Barclays raised the firm’s price target on Essex Property Trust to $225 from $224 and keeps an Underweight rating on the shares. Due to high supply growth and inflationary cost pressures, the earnings growth outlook for apartment real estate investment trusts is “generally soft,” the analyst tells investors in a research note. Given this, the firm is cautious on the space relative to other residential subsectors.
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Read More on ESS:
- Essex Property Trust sees FY24 core FFO at the midpoint $15.03, consensus $15.28
- Essex Property Trust sees Q1 core FFO $3.68-$3.80, consensus $3.75
- Essex Property Trust reports Q4 core FFO $3.83, consensus $3.81
- Is ESS a Buy, Before Earnings?
- Essex Property Trust initiated with a Hold at Deutsche Bank
