Truist analyst Michael Lewis lowered the firm’s price target on Essex Property Trust (ESS) to $283 from $295 and keeps a Hold rating on the shares. The firm is adjusting its model after the REIT’s Q2 results, noting that while low new supply in the company’s markets should provide some support if job growth continues to weaken, it also sees other stocks in the group with potentially higher near-term growth and more discounted valuations, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ESS:
- Essex Property Trust price target lowered to $298 from $335 at Barclays
- Essex Property Trust price target lowered to $309 from $320 at Scotiabank
- Coinbase downgraded, Spotify upgraded: Wall Street’s top analyst calls
- Essex Property Trust downgraded to Neutral from Overweight at Piper Sandler
- Essex Property Trust’s Earnings Call: Balanced Growth and Challenges