiting from the stronger than expected jobs market, while industrials were buffeted over concerns of a sector growth reset, the firm says. The data so far supports Piper’s view of a stagflation environment, where stubborn inflation is met with a still healthy labor market.