Raymond James Upgrades Essex Property Trust (ESS), Citing Strong Bay Area Growth

Essex Property Trust, Inc. (NYSE:ESS) is included among the 10 Best Dividend Stocks to Buy for Passive Income.

On June 26, Raymond James upgraded Essex Property Trust, Inc. (NYSE:ESS) to Outperform from Market Perform. It set a $320 price target on the stock. The firm believes Essex is the residential real estate company best positioned to benefit from the Bay Area’s strong economic growth. According to the analyst, the AI-driven increase in wealth and housing demand is continuing to push rents higher across Northern California.

Earlier, on June 18, Scotiabank raised its price recommendation on ESS to $290 from $282. It reiterated an Outperform rating on the shares. The firm said real estate investment trust valuations appear less attractive after the sector’s strong performance earlier this year. It also adjusted its subsector positioning based on its “relative valuation-versus-growth framework.”Scotiabank remains most positive on seniors housing. It also upgraded its outlook on self-storage and net lease to Overweight from Marketweight. At the same time, it lowered its views on industrial and shopping centers to Marketweight from Overweight, citing relative valuations.

Essex Property Trust, Inc. (NYSE:ESS) is a self-administered and self-managed real estate investment trust. The company acquires, develops, redevelops, and manages apartment communities in selected residential markets across the West Coast of the United States.

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