BofA downgrades Equity Residential stock to 'neutral', shares fall

Vivmark Residential

24/09/2024 17:12

** Shares of Equity Residential  EQR.N  fall 1.6% to $75
after BofA downgrades stock to "neutral" from "buy" 
    ** Brokerage says labor market softening will be most
acutely felt in EQR's urban & coastal portfolio
    ** Says EQR flagged "rent fatigue" in Southern California
and believes demographics have turned unfavorable for EQR
    ** Brokerage, however, raises PT to $82 from $78,
representing a 5.9% upside to stock's last close
    ** Nine of 25 brokerages rate stock "buy" or higher and 16
"hold"; their median PT is $77 - LSEG data
    ** Up to Monday's close, EQR up 26% YTD

 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com;))