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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Read More on ESS:
- Essex Property Trust price target raised to $317 from $315 at BMO Capital
- Positive Outlook and Increased Target Price for Essex Property Trust Amid Strong Fundamentals
- Essex Property Trust price target lowered to $293 from $314 at Mizuho
- Essex Property Trust price target lowered to $355 from $370 at Piper Sandler
- Essex Property Secures New Credit Facilities
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