Mizuho upgraded Essex Property Trust to Buy from Neutral with a price target of $250, down from $255. The analyst sees a “fairly conservative” fiscal 2024 guidance hurdle for the company to clear, as well as improving tailwinds in its Northern California region and an “under-owned stock relative to Coastal peers.” The firm says favorable absorption should drive improved rent growth in Essex’s key Northern California region and sees incremental upside from bad debt improvement.
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Read More on ESS:
- Essex Property Trust price target raised to $230 from $227 at Morgan Stanley
- 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
