Scotiabank analyst Nicholas Yulico lowered the firm's price target on Essex Property Trust to $278 from $284 and keeps an Outperform rating on the shares. The firm is updating its price targets for U.S. Multifamily REITs under its coverage, the analyst tells investors. The firm notes most markets are at lower occupancy levels than pre-COVID period of 2015-2019. Investors will have to wait for Spring leasing and signs of better market growth before finding a positive catalyst, the firm adds.
