Essex Property Trust price target raised to $294 from $282 at Truist

Truist raised the firm’s price target on Essex Property Trust to $294 from $282 and keeps a Hold rating on the shares. Essex continues to benefit from low new supply and very expensive single-family housing in its markets, but it also trades at the third-highest P/FFO multiple in the firm’s apartment coverage universe, the analyst tells investors in a research note. The firm added that it has no concerns with Essex, but sees better value elsewhere as supply growth eases in other parts of the country that may also continue to have better job growth.