Essex Property Trust price target lowered to $285 from $304 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Essex Property Trust (ESS) to $285 from $304 and keeps an Equal Weight rating on the shares. Apartment REITs have underperformed most of the year and are now the fourth worst performing REIT subsector of 17 year-to-date after a significant selloff during Q2 earnings, notes the analyst. With expectations reset, stocks trading at rare discounts to other REITs, supply falling and sentiment skewed negatively, the firm pivots to more bullish among the group, the analyst tells investors while adjusting price targets among the apartment group.