Jefferies analyst Linda Tsai downgraded Essex Property Trust (ESS) to Hold from Buy with a price target of $282, down from $304, as part of a broader research note previewing 2026 for Residential REITs. Despite the continued recovery in San Francisco markets, headwinds in Los Angeles amid still weak entertainment industry, lagging port demand, and elongated wildfire recovery – in addition to headline risk in Seattle and the REIT’s higher multiple – give the firm pause on Essex Property, the analyst tells investors in a research note.
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