Equity Residential downgraded to Underperform from Market Perform at BMO » 05:5408/0308/03/20
BMO Capital analyst John…
BMO Capital analyst John Kim downgraded Equity Residential (EQR) to Underperform from Market Perform with a price target of $51, down from $68. The value proposition of Equity Residential's premium apartment portfolio has been compromised with the "gravitational push" to return to work beyond this year, Kim tells investors in a research note. The analyst estimates the company has the multifamily portfolio with the highest average rent and rent-to-income ratios, as well as the highest average daytime populations surrounding its communities. This warrants a premium valuation under normal circumstances, but COVID-19 has shifted renter priorities, says Kim. The analyst calls MAA (MAA) his top pick in the Apartment real estate investment trust sector.
|Over a week ago|
Equity Residential reports Q2 normalized FFO 86c vs. 86c a year ago » 16:1807/2807/28/20
Reports Q2 EPS 70c vs.…
Reports Q2 EPS 70c vs. 83c a year ago. The change in EPS for the quarter ended June 30, 2020 compared to the same period of 2019 is due primarily to lower property sale gains in the second quarter of 2020. Mark Parrell, Equity Residential's President and CEO, said, "We see good demand for our apartments, both urban and suburban, but with increased customer price sensitivity, especially in the urban cores of New York, San Francisco and Boston. Looking forward, we believe the rate of improvement in our business will be dictated by how effectively the virus can be controlled and more normal economic activity restored. In the meantime, our strong balance sheet, state of the art operating platform and opportunistic mindset leaves us well positioned to weather the storm and to take advantage should conditions allow."
Equity Residential files to sell ordinary shares, debt securities 16:3407/1007/10/20
|Over a month ago|
Equity Residential price target lowered to $70 from $90 at Argus » 07:4107/0707/07/20
Argus analyst Jacob…
Argus analyst Jacob Kilstein lowered the firm's price target on Equity Residential to $70 from $90 but keeps a Buy rating on the shares. The analyst notes that the company's earnings should benefit from above-average rental pricing, employment growth, the high cost of home ownership relative to income, and the flexibility of rentals, but also warns that the impact of COVID-19 on demand for "dense city living" and a recent spike in urban crime pose headwinds. Kilstein further states that the new supply and rent control measures in New York and California are challenges for Equity Residential.
Scotiabank double downgrades Equity Residential on urban exposure » 09:0506/2906/29/20
Scotiabank analyst Nicholas Yulico double downgraded Equity Residential to Underperform from Outperform with a price target of $55, down from $68. The analyst now expects greater headwinds for the company's portfolio due to its concentration on urban markets facing "migration risk" because of work from home and COVID-19 impacting living patterns. Further, Equity Residential is exposed to weaker rent growth trends than peers and 14% of its net operating income comes from New York City, a market likely to "meaningfully underperform" in 2020 and 2021, Yulico tells investors in a research note. As a result, the analyst expects Equity Residential's valuation to remain under pressure versus peers.
Equity Residential downgraded to Underperform from Outperform at Scotiabank » 05:1806/2906/29/20
Scotiabank analyst Nicholas Yulico downgraded Equity Residential to Underperform from Outperform with a $55 price target.
Equity Residential provides quarter-to-date statistics for Q2 » 08:4006/0106/01/20
Equity Residential provided various quarter-to-date, or QTD, statistics related to its residential same store operations for Q2. The company reports QTD new lease change down 4.8%, renewal rate achieved up 1.5% and blended rate down 0.7%. The company continues to experience a recovery in demand with initial leads, traffic and applications now in-line with the same period last year. This increased activity has led to improvements in physical occupancy, which is 94.9% quarter to date. During May, residential cash collections remained consistent with April .
BofA upgrades Camden Property to Buy, cuts Equity Residential, Aimco » 06:2605/1805/18/20
CPT, EQR, AIV
BofA analyst Jeffrey…
BofA analyst Jeffrey Spector upgraded Camden Property (CPT) to Buy from Neutral as part of a broader research note on Apartments REITs, noting that the sector has seen stronger rent collections in Q1 than the Street was expecting and April collections are tracking over 93%. The analyst is cutting Equity Residential (EQR) to Neutral however to reflect his greater caution on "NYC & 'A' high rise" market based on increasing risk while also cutting Aimco (AIV) to Underperform from Neutral given its growing risks around its mezzanine loan & Miami.
Equity Residential downgraded to Neutral from Buy at BofA » 06:0405/1805/18/20
BofA downgraded Equity…
BofA downgraded Equity Residential to Neutral from Buy.
|Over a quarter ago|
Equity Residential upgraded to In Line from Underperform at Evercore ISI » 21:1205/1005/10/20
Evercore ISI analyst…
Evercore ISI analyst Steve Sakwa upgraded Equity Residential to In Line from Underperform with a $68 price target.