JPMorgan downgraded Essex Property Trust (ESS) to Underweight from Neutral with a price target of $303, up from $297. Tere remains potential for Essex to see better growth as West Coast trends improve, but it faces headwinds in 2025 from preferred equity redemptions and the stock’s valuation is at a premium, the analyst tells investors in a research note. The firm thinks investors looking to play a recovery on the West Coast could find more value elsehwere.
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