Analyst Rating UpgradeAnalyst upgrades ESS to Buy from Neutral and raises price objective to $275 from $250 after lowering cap rate, reflecting a better Northern California outlook.
Financial PerformanceESS has a history of exceeding core FFO guidance, indicating strong operational performance and potential for future earnings beats.
Market DemandReturn To Office mandates and employment growth in the region, especially with the rise of Generative AI industry, are expected to drive demand for residential spaces.