Jefferies Group Upgrades Equity Residential to “Hold” (EQR)
Equity Residential (NYSE:EQR) was upgraded by equities researchers at Jefferies Group from an “underperform” rating to a “hold” rating in a research report issued on Monday. The firm currently has a $62.00 target price on the stock, up from their previous target price of $55.00. Jefferies Group’s price target would indicate a potential downside of 5.60% from the company’s current price.
In other Equity Residential news, CEO David J. Neithercut unloaded 42,603 shares of Equity Residential stock on the open market in a transaction dated Thursday, August 14th. The stock was sold at an average price of $66.00, for a total value of $2,811,798.00. The sale was disclosed in a document filed with the SEC, which is available at this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at ISI Group raised their price target on shares of Equity Residential from $3.00 to $67.00 in a research note on Wednesday, July 30th. Separately, analysts at Mizuho initiated coverage on shares of Equity Residential in a research note on Wednesday, July 23rd. They set a “neutral” rating on the stock. Finally, analysts at Barclays raised their price target on shares of Equity Residential from $63.00 to $67.00 in a research note on Monday, July 21st. They now have an “overweight” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $61.83.
Shares of Equity Residential (NYSE:EQR) opened at 65.68 on Monday. Equity Residential has a 52 week low of $50.08 and a 52 week high of $66.77. The stock has a 50-day moving average of $64.59 and a 200-day moving average of $60.66. The company has a market cap of $23.759 billion and a P/E ratio of 35.06.
Equity Residential (NYSE:EQR) last announced its earnings results on Tuesday, July 29th. The company reported $0.78 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.77 by $0.01. The company had revenue of $652.60 million for the quarter, compared to the consensus estimate of $644.28 million. During the same quarter last year, the company posted $0.71 earnings per share. Equity Residential’s revenue was up 5.7% compared to the same quarter last year. Analysts expect that Equity Residential will post $3.09 EPS for the current fiscal year.
Equity Residential (NYSE:EQR) is a real estate investment trust (REIT).
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