Essex Property Trust downgraded to Hold from Buy at Stifel

Stifel analyst Simon Yarmak downgraded Essex Property Trust to Hold from Buy with a price target of $250, up from $245. The firm said the downgrade comes amid the recent outperformance and valuation. Stifel added that, given expectations of West Coast multifamily fundamentals continuing to lag East Coast peers near-term, it sees less relative upside at current prices.