NEW YORK (TheStreet) -- Credit Suisse raised its price target on Equity Residential (EQR) - Get Reportstock to $89 from $85 on Tuesday, after the company reported its 2015 third quarter earnings results yesterday.
The real estate investment trust reported third quarter earnings of 87 cents per share on revenue of $696.3 million. Analysts were expecting the company to report earnings of 88 cents per share on revenue of $692 million.
Additionally, the company sold a group of apartments to Starwood Capital Group for $5.4 billion, which it announced on Monday.
"While we were a bit disappointed by the muted increase in revenue growth and lack of material G&A savings, we are big fans of REITs taking advantage of this window of opportunity to sell lower growth, non-core assets at near historically low cap rates," Credit Suisse said.
The firm maintained its "neutral" rating on the stock.
Shares of Equity Residential were down by 0.77% to $80.30 in late morning trading on Tuesday.
Separately, TheStreet Ratings team rates EQUITY RESIDENTIAL as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
We rate EQUITY RESIDENTIAL (EQR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: EQR