Morgan Stanley analyst Adam Kramer lowered the firm’s price target on Essex Property Trust to $242 from $288 and keeps an Equal Weight rating on the shares. While noting that apartment REITs have underperformed in 2022 and contending that they "screen cheap on relative basis" given they are now trading at "a rare discount" to other REITs, he is taking "a balanced view on apartments even given the uniquely cheap valuation."
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Published first on TheFly
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