Why Did BMO Capital Upgrade Essex Property’s Stock?

By Ryan Adsit

BMO Capital analyst John Kim upgraded Essex Property (ESSResearch Report) to Hold today and set a price target of $255.00. The company’s shares closed last Wednesday at $248.70.

According to TipRanks.com, Kim is a 3-star analyst with an average return of 1.4% and a 50.8% success rate. Kim covers the Financial sector, focusing on stocks such as Apartment Investment & Management, Retail Opportunity Investments, and National Health Investors.

Currently, the analyst consensus on Essex Property is a Moderate Buy with an average price target of $252.33, implying a 2.5% upside from current levels. In a report issued on November 20, Morgan Stanley also maintained a Hold rating on the stock with a $279.00 price target.

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The company has a one-year high of $329.74 and a one-year low of $175.81. Currently, Essex Property has an average volume of 524.2K.

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Essex Property Trust, Inc. operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.