Imperial Capital Bullish on Essex Property Trust; Boosts Price Target, Maintains “Outperform” Rating (ESS)
On Monday analysts at Imperial Capital reiterated their rating on Palo Alto-based real estate investment trust Essex Property Trust Inc (ESS) as their West Coast apartments post some of the highest growth rates in the country.
The analysts maintained an “Outperform” rating on ESS and see shares reaching $175, up from the previous target of $165. The new valuation suggests a +13% upside to Friday’s closing price of $154.28.
“ESS’s assets in tech-related Bay Area and Seattle locales continue to post some of the highest growth rates in the country. While Southern California has lagged, the company expressed confidence that the area will show better relative performance in 2013,” said Imperial Capital analyst David Harris.
Harris went on to say that Essex’s current underperformance makes for an attractive buying opportunity.
Essex Property Trust shares were down $1.18, or -0.76%, during trading on Monday. The stock is up +2.66% over the past year.
The Bottom Line
Shares of Essex Property Trust (ESS) have a dividend yield of 2.87% based on Monday’s intraday trading price of $153.33.
Essex Property Trust Inc (ESS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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