Analysts Just Made A Sizeable Upgrade To Their Empire State Realty Trust, Inc. (NYSE:ESRT) Forecasts

Empire State Realty Trust, Inc. (NYSE:ESRT) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's statutory forecasts. The consensus statutory numbers for both revenue and earnings per share (EPS) increased, with their view clearly much more bullish on the company's business prospects.

Following this upgrade, Empire State Realty Trust's four analysts are forecasting 2023 revenues to be US$707m, approximately in line with the last 12 months. Statutory earnings per share are anticipated to crater 73% to US$0.09 in the same period. Previously, the analysts had been modelling revenues of US$575m and earnings per share (EPS) of US$0.073 in 2023. There has definitely been an improvement in perception recently, with the analysts substantially increasing both their earnings and revenue estimates.

View our latest analysis for Empire State Realty Trust

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Empire State Realty Trust's past performance and to peers in the same industry. We would also point out that the forecast 0.4% annualised revenue decline to the end of 2023 is better than the historical trend, which saw revenues shrink 2.1% annually over the past five years Compare this against analyst estimates for companies in the broader industry, which suggest that revenues (in aggregate) are expected to grow 6.9% annually. So while a broad number of companies are forecast to grow, unfortunately Empire State Realty Trust is expected to see its sales affected worse than other companies in the industry.

The Bottom Line

The biggest takeaway for us from these new estimates is that analysts upgraded their earnings per share estimates, with improved earnings power expected for this year. Fortunately, they also upgraded their revenue estimates, and are forecasting revenues to grow slower than the wider market. More bullish expectations could be a signal for investors to take a closer look at Empire State Realty Trust.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Empire State Realty Trust going out to 2024, and you can see them free on our platform here..

Another way to search for interesting companies that could be reaching an inflection point is to track whether management are buying or selling, with our free list of growing companies that insiders are buying.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.