Essex Property rises after BMO upgrades residential REIT's rating to 'outperform'

Essex Property Trust

13/01/2025 13:35

** Shares of Essex Property Trust  ESS.N  up 1.14% at $275
in premarket trade 
    ** BMO Capital Markets upgrades rating on the residential
real estate investment trust to "outperform" from "market
perform"
    ** Brokerage says Los Angeles wildfires destroying 23,000
homes and displacing over 200,000 people will likely boost
demand for multifamily rentals as peak leasing season nears
    ** BMO estimates a 300-basis-point occupancy increase in
L.A.
    ** However, cuts ESS PT to $310 from $323 citing higher
interest rates; new PT still represents 14% upside to stock's
last close
    ** 7 of 27 brokerages rate ESS "buy" or higher, 18 "hold"
and 2 "sell" or lower; their median PT is $305.50 - LSEG data
    ** Stock rose 15% in 2024

 (Reporting by Anshuman Tripathy)
 ((Anshuman.Tripathy@thomsonreuters.com))