Equity Residential price target lowered to $78 from $81 at Scotiabank

Scotiabank lowered the firm’s price target on Equity Residential (EQR) to $78 from $81 and keeps a Sector Perform rating on the shares. Rental demand remains robust, which should persist into 2025 due to affordability issues for homeownership and a prospect for stable-to-improving employment growth, the analyst tells investors. Elevated supply pressures across various Top 25 markets, however, should temper rent growth for at least another year, the firm adds.