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Upgrade Alert for Essex Property Trust (ESS)

By James Quinn

Essex Property Trust (NYSE:ESS) was upgraded from Equalweight to Overweight at Capital One today. The stock closed yesterday at $229.49 on volume of 306,000 shares, below average daily volume of 439,000.

In the past 52 weeks, Essex Property Trust share prices have been bracketed by a low of $191.25 and a high of $244.71 and closed yesterday at $229.49, 20% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

There is potential upside of 9.3% for shares of Essex Property Trust based on a current price of $229.49 and an average consensus analyst price target of $250.93. The stock should discover initial support at its 50-day moving average (MA) of $224.79 and subsequent support at its 200-day MA of $223.79.

Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust company. The Company specializes in acquiring, developing and managing multifamily residential properties. Essex has ownership interests in residential properties and commercial properties located in California, Oregon and Washington.

SmarTrend is monitoring the recent change of momentum in Essex Property Trust. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Essex Property Trust in search of a potential trend change.

Keywords: analyst upgrades/downgrades essex property trust

Ticker(s): ESS