KBW Has Market Perform On Essex Property Trust Inc. Following Earnings (ESS)

KBW has a Market Perform rating and a $155 price target on shares of Essex Property Trust Inc. ESS following earnings. In a note to investors, KBW writes, "1Q11 FFO/sh was $1.44, topping expectations and included anticipated $0.13/sh bond sale gain (in our est). Pricing trends accelerated during late 1Q/early 2Q, suggesting even the increased guidance looks light; we anticipate another increase. For now, FY11 FFO guidance upped to $5.60 midpt ($5.50); rev guidance raised 70bps (4.2%), but NOI outlook unchanged (5.3%). Upping ests, PT, NAV; models attached." Shares of ESS closed at $133.75 yesterday.