Wells Fargo analyst James Feldman upgraded Equity Residential to Overweight from Equal Weight with a price target of $69, up from $62. The firm expects Equity Residential to deliver among the best portfolio results in Multifamily over the next 12 months and an investor preference for Urban Coastal to take hold. Wells recognizes the stock has outperformed year-to-date but expects this to continue with above Street estimates, industry-leading 2024 SS Revenue and blended lease rate growth. This, along with better 2023 earn-in and upside on bad debt provide a superior 2024 SS Rev outlook.
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