As previously reported, BofA downgraded Essex Property Trust to Neutral from Buy with a price target of $321, up from $307. The firm, which notes that it lowered its 2024 and 2025 FFO estimates, is of the view that the labor market softening with be “most acutely felt” in Essex Property’s coastal portfolio. Additionally, the firm notes that its Residential REITs Asking Rent Tracker points to coastal weakness.
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Read More on ESS:
- Essex Property Trust downgraded to Neutral from Buy at BofA
- Essex Property Trust price target raised to $287 from $283 at Evercore ISI
- Essex Property Trust price target raised to $329 from $309 at Scotiabank
- Essex Property Trust price target raised to $297 from $265 at JPMorgan
- Essex Property Trust initiated with an Outperform at Exane BNP Paribas