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Fly News Breaks for August 3, 2016
EQR
Aug 3, 2016 | 07:38 EDT
As previously reported, Morgan Stanley downgraded Equity Residential to Underweight from Equal Weight. Analyst Richard Hill said Class A apartments are at a tipping point created by supply pressures and moderating job growth for high-income earners, particularly in New York City and San Francisco. The analyst lowered Michael Equity Residential's price target to $60 from $76 and said stock has further downside risk following the 100bps cut to SS-revenue guidance.
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