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Plum Creek: REIT Broker Action

Equity Residential

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Equity Residential (EQR)

Company Profile : Equity Residential is a Chicago-based real estate investment trust company focused on the acquisition, development and management of quality apartment properties in top United States growth markets.

Equity Residential was upgraded to overweight, from neutral, and Paolone set a price target of $56 on the stock based on its "discounted cash flow approach to valuation."

Paolone cited his view that "EQR management has had the best pulse on the market, and we think external growth decisions over the past two years have positioned the portfolio well for the recovering macro environment in 2011."

He added that Equity Residential should enjoy the second highest same-store net operating income growth, next to AvalonBay Communites (AVB), "and trades at only a modest premium to immediate multifamily peers."

"We consequently like the value proposition with this name," Paolone noted.
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