Market Overview

UPDATE: Stifel Downgrades Essex Property Trust on Valuation

Related ESS
REITs Counter Fed Suspense, Q2 Earnings in Focus
Essex Property Reaches New 52-Week High - Analyst Blog

In a report published Wednesday, Stifel analyst Rod Petrik downgraded the rating on Essex Property Trust (NYSE: ESS) from Buy to Hold, and removed the $165.00 price target.

In the report, Stifel noted, “We are downgrading Essex Properties Trust to Hold from Buy as the company's share price has exceeded our previous $165 target price and our estimated $168 NAV. Shares trade at an implied cap rate of 4.9% and at the upper range of our valuation range. While we believe that cap rates have remained fairly constant in 2014, we do not feel compelled to chase the stock given the volatility in the market.”

Essex Property Trust closed on Tuesday at $171.80.

Posted-In: Rod Petrik StifelAnalyst Color Downgrades Analyst Ratings


Most Popular

Related Articles (ESS)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters