As previously reported, Janney Montgomery Scott analyst Robert Stevenson downgraded Essex Property Trust to Neutral from Buy with a $241 fair value estimate, citing a more cautious view of both the company’s key West Coast markets and the apartment REITs in general. In addition, given the upcoming CEO change, Stevenson believes Essex is likely to issue "even more conservative" 2023 initial guidance than its peer group, the analyst said.
Published first on TheFly
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- Essex Property Trust downgraded to Neutral from Buy at Janney Montgomery Scott
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