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

Article Stock Quotes (1) Comments (0)

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, with a 52 week range of $111.25-$160.26.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• UPDATE: UBS Downgrades Carnival (CCL) to Neutral; Worst May Not Be Behind
• First Time Cruisers Pass on Carnival (CCL); Wells Fargo Cuts to Market Perform
• UPDATE: Sterne Agee Downgrades Beazer Homes (BZH) to Neutral

Create E-mail Alert Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Barclays

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?