Broker Revenue Forecasts For Empire State Realty Trust, Inc. (NYSE:ESRT) Are Surging Higher

Shareholders in Empire State Realty Trust, Inc. (NYSE:ESRT) may be thrilled to learn that the analysts have just delivered a major upgrade to their near-term forecasts. The consensus estimated revenue numbers rose, with their view now clearly much more bullish on the company's business prospects.

Following this upgrade, Empire State Realty Trust's six analysts are forecasting 2022 revenues to be US$620m, approximately in line with the last 12 months. Before the latest update, the analysts were foreseeing US$559m of revenue in 2022. It looks like there's been a clear increase in optimism around Empire State Realty Trust, given the substantial gain in revenue forecasts.

View our latest analysis for Empire State Realty Trust

Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. One thing that stands out from these estimates is that shrinking revenues are expected to moderate over the period ending 2022 compared to the historical decline of 3.2% per annum 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 6.7% annually. So it's pretty clear that, while it does have declining revenues, the analysts also expect Empire State Realty Trust to suffer worse than the wider industry.

The Bottom Line

The most important thing to take away from this upgrade is that analysts lifted their revenue estimates for this year. They're also anticipating slower revenue growth than the wider market. Given that analysts appear to be expecting substantial improvement in the sales pipeline, now could be the right time to take another look at Empire State Realty Trust.

Thirsting for more data? We have analyst estimates for Empire State Realty Trust going out to 2023, and you can see them free on our platform here.

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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.