BMO Capital analyst John Kim upgraded Essex Property Trust (ESS) to Outperform from Market Perform with a price target of $310, down from $323. While “uncertainty abounds” amid the wildfires in Los Angeles, displaced residents will likely translate to increased multifamily demand, ahead of peak leasing season, the analyst tells investors in a research note. The firm says LA is Essex’s second largest market and arguably its weakest. It estimates a 300 basis point occupancy increase in LA, and points overall.
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