Mizuho lowered the firm’s price target on Essex Property Trust (ESS) to $300 from $325 and keeps an Outperform rating on the shares. Unlike 2024, 2025 will be more of a year of stock selection with shifting fundamental dynamics among East Coast, West Coast and Sunbelt markets, while earnings growth “will be elusive and a key differentiator” among apartment real estate investment trusts, the analyst tells investors in a research note. The firm believes apartment real estate investment trust valuations appear fair versus multiples and private market values, but fully valued versus bond market proxies.
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Read More on ESS:
- Essex Property Trust price target lowered to $322 from $343 at Jefferies
- Essex Property Trust downgraded to Underweight from Neutral at JPMorgan
- 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