Citi raises Empire State Realty stock price target to $9.00 from $7.50

On Tuesday, Citi analysts adjusted their outlook on Empire State Realty Trust (NYSE: NYSE:ESRT) by raising the stock’s price target to $9.00 from a previous $7.50, with the stock currently trading at $8.52. The firm maintained its Neutral rating on the stock. According to InvestingPro data, ESRT has shown strong momentum with a nearly 7% return over the past week.

The adjustment comes as Citi analysts updated their model for Empire State Realty. The revisions included updates to operating, financing, and transaction assumptions. These changes have led to an increase in the firm’s 2025 estimated funds from operations per share (FFOps) to 88 cents from 87 cents.

For 2026, Citi’s FFOps estimate also saw an increase, moving to 93 cents from a prior estimate of 92 cents. The updated price target of $9.00 factors in a discount to the spot net asset value (NAV) and a roughly 10 times 2025 estimated FFO multiple.

Empire State Realty Trust, known for its iconic Empire State Building in New York City, continues to be a focus for investors, with Citi’s latest analysis providing a fresh perspective on the company’s financial outlook.

In other recent news, Empire State Realty Trust reported its first-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $0.05 and revenue of $180.07 million, exceeding the anticipated $178.72 million. The company maintained its full-year Core FFO guidance of $0.86 to $0.89 per share, reflecting confidence in its strategic initiatives. During its annual shareholders meeting, Empire State Realty Trust announced the re-election of Anthony E. Malkin to the board and the ratification of Ernst & Young LLP as the independent auditor for the fiscal year ending December 31, 2025. The shareholders also approved the compensation of the company’s named executive officers on a non-binding advisory basis. These developments underscore the company’s adherence to corporate governance and shareholder engagement. The company’s Manhattan office portfolio remains 93% leased, while its multifamily and retail portfolios have occupancy rates of 99% and 94%, respectively. Analysts from firms such as Evercore ISI have noted the company’s strong leasing activity, with 231,000 square feet leased in the first quarter. Despite potential macroeconomic pressures, Empire State Realty Trust continues to focus on strategic leasing and growth opportunities in the New York City real estate market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.