A leading financial institution has issued a cautionary note on a prominent real estate investment trust, citing concerns over the US job market’s impact on its urban-focused portfolio. On Monday, analysts at Bank of America Securities adjusted their outlook on Equity Residential (NYSE:EQR), shifting from a “buy” to a “neutral” stance. This decision was driven by expectations that a softening labor market will trickle down to affect the company’s demographics, which are heavily skewed towards city-dwelling renters.
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