UPDATE: Morgan Keegan Raises PT on Essex Property Trust to $154 (ESS)

Morgan Keegan is out with its report today on Essex Property Trust ESS, raising its PT from $145 to $154. In a note to clients, Morgan Keegan writes, "Our 12-month target price is raised by $9 per share, from $145 to $154 per share, which would represent a multiple of 24.7x our 2012 FFO/share estimate – a more appropriate premium to the multifamily sector's average multiple – and a 4.2% implied cap. rate. We continue to believe that ESS's core West Coast markets can enjoy a longer, stronger up-cycle over the next 2-3 years, justifying this larger valuation premium." Morgan Keegan Reiterates Outperform on ESS. At the time of posting, shares of ESS were trading at $132.79, down 0.14% from Friday's close.