Scotiabank analyst Nicholas Yulico lowered the firm’s price target on Essex Property Trust (ESS) to $320 from $344 and keeps an Outperform rating on the shares. The firm sees some softness in new lease pricing for the Spring selling season, likely due to a combination of lingering new supply and pockets of softer demand, the analyst tells investors. The firm believes Essex Property is better positioned to achieve FY25 blended rate growth guidance.
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