Coverage begins on Empire State Realty Trust

"We have become incrementally constructive on Manhattan office fundamentals as the financial services sector has seemingly stabilized and demand from technology tenants continues to drive absorption in Midtown South," writes KeyBanc's Craig Mailman, initiating Empire (ESRT -1.1%) at Buy with $15.50 price target. Potential headwinds are new supply downtown and the West Side, and large blocks of space available Midtown.

BAML also starts at Buy with $15.75 price target.

Initiating at Neutral are Goldman Sachs and Stifel Nicolaus.

The stock's ahead marginally since its October 1 debut at $13 per share.

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