Essex Property Trust price target lowered to $247 from $324 at Truist

Truist analyst Michael Lewis lowered the firm’s price target on Essex Property Trust to $247 from $324 but keeps a Buy rating on the shares. The analyst is adjusting his model 2023 FFO estimates to $15.29 from $15.93 primarily due to higher interest rates and a softening economy, which are contributing to higher cap rates and narrower rent spreads. Lewis adds however that Essex Property Trust stock is undervalued as the company should continue to benefit from limited new supply and capped property taxes in California, supporting "very competitive growth".