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Fly News Breaks for December 18, 2019
Dec 18, 2019 | 06:13 EDT
RBC Capital analyst Wes Golladay downgraded Essex Property Trust to Sector Perform from Outperform with a price target of $315, down from $320. The analyst notes that the risk-reward on the REIT has turned more balanced as new "pockets of supply" in West Coast residential real estate are expected to "limit blended rent growth".
News For ESS From the Last 2 Days
Jan 18, 2022 | 09:00 EST
Truist analyst Michael Lewis raised the firm's price target on Essex Property Trust to $378 from $366 and keeps a Buy rating on the shares as part of a broader research note previewing the 2022 outlook for REITs. The sector should perform roughly in line with the broader market as an improving economy supports healthy occupancy and rent growth, while rising interest rates weigh on the cost of capital and already-elevated REIT stock valuations, the analyst tells investors in a research note.