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Piper Sandler upgrades Essex Property Trust stock rating on Bay Area recovery
Piper Sandler upgraded Essex Property Trust (ESS) to Overweight from Neutral, raising its price target to $310.00 from $275.00 due to an accelerating Bay Area recovery. The firm anticipates a nearly 18% potential upside for the stock, with the recovery eventually extending to Seattle. This upgrade follows strong Q1 2026 financial results where ESS exceeded EPS and revenue expectations.