BMO Capital analyst John Kim upgraded Essex Property Trust to Market Perform from Underperform with a price target of $225, down from $235. The company has delivered the weakest same-site revenue and lease growth rates in the multifamily sector year-to-date, but its supply-demand outlook looks favorable relative to peers in 2024, the analyst tells investors in a research note. The firm says northern California remains in recovery mode post COVID-19 with lagging return to office policies, something it believes may materially change in 2024.
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Read More on ESS:
- Essex Property Trust price target lowered to $232 from $244 at Wells Fargo
- Essex Property Trust sees Q4 core FFO $3.78-$3.85
- Essex Property Trust narrows FY23 core FFO $14.94-$15.06 from $14.88-$15.12
- Essex Property Trust reports Q3 core FFO $3.78, consensus $3.77
- Essex Property Trust price target lowered to $235 from $247 at Evercore ISI
