Essex Property Trust price target raised to $312 from $288 at RBC Capital

RBC Capital raised the firm’s price target on Essex Property Trust to $312 from $288 and keeps an Outperform rating on the shares as part of a broader research note on Residential REITs. The firm is updating its models with generally higher price targets to reflect the recent market rent trends, leasing updates, lower Secured Overnight Financing Rate rates, higher target multiples, and lower costs of debt, while also marking net asset values closer to private market levels, the analyst tells investors in a research note.