Equity Residential price target raised to $77 from $71 at Truist

Truist analyst Michael Lewis raised the firm’s price target on Equity Residential to $77 from $71 and keeps a Buy rating on the shares. The company reported good Q2 results and raised its FY23 guidance, and the firm’s same-store growth and earnings projections – while in line with only the bottom end of the management’s respective guidance ranges – still imply healthy growth to go with the REIT’s very strong balance sheet, the analyst tells investors in a research note. Equity Residential’s primarily coastal footprint should remain favored by investors in the near term, the firm added.