UPDATE: KeyBanc upgrades Essex Property Trust to Buy on Expectations of Solid Earnings Growth

KeyBanc upgraded upgrades Essex Property Trust

from Hold to Buy with a $160 price target. KeyBanc noted, "We are upgrading the shares of Essex Property Trust (ESS-NYSE) to BUY from HOLD and establishing a $160 price target as we believe that the Company offers both solid earnings growth and the potential for multiple expansion following 190 basis points of underperformance vs. its apartment peers in 4Q12. We are raising our 2013 FFO estimate by $0.04/share and our 2014 estimate by $0.10/share to reflect our incrementally positive view on prolonged rent growth opportunities in the Company's Southern California markets given a lack of new supply." Essex Property Trust closed at $ on Wednesday.