As previously reported, Scotiabank upgraded Essex Property Trust to Outperform from Underperform with a price target of $240, up from $210, following a new supply analysis for U.S. multifamily REITs. With job loss risk increasing across most U.S. markets, the firm now recommends a strategy of favoring multifamily portfolios where it forecasts less supply-risk and avoiding Sunbelt exposure due to heavier expected supply pressure.
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Published first on TheFly
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