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ESRT

Empire State Realty

$17.24

0.11 (0.64%)

06:23
08/07/18
08/07
06:23
08/07/18
06:23

Empire State Realty downgraded to Neutral from Buy at BofA/Merrill

BofA/Merrill analyst James Feldman downgraded Empire State Realty to Neutral from Buy and maintained an $18.50 price target on shares. Feldman is less confidence in near-term catalysts and notes increasing supply and tenant space becoming available in the New York market through 2023.

ESRT Empire State Realty
$17.24

0.11 (0.64%)

02/26/18
STFL
02/26/18
DOWNGRADE
Target $18
STFL
Hold
Empire State Realty downgraded to Hold on declining estimates at Stifel
Stifel analyst John Guinee downgraded Empire State Realty Trust to Hold from Buy and lowered his price target for the shares to $18 from $20. The analyst expects 2018 to be a "difficult year for value creation metrics" and notes his FFO estimates continue to decline. Guinee adds that the Manhattan investment market is highly competitive and that he's not convinced the company will deploy the cash balance into new investments any time soon.
02/26/18
02/26/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Albermarle (ALB) downgraded to Underweight from Equal Weight at Morgan Stanley by analyst Vincent Andrews, who cited concerns on both the lithium supply and demand side. On the lithium demand side, bulls' electric vehicle penetration rate forecasts seem "aggressive, said Andrews. He also now has material concerns on the supply side following the recent Chilean government agreement with SQM (SQM), added Andrews. SQM was also downgraded to Underweight from Equal Weight at Morgan Stanley by analyst Javier Martinez de Olcoz Cerdan. 2. Halliburton (HAL) downgraded to Neutral from Buy at BofA/Merrill by analyst Timna Tanners, who said the U.S. shale story is maturing and there are limited catalysts for shares. Tanners expects a more muted response to high oil prices given newbuiilds coming into the market in 2018. 3. Aqua America (WTR) downgraded to Market Perform from Outperform at Wells Fargo by analyst Jonathan Reeder, who cited valuation and said he prefers shares of American Water (AWK) at current levels. 4. Mattel (MAT) downgraded to Underperform from Hold at Jefferies by analyst Stephanie Wissink. The shares currently reflect an "aggressive" sales and profit recovery to 15% margins in 2020, Wissink said, however, believes industry conditions are challenging recovery assumptions. 5. Empire State Realty (ESRT) downgraded to Hold from Buy at Stifel by analyst John Guinee, who said he expects 2018 to be a "difficult year for value creation metrics" and notes his FFO estimates continue to decline. Guinee added that the Manhattan investment market is highly competitive and that he's not convinced the company will deploy the cash balance into new investments any time soon. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/11/18
EVER
06/11/18
DOWNGRADE
EVER
In Line
Empire State Realty downgraded to In Line from Outperform at Evercore ISI
07/31/18
BTIG
07/31/18
DOWNGRADE
BTIG
Neutral
Empire State Realty downgraded to Neutral from Buy at BTIG
BTIG analyst Thomas Catherwood downgraded Empire State Realty to Neutral from Buy, saying the company's "deleveraging" and "substantial cash balance" have negated his bullish thesis around tenant demand and the relative lack of supply of office space in Midtown South. The analyst adds that he is moving to a neutral stance until the REIT begins to generate above average earnings growth. Catherwood also believes that Empire State Realty shares are "fairly valued", trading at 17.4-times forward earnings estimate and at a 17% discount to net asset value per share.

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