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Fly News Breaks for August 14, 2018
EQR
Aug 14, 2018 | 07:04 EDT
As reported earlier, SunTrust analyst Michael Lewis downgraded Equity Residential to Hold from Buy and kept his $66 price target. The analyst cites the company's below-average projected same-store growth, reduced development pipeline, high exposure to the potential Costa Hawkins repeal, and few positive catalysts in the near term. Lewis also notes that after a strong year-to-date performance, the REIT is trading at the highest FY18 FFO multiple in his group.
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