Truist downgraded Essex Property Trust (ESS) to Hold from Buy with a price target of $266, up from $255, as the firm updates apartment REIT models following Q2 results. This is “largely a valuation-driven downgrade of a recent outperformer,” says the analyst, who now expects the two new Buy rated stocks in the sector – UDR (UDR) and Apartment Income REIT (AIRC) – present higher near-term growth at more attractive stock valuations.
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Read More on ESS:
- Wells Fargo upgrades Essex Property Trust to Equal Weight, ups target to $247
- Essex Property Trust upgraded to Equal Weight from Underweight at Wells Fargo
- Essex Property Trust sees Q3 core FFO $3.69-$3.81, consensus $3.71
- Essex Property Trust raises 2023 core FFO outlook to $14.88-$15.12
- Essex Property Trust reports Q2 core FFO $3.77, consensus $3.73
