Barclays Maintains an 'Overweight' on Essex Property Trust (ESS); Raising PT As Strong Leasing Season Underway

May 15, 2012 1:09 PM EDT
Get Alerts ESS Hot Sheet
Price: $226.67 --0%

Rating Summary:
    15 Buy, 16 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 28 | Down: 28 | New: 23
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Barclays maintains an 'Overweight' on Essex Property Trust (NYSE: ESS) price target raised from $161 to $169.

Analyst, Ross L. Smotrich, thinks the strong season for Essex is underway...using rent spreads for Q1 and April. Southern California continues to be soft, but extended positive momentum is showing in Northern California and Seattle, therefore, Smotrich thinks SoCal will catch up by year end. All in, Barclays cuts FY12 FFO slightly, from $6.71 to $6.68 and FY13 form $7.63 to $7.37."

(NOTE - ESS recently raised FFO FY12 guidance by $0.05 and current Street consensus estimates for FY12/13 is $6.73 and $7.41.

For an analyst ratings summary and ratings history on Essex Property Trust click here. For more ratings news on Essex Property Trust click here.

Shares of Essex Property Trust closed at $156.10 yesterday.

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