Essex Property Trust Surpasses Analyst Target Price: What’s Next?
In the latest trading session, Essex Property Trust Inc (Symbol: ESS) saw its shares rise above the average analyst 12-month target price of $305.83, trading at $309.60 per share. When a stock hits its target price, analysts typically have two options: either downgrade their valuation or raise their target price. The direction they choose often depends on the company’s fundamental developments that contribute to its price increase. If the business outlook is strong, analysts might lean towards increasing their target price.
Currently, 23 analysts within the Zacks coverage universe have contributed to the average estimate for Essex Property Trust Inc. While $305.83 is the average price, opinions vary widely. Some analysts have set lower targets—one even predicts a price of $202.00—while the highest prediction reaches as much as $370.00. The standard deviation among these estimates is $29.817.
Considering the average target price provides insight into a collective perspective from numerous experts instead of relying on a single analyst’s view. As ESS stock crossed above the average target price of $305.83, it invites investors to re-evaluate the company’s prospects. They must weigh whether the target price is merely a milestone on the way to higher goals or a sign that the stock’s valuation is becoming stretched. Below is a summary table reflecting the current views of analysts covering Essex Property Trust Inc:
| Recent ESS Analyst Ratings Breakdown | ||||
|---|---|---|---|---|
| » | Current | 1 Month Ago | 2 Month Ago | 3 Month Ago |
| Strong buy ratings: | 5 | 5 | 6 | 5 |
| Buy ratings: | 1 | 1 | 2 | 2 |
| Hold ratings: | 19 | 19 | 17 | 15 |
| Sell ratings: | 0 | 0 | 0 | 0 |
| Strong sell ratings: | 1 | 1 | 2 | 2 |
| Average rating: | 2.65 | 2.65 | 2.63 | 2.67 |
The average rating at the bottom of the table ranges from 1 to 5, where 1 indicates a strong buy and 5 signifies a strong sell. Data for this article was sourced from Zacks Investment Research via Quandl.com.
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Also see:
• Institutional Holders of DATE
• KR Historical Stock Prices
• CNOB Market Cap History
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
