Evercore ISI lowered the firm’s price target on Essex Property Trust (ESS) to $289 from $295 and keeps an In Line rating on the shares. Despite supply pressures that will continue to weigh on Sunbelt markets through at least the middle of the year, the “immediate focus for investors” is the devastation from the LA wildfires and how the local rental market may fare from the displaced homeowners, the analyst tells investors in a preview for Q4 earnings from the residential REIT group.
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Read More on ESS:
- Essex Property upgraded to Outperform from Market Perform at BMO Capital
- Essex Property Trust price target lowered to $302 from $309 at RBC Capital
- Essex Property Trust price target lowered to $300 from $325 at Mizuho
- Essex Property Trust price target lowered to $322 from $343 at Jefferies
- Essex Property Trust downgraded to Underweight from Neutral at JPMorgan