Raymond James raised the firm’s price target on Essex Property Trust to $325 from $295 and keeps an Outperform rating on the shares. The multifamily real estate investment trust’s Q2 results brought “healthy upside,” driven by surprisingly strong demand trends and rapid absorption of new supply, the analyst tells investors in a research note. However, the firm remains “moderately cautious” on the sector overall going into the second half of 2024 for a number of reasons.
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