Essex Property Trust price target lowered to $211 from $235 at Scotiabank

Scotiabank analyst Nicholas Yulico lowered the firm’s price target on Essex Property Trust to $211 from $235 and keeps an Underperform rating on the shares. The analyst affirmed his "relatively negative view" on the stock as compared to multifamily peers. He expects Essex to trade at a discount to peers due to worse fundamental impact from West Coast market exposures in 2023.