Tuesday - Baird has increased the price target on Essex Property Trust (NYSE: ESS ) shares to $264 from the previous target of $236, while maintaining a Neutral rating on the stock. The adjustment follows a positive beginning to the year for the company, which has seen favorable trends in bad debt, other revenue, and blended rent growth. These factors have surpassed management's initial projections. Essex Property Trust has also successfully resolved a preferred investment that was previously on non-accrual in the fourth quarter and has completed an accretive acquisition of a joint venture (JV) asset. Despite facing pressures on rent growth mainly in Alameda and Los Angeles due to the return of units from non-paying tenants, the overall renewal growth is performing well. Renewal rates are ahead of the initial forecast, with a 3.9% market rent growth in the first quarter and approximately 4.3% in April. The company is sending out renewals for May and June at a rate of 4.25%.