Empire State Realty price target raised to $11 from $10 at Wells Fargo

Wells Fargo raised the firm’s price target on Empire State Realty (ESRT) to $11 from $10 and keeps an Underweight rating on the shares. The firm notes Q3 is on a good path through Week 2. Wells is most encouraged by Datacenters, Healthcare, Mfg Housing and Retail. However, it notes investor discussions this week focused more on macro: can REITs work if 10-year yield rises from here; playbook for Republican sweep or Harris/gridlock; conservative 2025 guidance disappointment risk; defensive position in Resi over near term, and timing sector bottoms.