UBS analyst Michael Goldsmith initiated coverage of Essex Property Trust with a Neutral rating and $226 price target. While conditions have improved in Essex Property’s challenged Seattle and Northern CA markets, the recovery continues to lag Southern CA and the East Coast markets, Goldsmith tells investors in a research note. He sees continuing challenges from the demand front and expects SSNOI growth to fall at the lower end of the peer group.
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Published first on TheFly
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