RBC upgraded EQR to "outperform" from "sector perform"
Equity Residential (NYSE:EQR) received an upgrade from RBC this morning, with the firm raising the real estate investment trust (REIT) to "outperform" from "sector perform," though it also slashed its price target to $79 from $95. The analyst in coverage said that "EQR's focus on affluent renters positions the company relatively well to weather a potential downturn." The security was up 1.1% to trade at $72.07 at last glance.
On the charts, the stock has been bouncing off its recent June 16, one-year low of $67.48. Several short- and long-term moving averages linger above as potential resistance, along with pressure from the $78 level, which first rejected the stock in late May. Plus, the $73 level could very well be emerging as resistance as well.
It's also worth noting that EQR could be a potential premium-selling candidate after its ex-dividend on Thursday, June 24. The equity's Schaeffer's Volatility Scorecard (SVS) of 18 out of 100 shows that it has consistently realized lower volatility than its options have priced in.