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Equity Residential sinks on dour outlook

Jul. 27, 2016 9:27 AM ETEquity Residential (EQR) StockEQRBy: Stephen Alpher, SA News Editor
  • Equity Residential (NYSE:EQR) warned back on June 1 of softness in San Francisco and NYC. The shares tanked that day, but recovered in the ensuing weeks.
  • Alongside last night's Q2 miss, the company again took note of the headwinds of slowing job growth on the coasts as it took down the top end of full-year FFO guidance.
  • Taking note of what is now the 3rd guidance cut this year, BMO Capital downgrades to Market Perform from Outperform and cuts its price target to $70 from $76.
  • Shares -5.45% premarket to $66.01.

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