JPMorgan downgraded Essex Property Trust (ESS) to Underweight from Neutral with a price target of $303, up from $297. Tere remains potential for Essex to see better growth as West Coast trends improve, but it faces headwinds in 2025 from preferred equity redemptions and the stock’s valuation is at a premium, the analyst tells investors in a research note. The firm thinks investors looking to play a recovery on the West Coast could find more value elsehwere.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ESS:
- Barclays starts Essex Property at Equal Weight, notes SF apartment rent trends
- Essex Property Trust initiated with an Equal Weight at Barclays
- Essex Property Trust price target raised to $370 from $355 at Piper Sandler
- Essex Property Trust Raises 2024 Guidance After Strong Quarter
- Essex Property Trust reports Q3 core FFO $3.91 , consensus $3.88
Questions or Comments about the article? Write to editor@tipranks.com