Scotiabank raised the firm’s price target on Essex Property Trust to $329 from $309 and keeps an Outperform rating on the shares. U.S. Multifamily effective rents rose 0.4% year-over-year in August, while rents remained flat sequentially, the analyst tells investors. The firm notes that investment activity is picking up ahead of expected rate cuts and multifamily REIT year-to-date outperformance has closed the valuation gap compared to other REITs.
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Read More on ESS:
- Essex Property Trust price target raised to $297 from $265 at JPMorgan
- Essex Property Trust initiated with an Outperform at Exane BNP Paribas
- Essex Property Trust price target raised to $308 from $240 at Deutsche Bank
- Essex Property Trust Publishes New Investor Presentation
- Essex Property Trust initiated with a Neutral at Zelman
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