Raymond James downgraded Essex Property Trust (ESS) to Market Perform from Outperform without a price target The firm believes Essex is approaching fair valuation. Given the uncertainty surrounding the success of Proposition 33 hitting California ballots in November, which aims to repeal rent control limits set forth in the Costa Hawkins Act, now represents a good opportunity for investors to rotate into names with more near-term upside potential, the analyst tells investors in a research note.
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