UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Essex Property Trust on Multiple Challenges Ahead

In a report published Friday, Jefferies analyst Omotayo Okusanya reiterated a Hold rating on

, but lowered the price target from $180.00 to $165.00. In the report, Jefferies noted, “With: 1) several REITs lowering the high end of 2013 guidance during 2Q13 earnings season; 2) rising supply concerns; 3) rising risk of a reduction in GSE funding; and 4) continued risk of rising interest rates, we may have been early in our move to a more constructive view of sector in July. That said, the apartment sector has declined 9% since July 18, and valuation looks more reasonable; thus we maintain our neutral stance.” Essex Property Trust closed on Thursday at $149.89.