Raymond James upgraded Essex Property Trust (ESS) to Outperform from Market Perform with a $315 price target Essex’s tech-centric markets like San Francisco, San Jose, and Seattle remain some of the best performing multifamily markets in 2025, with asking rents growing 4.2%, 4.2% and 2.5%, respectively, year-to-date through mid-June, the analyst tells investors in a research note. Essex’s West Coast exposure has successfully insulated it against much of the cyclical supply pressure weighing on Sun Belt markets, the firm says.
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