RBC Capital analyst Brad Heffern lowered the firm’s price target on Essex Property Trust (ESS) to $302 from $309 and keeps an Outperform rating on the shares. The firm updated residential real estate investment trust estimates based on recent market rent trends, leasing updates, and higher costs of debt. Market rents generally came in below expectations in Q4, particularly in the Sun Belt, while the only post-quarter leasing update was also behind expectations, the analyst tells investors in a research note. As a result, RBC moderated spread assumptions slightly for 2025.
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Read More on ESS:
- Essex Property Trust price target lowered to $300 from $325 at Mizuho
- Essex Property Trust price target lowered to $322 from $343 at Jefferies
- Essex Property Trust downgraded to Underweight from Neutral at JPMorgan
- Barclays starts Essex Property at Equal Weight, notes SF apartment rent trends
- Essex Property Trust initiated with an Equal Weight at Barclays