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Fly News Breaks for January 28, 2020
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.
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.