Truist raised the firm’s price target on Equity Residential to $70 from $68 and keeps a Buy rating on the shares. The analyst states that while the recent tech industry layoffs and the Fed’s ongoing fight against inflation create some risk to demand, the overall labor market has been resilient and Equity Residential shares look "relatively attractive". Truist is projecting a "strong" 4.5% average annual normalized FFO per share growth over the next five years.
Published first on TheFly
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Read More on EQR:
- Equity Residential price target raised to $72 from $67 at Mizuho
- Equity Residential sees FY23 normalized FFO $3.70-$3.80
- Equity Residential reports Q4 normalized FFO 94c, consensus 94c
- Housing downturn could fuel gains for residential REITs, Barron’s says
- Equity Residential upgraded to Buy from Hold at Truist
