Cantor Fitzgerald Starts Essex Property Trust (ESS) at Hold; Accolades for Acquisition Accretion

Cantor Fitzgerald initiates coverage on Essex Property Trust (NYSE: ESS) with a Hold. PT $155.00.

Cantor analyt said, "Essex is an owner, operator, and developer of "B" price point rental apartments, with a unique West Coast footprint. There is a lot to like here, including a strong capital structure; a respected, long-tenured management team; ample liquidity for external growth; a history of successful, diversified investing; and wide rent/own gaps in most markets (intimating continued pricing power). Our value estimate suggests that much of this is priced into the stock at current levels. We do apply an above-average, growth-biased net asset value (NAV) premium, however."

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 $143.57 yesterday.

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