Merger Related Activity May Cause "Significant Concern" for Essex (ESS) Investors
Despite continued strength of the West Coast apartment markets which could lead to strong performance for Essex (NYSE: ESS), analysts at Imperial Capital raised concerns about a "strategic stake" in another public company, announced on November 1st.
"While we have high regard for ESS's management's capital allocation record, the possible merger related activity may represent a significant concern for investors," said analyst David Harris.
Imperial Capital maintained an Outperform rating on Essex Property Trust but cut its price target to $165.00 (from $170.00).
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 $146.67 yesterday, with a 52 week range of $121.48-$161.53.
"While we have high regard for ESS's management's capital allocation record, the possible merger related activity may represent a significant concern for investors," said analyst David Harris.
Imperial Capital maintained an Outperform rating on Essex Property Trust but cut its price target to $165.00 (from $170.00).
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 $146.67 yesterday, with a 52 week range of $121.48-$161.53.