Essex Property Trust price target raised to $308 from $240 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Essex Property Trust to $308 from $240 and keeps a Hold rating on the shares. The firm increased its multi-year earnings outlook for the multifamily real estate investment trust sector citing the strong first half of 2024 results that were primarily driven by stronger than expected demand. Almost all the multifamily REITs raised fiscal 2024 guidance at least once as absorption surged off the back of an unaffordable housing market making it more economical to rent versus buy and a strong jobs market, the analyst tells investors in a research note.