Veris Residential upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst Steve Sakwa upgraded Veris Residential to Outperform from In Line with a price target of $19, up from $18. The company’s funds from operation upside came from higher rental revenue and lower real estate taxes, partially offset by higher operating services expenses, the analyst tells investors in a research note. The firm says Veris has now completed the last major hurdle to becoming a pureplay multifamily company. It now expects investors will become “laser focused” on net asset value, considering a potential monetization is more achievable with Rockpoint paid off and several last remaining non-core assets are being sold.