UPDATE: Stifel Downgrades Essex Property Trust to Hold, Removes PT on Valuation

In a report published Wednesday, Stifel analyst Rod Petrik downgraded the rating on

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.