Jefferies analyst Omotayo Okusanya downgraded Essex Property Trust to Hold from Buy while raising his price target for the shares to $295 from $290. The fundamental rent growth outlook for the company remains solid as job growth on the West Coast continues to outpace the rest of the nation, Okusanya tells investors in a research note. However, the company's fiscal 2019 same-store net operating income growth guidance of 2.1-3.9% implies just 10 basis points of acceleration year-over-year at the midpoint, a bit below expectations, mainly driven by operating expense headwinds, says the analyst. With the stock up 13% year-to-date, Okusanya does not see enough upside to maintain his Buy rating. He cites valuation for the downgrade to Hold.