Cantor Fitzgerald Initiates Coverage on Essex Property Trust (ESS) with a Buy
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Cantor Fitzgerald initiates coverage on Essex Property Trust, Inc. (NYSE: ESS) with a Buy. Price target $74.
Cantor analyst says, "We are initiating coverage on Essex (ESS) with a BUY rating based on a business model/portfolio we feel can weather the economic and credit downturn, relatively better than its peers. We feel ESS should outperform its peers due to high barrier to entry, California markets that are multifamily supply-constrained and consistently lack affordable housing alternatives, a relatively more affordable housing product and balance sheet strength/flexibility...We believe the company's current dividend yield of 6.42% is relatively attractive and secure, given the 81.9% 2009E AFFO payout ratio...Differentiating multifamily from other real estate, we feel, is available investment capital from Fannie Mae & Freddie Mac."
Essex Property Trust, Inc. (Essex) operates as a self-administered and self-managed real estate investment trust (REIT).
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