FBR Capital Maintains an 'Outperform/Top Pick' on Essex Property Trust (ESS); Updating Estimates
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Price: $287.52 +0.05%
Rating Summary:
12 Buy, 24 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
Rating Summary:
12 Buy, 24 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
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FBR Capital maintains an 'Outperform/Top Pick' on Essex Property Trust (NYSE: ESS), raises PT to $38.
FBR analyst says, "Essex Property's 1Q11 results were modestly above consensus, regardless of belowaverage portfolio performance. Despite mildly disappointing investors with initial 2011 core growth guidance that was somewhat light relative to peer ranges, the company has quietly set the stage for a second-half comeback."
"We are adjusting our 2011, 2012, and 2013 FFO/share estimates to $5.61, $6.10, and $6.29, respectively, from $5.60, $5.98, and $6.20. The changes are predicated upon stronger rent growth forecasts and lower property operating
expense growth. We introduce our 2014 FFO/share estimate of $6.66...We are adjusting our 2011, 2012, and 2013 AFFO/share estimates to $4.68, $5.29, and $5.45 from $4.67, $5.16, and $5.36. We introduce our 2014 AFFO/share estimate of $5.78."
For more ratings news on Essex Property Trust click here and for the rating history of Essex Property Trust click here.
Shares of Essex Property Trust closed at $133.65 yesterday.
FBR analyst says, "Essex Property's 1Q11 results were modestly above consensus, regardless of belowaverage portfolio performance. Despite mildly disappointing investors with initial 2011 core growth guidance that was somewhat light relative to peer ranges, the company has quietly set the stage for a second-half comeback."
"We are adjusting our 2011, 2012, and 2013 FFO/share estimates to $5.61, $6.10, and $6.29, respectively, from $5.60, $5.98, and $6.20. The changes are predicated upon stronger rent growth forecasts and lower property operating
expense growth. We introduce our 2014 FFO/share estimate of $6.66...We are adjusting our 2011, 2012, and 2013 AFFO/share estimates to $4.68, $5.29, and $5.45 from $4.67, $5.16, and $5.36. We introduce our 2014 AFFO/share estimate of $5.78."
For more ratings news on Essex Property Trust click here and for the rating history of Essex Property Trust click here.
Shares of Essex Property Trust closed at $133.65 yesterday.
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