UPDATE: Goldman Sachs Resumes Essex Property Trust at Buy on Pipeline Strength

Goldman Sachs resumed its coverage on Essex Property Trust ESS with a Buy rating and a price target of $181. Goldman Sachs said, "Essex benefits from a combination of: (1) a focus on West Coast markets where supply appears subdued when compared to the United States as a whole, and (2) a large current development pipeline (pro rata share is 10% of market cap). Due to a 53% five-year growth rate, 600 bp ahead of the apartment sector average, we estimate Essex trades at a 2% premium to the apartment sector on 2012E AFFO and a 2% discount on 2017E AFFO." Essex Property Trust closed at $154.74 on Monday.