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Fly News Breaks for January 28, 2020
ESS
Jan 28, 2020 | 06:20 EDT
BMO Capital analyst John Kim downgraded Essex Property Trust to Underperform from Market Perform with a price target of $295, down from $320. The analyst notes that the REIT has outperformed its multi-family peers on same-store revenue growth basis and its AFFO multiple trades at a premium valuation of 22.6-times vs. 20.3-times peer median. However, Kim believes that the shares may trade lower due to Essex Property's California portfolio exposure ahead of the likely passing of Proposition 10 in November.
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