Essex Property Trust price target lowered to $259 from $276 at Truist

Truist lowered the firm’s price target on Essex Property Trust to $259 from $276 and keeps a Hold rating on the shares. The firm is updating its model to reflect the company’s more conservative forecasted same-store net operating income and higher-for- longer interest rate outlook, the analyst tells investors in a research note. Truist adds that while it still projects growth in each year of its model and appreciates the low new supply in the company’s markets, the stock trades at the narrowest discount relative to its net asset value.