Wells Fargo lowered the firm’s price target on Essex Property Trust to $232 from $244 and keeps an Equal Weight rating on the shares. The analyst says multi-family real estate investment trusts “finally showed the cracks from new supply this quarter.” Despite the underperformance in Q3, the firm still views the Sunbelt as most at risk given weak visibility on where rents in heavy supply markets bottom.
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Read More on ESS:
- 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
- Essex Property Trust price target lowered to $235 from $247 at Evercore ISI
- Essex Property Trust initiated with a Neutral at Wedbush
