BUZZ-Essex Property rises after BMO upgrades residential REIT's rating to 'outperform'

Shares of Essex Property Trust ESS.N up 1.14% at $275 in premarket trade

BMO Capital Markets upgrades rating on the residential real estate investment trust to "outperform" from "market perform"

Brokerage says Los Angeles wildfires destroying 23,000 homes and displacing over 200,000 people will likely boost demand for multifamily rentals as peak leasing season nears

BMO estimates a 300-basis-point occupancy increase in L.A.

However, cuts ESS PT to $310 from $323 citing higher interest rates; new PT still represents 14% upside to stock's last close

7 of 27 brokerages rate ESS "buy" or higher, 18 "hold" and 2 "sell" or lower; their median PT is $305.50 - LSEG data

Stock rose 15% in 2024

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))