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))