Essex Property falls after BofA downgrades stock to "Neutral"

Essex Property Trust

24/09/2024 16:16

** Shares of Essex Property  ESS.N  fall 2.5% to $301 after
BofA downgrades stock to "Neutral" from "Buy" 
    ** Brokerage says labor market softening will be most
acutely felt in ESS's coastal apartment portfolio
    ** Cuts funds from operations (FFO) 2024 and 2025 estimates
to $15.58 & $16.06 from $15.62 & $16.36 on expectation for a
decline in new and renewal rates in the near future
    ** However, raises the price objective to $321 from $307,
representing a 3.6% upside to the stock's last close
    ** Seven of 25 brokerages rate the stock "buy" or higher and
18 "hold"; their median PT is $304 - LSEG data
    ** Up to Monday's close, ESS up 24% YTD

 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com;))