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.
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