Goldman Sachs Resumes Essex Property Trust (ESS) at Buy, Strong West Coast Fundamentals

Goldman Sachs resumes coverage on Essex Property Trust (NYSE: ESS) with a Buy rating and $181 price target.

"We believe Essex's earnings growth – derived from a combination of development and strong revenue growth – should drive share price performance," the analyst said. Goldman's model presumes a five-year earnings growth forecast of 53%, third-best in their apartment coverage universe.

Growth is coming from: "(1) internal growth, as our model anticipates five-year NOI
growth of 28%, highest in our coverage, due to exposure to low supply Southern California markets and (2) a meaningful contribution from the company’s $546 million share development pipeline."

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 $154.74 yesterday.

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