Morgan Stanley raised the firm’s price target on Essex Property Trust to $230 from $227 and keeps an Equal Weight rating on the shares. Apartment real estate investment trusts continue to trade at larger than historical discounts to the broader REIT group, which is explainable given record levels of new supply drove negative new lease growth in Q4 and January, the analyst tells investors in a research note. The firm says apartment REITs “trade cheap, for a reason.”
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Read More on ESS:
- Essex Property Trust raises quarterly dividend 6.1% to $2.45 per share
- Essex Property Trust resumed with a Sell at Goldman Sachs
- Essex Property Trust price target raised to $225 from $224 at Barclays
- 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
