Stifel analyst Simon Yarmak lowered the firm’s price target on Essex Property Trust to $225 from $226 and keeps a Hold rating on the shares. The firm is adjusted its FY24 and FY25 FFO estimates slightly down to reflect a softer 2024, the analyst tells investors. Looking into 2024, the company has an earn-in potential of 70-100 bps in terms of revenue, while its property tax growth is expected to be at 2.5%-4.5% due to a tough comp from 2023.
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Read More on ESS:
- Essex Property upgraded to Market Perform from Underperform at BMO Capital
- Essex Property Trust price target lowered to $232 from $244 at Wells Fargo
- Essex Property Trust sees Q4 core FFO $3.78-$3.85
- Essex Property Trust narrows FY23 core FFO $14.94-$15.06 from $14.88-$15.12
- Essex Property Trust reports Q3 core FFO $3.78, consensus $3.77
