** Shares of Essex Property Trust ESS.N up 1.14% at $275 in premarket trade
** BMO Capital Markets upgrades rating on the residential real estate investment trust to "outperform" from "market perform"
** Brokerage says Los Angeles wildfires destroying 23,000 homes and displacing over 200,000 people will likely boost demand for multifamily rentals as peak leasing season nears
** BMO estimates a 300-basis-point occupancy increase in L.A.
** However, cuts ESS PT to $310 from $323 citing higher interest rates; new PT still represents 14% upside to stock's last close
** 7 of 27 brokerages rate ESS "buy" or higher, 18 "hold" and 2 "sell" or lower; their median PT is $305.50 - LSEG data
** Stock rose 15% in 2024
(Reporting by Anshuman Tripathy)
((Anshuman.Tripathy@thomsonreuters.com))
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