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ESS

Essex Property Trust

$290.73

1.22 (0.42%)

06:30
03/25/19
03/25
06:30
03/25/19
06:30

Essex Property Trust downgraded to Neutral from Buy at BTIG

BTIG analyst James Sullivan downgraded Essex Property Trust to Neutral as part of his broader Apartment Monthly research note. The analyst cites continued declines in Orange County rental rate growth while the rent growth in Los Angeles markets have turned flat even as the national rental growth rate has increasing since mid-2018. Sullivan adds that Esses Property Trust has the "largest exposure to Southern California" in his coverage, noting that weakness in Orange County was not a surprise, but the "overall top line growth on new leases" is also coming in below his model.

  • 14

    May

ESS Essex Property Trust
$290.73

1.22 (0.42%)

02/04/19
LEHM
02/04/19
NO CHANGE
LEHM
Barclays upgrades U.S. REITs sector to Positive from Neutral
Barclays analyst Ross Smotrich upgraded his sector rating on U.S. Real Estate Investment Trusts to Positive from Neutral. Late cycle concerns around slowing growth, rising interest rates and full asset values are overdone, Smotrich tells investors in a research note. The analyst believes that real estate fundamentals "have a good runway for continued strength, particularly compared to the slowing broader market." In Multifamily, the analyst upgraded the sub-sector to Positive, reiterates Overweight ratings on Essex Property Trust (ESS) and MAA (MAA), upgraded Camden Property Trust (CPT) to Overweight from Equal Weight for exposure to "18 hour cities" and downgraded Aimco (AIV) to Equal Weight from Overweight on slowing growth. In Office, Smotrich keeps a Neutral sub-sector rating "with a Positive tilt." His outlook for the sector is improving given "healthy underlying fundamentals and attractive valuations." He upgraded both SL Green Realty (SLG) and Brandywine Realty (BDN) to Overweight from Equal Weight, and Douglas Emmett (DEI) to Equal Weight from Underweight. The analyst maintain Overweight ratings on Alexandria Real Estate (ARE), Boston Properties (BXP) and Hudson Pacific (HPP). In Retail, the analyst tells investors to stay selective. He prefers larger companies with "better-quality assets, balance sheet flexibility, the ability to take share and grow earnings even as retailers evolve and rationalization store counts." Smotrich upgraded Regency Centers (REG) to Overweight from Equal Weight, reaffirmed Overweights on both Kimco Realty (KIM) and Simon Property (SPG), and downgraded Kite Realty Group (KRG) to Equal Weight from Overweight.
02/07/19
JEFF
02/07/19
DOWNGRADE
Target $295
JEFF
Hold
Essex Property Trust downgraded to Hold from Buy at Jefferies
Jefferies analyst Omotayo Okusanya downgraded Essex Property Trust to Hold while raising his price target for the shares to $295 from $290.
02/07/19
JEFF
02/07/19
DOWNGRADE
Target $295
JEFF
Hold
Jefferies downgrades Essex Property Trust to Hold on valuation
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.
02/07/19
02/07/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PPL Corp. (PPL) downgraded to In Line from Outperform at Evercore ISI. 2. Essex Property Trust (ESS) downgraded to Hold from Buy at Jefferies with analyst Omotayo Okusanya saying 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. 3. Omega Healthcare (OHI) downgraded to Hold from Buy at Stifel with analyst Chad Vanacore citing valuation. 4. FormFactor (FORM) downgraded to Hold from Buy at Craig-Hallum with analyst Christian Schwab saying at current share price levels, he sees limited upside in the near-term, and notes that management has limited visibility regarding memory demand in the current environment. 5. Dunkin' Brands (DNKN) downgraded to Neutral from Buy at Kalinowski. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

GLD

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PICO

PICO Holdings

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QHC

Quorum Health

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SPRT

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BXRX

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  • 16

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LMT

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ENV

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NOC

Northrop Grumman

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0.4 (0.12%)

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SPRT

Support.com

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SPRT

Support.com

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RZLT

Rezolute

$0.00

(0.00%)

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AMZN

Amazon.com

$1,750.79

10.2 (0.59%)

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Periodicals
U.S. mulls putting Amazon foreign sites on 'Notorious Markets' list, WSJ says »

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MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

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Conference/Events
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  • 07

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IMH

IMPAC Mortgage

$5.63

-0.01 (-0.18%)

16:54
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ALEC

Alector

$19.74

0.33 (1.70%)

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ATAX

America First Multifamily Investors

$7.58

0.125 (1.68%)

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PNM

PNM Resources

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-0.06 (-0.12%)

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MORN

Morningstar

$154.47

-0.25 (-0.16%)

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ACEL

Alfacell Corporation

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O

Realty Income

$75.96

0.31 (0.41%)

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VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

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BLUE

Bluebird Bio

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-1.24 (-1.54%)

, BMY

Bristol-Myers

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  • 07

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UBER

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-0.775 (-2.71%)

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MMM

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ICE

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ULTA

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CIEN

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PD

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YEXT

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ZM

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  • 06

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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Technical Analysis
NASDAQ market internals summary »

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