Goldman Sachs Downgrades Equity Residential to a "Sell" (EQR)

Goldman Sachs Downgrades Equity Residential to a “Sell” (EQR)


Goldman Sachs has lowered its rating on REIT, Equity Residential(EQR) to a “Sell” Monday.

The firm reported that they have reduced their rating on EQR from “Neutral” to “Sell,” and have reaffirmed their $57 price target. This price target suggests a 0.2% decrease from the stock’s current price of $57.13. The stock has been mostly flat YTD.

An analyst from the firm noted, “we downgrade shares of Equity Residential (EQR) to Sell from Neutral as we see lower return potential relative to our housing and storage coverage group. Although our $57 price target (in line with current levels) implies a potential total return of 3%, this is below our expectations for storage REITs EXR and PSA (15% average total expected return). We see limited opportunity for EQR to grow earnings through either internal or external growth given multifamily fundamentals.”

Equity Residential shares were mostly flat during premarket trading Monday.

The Bottom Line
Shares of Equity Residential (EQR) have a 2.77% dividend yield, based on last night’s closing stock price of $57.13. The stock has technical support in the $52-$54 price area. If the shares can firm up, we see overhead resistance around the $60-$62 price levels.

Equity Residential(EQR) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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