Evercore ISI raises PT on apartment REITs citing strong demand fundamentals
09/07/2024 14:49
** Evercore ISI raises price target for U.S. real estate
investment trusts (REITs) that own and manage apartments across
the country
** Brokerage says apartment REITs outperformed other real
estate industries on the MSCI U.S. REIT Index (RMZ) as strong
job growth and lackluster demand for home ownership due to high
interest rates push up demand for rentals
** "Given the better jobs picture for the second quarter and
no economic slowdown, we believe that operating trends are
likely to surprise to the upside"- brokerage
** Evercore raises PT for AvalonBay Communities AVB.N to
$207 from $205, and for Essex Property Trust ESS.N to $260
from $254
** Shares of AVB and ESS have gained about 6.3% and 17% in
the last 12 months
(Reporting by Ananta Agarwal in Bengaluru)
((Ananta.Agarwal@thomsonreuters.com))