MLV Maintains Hold On Essex Property Trust, $195 PT

MLV analyst Ryan Meliker maintained a Hold rating on Essex Property Trust (NYSE:ESS) with a price target of $195.00, which represents a slight downside potential from current levels.

Meliker noted, “ESS delivered yet another strong quarter, which featured same-store NOI growth that approached double digits and led to an FFO beat vs. our estimates and the high-end of guidance. The robust same-store NOI growth was the result of a similarly strong same-store revenue increase, while expenses were kept in check. As a result of the FFO beat, management raised full-year guidance, but we note that the size of the guidance raise was relatively in-line with the size of the 3Q FFO beat. As such, management did not imply any change to internal expectations regarding operating trends and FFO for 4Q. Given the magnitude of the beat and the strength in West Coast fundamentals, we believe ESS continues to impress investors with the success of juggling operations alongside the integration of the BRE portfolio, which should lead the stock to out-perform relative to peers.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ryan Meliker has a total average return of 12.6% and a 79.2% success rate. Meliker is ranked #556 out of 3354 analysts.

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