Evercore downgrades apartment REITs to 'in-line'

Vivmark Residential

13/05/2024 14:23

** Evercore ISI downgrades apartment REITs Equity
Residential  EQR.N  and AvalonBay Communities  AVB.N  to
"In-Line" from "Outperform"
    ** Brokerage notes EQR, AVB ouperforming the REIT index YTD,
does not expect to see upward revisions to the key performance
indicators in early June
    ** "we see limited catalysts for meaningful outperformance
near term" - Evercore ISI
    ** Reiterates PT of $202 for AVB and $70 for EQR
    ** Ten brokerages rate AVB "buy" or higher, 13 "hold"; their
median PT is $200 - LSEG data
    ** Eight brokerages rate AVB "buy" or higher, 16 "hold";
their median PT is $68 - LSEG data
    ** YTD, EQR had risen 9% and AVB had risen 5%, compared with
the S&P United States REIT subindex fallen ~5% 

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))