Stifel Downgrades Essex Property Trust, Citing Below-Average FFO Growth And Market Challenges
Portfolio Pulse from Lekha Gupta
Stifel analyst Simon Yarmak has downgraded Essex Property Trust Inc (NYSE:ESS) to Hold from Buy, citing below-average FFO growth and market challenges. Despite ESS being one of the top-performing REITs this year, Yarmak believes the shares have had their run. He also reduced FFO estimates for 2023 and 2024. ESS shares are currently trading lower by 1.76% at $238.27.
July 18, 2023 | 5:48 pm
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Essex Property Trust Inc (NYSE:ESS) has been downgraded by Stifel due to below-average FFO growth and market challenges. The analyst also reduced FFO estimates for 2023 and 2024. ESS shares are currently trading lower.
The downgrade by Stifel is based on the company's below-average FFO growth and market challenges. This negative sentiment from a reputable analyst could lead to a decrease in investor confidence, potentially impacting the stock price negatively in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100