Essex Property Trust price target raised to $283 from $256 at Scotiabank

Scotiabank raised the firm’s price target on Essex Property Trust to $283 from $256 and keeps an Outperform rating on the shares. Across the firm’s Multifamily REIT coverage, same-store revenue guidance was raised by 20bps on average, and bad debt improvements were a consistent theme, the analyst tells investors. Further, while demand is tracking better than anticipated, new supply is set to ramp across a number of Sunbelt and Coastal markets through the year, the firm adds.