Cantor Fitzgerald Downgrades Essex Property Trust (ESS) to Hold

February 19, 2014 7:42 AM EST
Get Alerts ESS Hot Sheet
Price: $229.58 +0.69%

Rating Summary:
    15 Buy, 16 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Cantor Fitzgerald downgraded Essex Property Trust (NYSE: ESS) from Buy to Hold with a price target of $171.00 (from $176.00).

Analyst David Toti, "With shares trading at $166.19 as of the close on February 14, 2014, and implied total return of 5.8% from current levels, we now expect forward-twelve month performance to be in line with our overall REIT expectation—hence the revised neutral view. Since October 4, 2013, ESS has returned 12.1%, as compared to the MSCI US REIT Index return of 5.3%. We still expect ESS' portfolio to remain a best-in-class performer, and for there to be increasing synergies after the BRE merger. We continue to assign the stock the 11th highest applied NAV premiums amongst the 80 REITs we scale."

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 $166.54 yesterday.

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