BMO Capital analyst John Kim downgraded Essex Property Trust to Underperform from Market Perform with a price target of $200, down from $239. The analyst believes the sudden closure of Silicon Valley Bank will further pressure technology and biotech employment. Announced layoffs and WARN notices in 2023 show job losses accelerating in Essex’s markets, the analyst tells investors in a research note. The firm says the layoffs will impact Essex more than peers, as it estimates high-tech jobs represented 16.8% of total jobs created in the company’s markets versus 7.3% overall.
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