Essex Property Trust downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Austin Wurschmidt downgraded Essex Property Trust to Sector Weight from Overweight without a price target. The analyst recommends adding real estate investment trust exposure to areas that offer secular growth, relatively stable demand drivers, and/or improving cyclical growth. He upgraded two names and downgraded five. Wurschmidt sees industrial, retail and healthcare REITs as meeting the criteria. He suggests maintaining or reducing exposure to 2022 outperformers that he believes have less upside from current levels, may face valuation headwinds, and economically sensitive sub-sectors where visibility is limited, namely triple-net/gaming, lodging, residential and self storage.