Truist analyst Michael Lewis raised the firm’s price target on Essex Property Trust to $255 from $250 and keeps a Buy rating on the shares. California’s domestic outmigration, announcements of tech layoffs, and management turnover had led to an overly discounted stock price, but while shares are rebounding, further upside is supported by relatively favorable jobs per unit of new supply, property tax increase caps, and the eventual end of eviction moratoriums, the analyst tells investors in a research note.
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