UPDATE: JPMorgan Upgrades Essex Property Trust (ESS) to Overweight

JPMorgan analyst Anthony Paolone upgraded Essex Property Trust (NYSE: ESS) from Neutral to Overweight with a price target of $359.00.

The analyst comments "We rate ESS Overweight. We think the company is well situated to benefit from the snap-back in apartment rents on the West Coast as key markets such as San Francisco see activity levels return to normal; California markets, in particular, have been slower to recover from COVID. Our earnings estimates for 2022 and 2023 sit above the Street, and we thus think positive revisions could help drive stock momentum. From a real estate point of view, the company’s implied cap rate valuation of 3.3% is at a premium to peers, though the company has traded at premium levels for most of its history. Its earnings multiples are actually discounted."

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 $328.87 yesterday.

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