Truist Securities analysts raised the price target for Essex Property Trust (NYSE:ESS) to $294 from $282, while maintaining a Hold rating. The analysts increased FFO estimates for the company, citing benefits from limited new housing supply and expensive single-family homes in its markets.

However, despite the positive outlook, the analysts highlighted that ESS trades at one of the highest price-to-FFO multiples in the apartment sector, with a slightly below-average earnings growth profile over the next three years. They noted better value opportunities in regions with easing supply growth and potentially stronger job markets.