The upgrade reflects expected outperformance in Essex’s Northern California multi-family portfolio following Q2 results.
Citizens upgraded Essex Property Trust (ESS) to Market Outperform, citing strong prospects for its Northern California multi-family residential portfolio. The firm set a new price target of $330.00.
Prior to the upgrade, ESS shares traded at $285.16, reflecting a 1.17% gain during Friday’s noon session. The move follows the REIT’s latest earnings announcement, which highlighted regional strength.
Shares reacted modestly to the upgrade, maintaining upward momentum in midday trading.