Essex Property Trust no longer a Buy at Cantor

It's a valuation call from analyst David Toti, who notes a 12.1% return for Essex (ESS) since October 4 has more than doubled that of the MSCI U.S. REIT Index.

"We still expect ESS' portfolio to remain a best-in-class performer, and for there to be increasing synergies after the BRE merger. We continue to assign the stock the 11th highest applied NAV premiums amongst the 80 REITs we scale."

Toti downgrades to Hold from Buy with price target cut $5 to $171.

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