Equity Residential gains after BofA hikes to 'buy'
BUZZ-Equity Residential gains after BofA hikes to 'buy' ** Shares of U.S.-based real estate investment trust Equity Residential EQR.N edge up 1.7% to $67 in morning trading
** BofA Global Research upgrades the stock to "buy" from "neutral", hikes price objective to $76 from $75
** New PT shows an upside of 14.9% from the stock's last close
** BofA says the announced merger between Equity Residential and AvalonBay is expected to create a combined platform that is stronger than either company on a standalone basis
** Adds that initial synergies are expected to be driven largely by cost efficiencies, with new revenue opportunities likely to emerge over the longer term
** Nine of 25 brokerages rate the stock "buy" or higher, 16 "hold"; their median PT is $70 - data compiled by LSEG
** Including session's moves, shares rise 6.7% YTD
(Reporting by Apratim Sarkar in Bengaluru)