Essex Property Trust price target lowered to $293 from $314 at Mizuho

Mizuho analyst Haendel St. Juste lowered the firm’s price target on Essex Property Trust (ESS) to $293 from $314 and keeps an Outperform rating on the shares. The firm says Q1 apartment real estate investment results “cleared a low bar with no raises” to initial fiscal 2025 operating guides. The spring leasing season appears off to a “tepid start,” with April’s sluggishness continuing into May in both select Sunbelt and Coastal markets, the analyst tells investors in a research note. Mizuho thinks the tepid data makes apartments a “show me” story near-term, with downside risk to 2025 and 2026 earnings. It reduced 2025 estimates across the sector.