Essex Property Trust (ESS) Tops Q2 EPS by 4c

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Canaccord Genuity Remains Sidelined on Essex Property Trust (ESS) Following 2Q Review

August 1, 2016 11:05 AM EDT

Canaccord Genuity reiterated a Hold rating on Essex Property Trust (NYSE: ESS), and raised the price target to $246.00 (from $239.00), following a review of the company's 2Q. New rents in the area decelerated from +9% in January, to +6% in March, to +4% in April, to up just +1.5% in July, which is cause for concern as the company is in its peak leasing season. However, absolute valuations have risen recently, as the stock now trades at an approximate 2% premium to NAV... More