Essex Property Trust price target raised to $317 from $315 at BMO Capital

BMO Capital analyst John Kim raised the firm’s price target on Essex Property Trust (ESS) to $317 from $315 and keeps an Outperform rating on the shares after hosting investor meetings with its management. The REIT’s asking rents have shown unusual deceleration in Q2 to date, but third-party data providers have not historically been accurate with Essex Property’s new lease rates, and the company was confident on achieving its Q2 blended lease guidance, the analyst tells investors in a research note.