Essex Property Trust upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Alexander Goldfarb upgraded Essex Property Trust to Overweight from Neutral with a price target of $271, up from $242. Last week’s earnings show apartments are more durable than anticipated following the post-pandemic rent hikes and corporate layoffs, the analyst tells investors in a research note. The tech sector layoffs are proving "muted" to Essex Property, as its markets’ job growth of 2.7% mirrors the national average, says the firm. In addition, supply competition is limited, as Essex is 90% suburban, especially in Northern California, where starts are down 20%, Piper adds.