Barclays analyst Anthony Powell lowered the firm’s price target on Essex Property Trust to $219 from $300 and keeps an Underweight rating on the shares. After earnings, the analyst is "incrementally cautious" on 2023 rent growth for coastal multifamily real estate investment trusts. He sees downside risks driven by white-collar/tech layoffs, particularly on the West Coast, and reduced estimates for the space.
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Published first on TheFly
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Read More on ESS:
- Essex Property Trust downgraded to Neutral from Overweight at Piper Sandler
- Essex Property Trust sees FY22 core FFO $14.42-$14.52, consensus $14.50
- Essex Property Trust reports Q3 core FFO $3.69, consensus $3.68
- Essex Property Trust target lowered to $237, transferred at Hold at Jefferies
- Essex Property Trust price target lowered to $291 from $336 at Stifel